THE winning line-up for the Sunday Morning Post Fund Manager of the Year Award, in association with Alfred Dunhill, has been sent to London for final verification. Once cleared, the data will be sent back to Millisis Financial Services, the Hong Kong company that designed, specifically for the awards, a consistency formula used to assess the performance of Hong Kong's fund managers. The fund managers will be presented with their prizes on Thursday, January 27 at a ceremony at the Mandarin Hotel. The figures used to calculate the top performing fund managers for the awards, which are now in their second year, were finalised on the last day of 1993. The awards will acknowledge individual fund managers in 22 sectors who outperformed their peers in the intensely competitive unit trust industry over one-and three-year periods. But performance alone will not be enough to win. All but six of the sectors will be assessed using the Millisis Consistency Formula. To come out on top, fund managers will need to have produced good and reliable returns for their investors. Millisis Financial Services director David O'Dwyer said the consistency formula judges the performance of funds month by month over a one-year and three-year period. A fund's performance is also compared against the industry average and performance a standard deviation formula is used to calculate how much its worth has deviated from its average performance. ''There are a number of statistical methods which can be used to gauge fund performance levels but our method differs in that it is also designed to measure consistency,'' said Mr O'Dwyer. ''Strong growth over one or two-month period can make overall fund performances look good but it is more significant to look at funds that perform well over time.'' The performance of funds that are not homogenous or funds which fall into categories where they cannot be compared with similar funds will be assessed using a straight performance gauge. This category will include Warrant, Asian Single Countries, Australian Equities and Bond Funds. According to Mr O'Dwyer, the consistency formula is a new method of measuring the performance of fund managers. ''We are using normal statistical measures in a clever way to obtain the award results which help to promote the unit trust industry as an investment option,'' he said.