The average Irish pension managed fund gained 5.7% in the final quarter of 2003, bringing the annual return for 2003 to 12.3%, according to the latest figures published by consultant Mercer yesterday.
Hibernian Life & the Hibernian (NU) Managed Funds topped the Mercer survey, returning 6.4%, with Irish Life Global Access (+4.6%) and Aberdeen (+5.0%) the worst performers against an average return of +5.7%.
Irish Life (+14.9%) and Acorn Life (+13.9%) were the best performing funds over 2003, outperforming the average return of +12.3%. The biggest under-performers in this period were Standard Life Investments (+11.4%), and Aberdeen Asset Management (+11.5%).
"The overall positive double digit returns posted by all managers in the survey, masks the volatility in performance over the course of the year," said Tom Geraghty, senior investment consultant with Mercer.
He pointed out that over the ten year period, the average return is 8.2% a year, which exceeds the corresponding inflation rate of approximately 3%.
The average managed fund has returned 1.1% each year over the last five years, with Montgomery Oppenheim adding 5.4% and New Ireland up 4.1% the main gainers.
Equities significantly outperformed bonds in 2003 reversing the trend since 1999, while across equity markets, the euroland region was the outperformer for the euro investor, according to the consulting company.
