Ruffer, Jupiter and Threadneedle are among only a handful of investment houses that are "outstanding" in two different asset classes, according to FE group research.

Ruffer, which only has seven funds under management, tops Alternative Assets and Mixed Asset. Threadneedle is out in front in Smaller Companies and Other Developed Equity, while Jupiter leads the way in Mixed Asset and Other Developed Equity.

Other notable winners include First State, which pipped rival Aberdeen to the post in Emerging Markets, and M&G, which was the only house that managed an outstanding rating in UK Fixed Interest.

The shortlist, which identifies groups in two categories – outstanding and highly commended – is based on FE Crown Fund Ratings – a quant rating system developed to identify the UK’s best funds on a risk/return basis.

Oliver Clarke-Williams, investment product consultant at FE, said: "We already identify where managers add value to their funds through our FE Alpha Manager rating. This new rating aims to do the same for groups."

"Where they have an advantage it is most likely due to the resources they are able to put at their managers' disposal."

"Often this will be a well-resourced team of analysts based in the market they’re exposed to – as is the case for First State in the emerging markets, M&G for UK fixed income and Invesco Perpetual for UK equities."

Top-rated groups in respective asset classes

Group name	Group award	Category
CF Ruffer	Outstanding	Alternative Assets
CF Ruffer	Outstanding	Mixed Asset
First State Investments	Outstanding	Emerging Markets
Invesco Perpetual	Outstanding	UK Equity
Investec	Outstanding	International Fixed Income
Investec	Outstanding	Mixed Asset
Jupiter	Outstanding	Mixed Asset
Jupiter	Outstanding	Other Developed Equity
M&G	Outstanding	UK Fixed Income
Newton & BNY Mellon	Outstanding	Alternative Assets
Newton & BNY Mellon	Outstanding	Global Equity
Scottish Widows	Outstanding	Mixed Asset
Standard Life	Outstanding	Alternative Assets
Threadneedle	Outstanding	Other Developed Equity
Threadneedle	Outstanding	Smaller Companies

Source: FE Analytics

Once scores for each group are calculated, a quant screening process is begun that identifies those groups that have shown an edge. If many groups score at a similar level, no single group is highlighted.

In certain areas, the success of a single fund has been enough to give a group an outstanding rating.

"Ruffer’s success is largely down to the CF Ruffer Absolute Return fund, which despite having nearly £2bn under management has continued to forge ahead with excellent performance," explained Clarke-Williams.

The group made headlines on FE Trustnet last week when normally media-shy Steve Russell spoke to FE journalist Joshua Ausden and warned of a potential bubble in UK equity income.

Investec and Schroders were praised for their provision in the Fixed Income, Mixed Asset and Other Developed Equity categories. Clarke-Williams said the groups’ efforts to ensure their managers are well supported had massively benefitted their ability to produce returns.

On Jupiter’s good showing, Clarke-Williams said: "They have funds investing in the three developed markets of America, Europe and Japan, all of which have performed either in line with or in excess of the market."

"This impressive performance across three diverse investment environments is testament to the support Jupiter is able to provide its managers, whilst still providing them with the freedom to follow their own investment mandates."

Click here for the full list of groups.