Sir Alex Ferguson has been named the Premier League manager of the year by the League Managers Association.

Ferguson picked up the award at an LMA dinner in London on Monday night and admitted he was relieved the celebrations to mark his retirement from Manchester United were over. They culminated in his last match in charge, a 5-5 draw at West Brom.

Ferguson said: "It has been overwhelming. The club has been fantastic and congratulations to West Brom with the way they handled yesterday. In a way I am glad it is all over now – because it has been hard work!

"I think [West Brom manager] Steve Clarke should get an award because anyone who scores five against United deserves it."

Ferguson added that he was confident he was leaving United in good hands, especially with the club's emphasis on bringing through young players. United won the inaugural Barclays Under-21 Premier League by beating Tottenham on Monday night.

"United always placed a great emphasis on youth long before I came," Ferguson said. "It's always been there and I have tried to maintain that, though it is more difficult in the present climate – you have to scout abroad now but you are still looking for young people who can do well."