New figures show that Irish pension managed funds lost 1% of their value on average in January.

According to figures from Rubicon Investment Consulting, Merrion Investment Managers was the best performing fund with a -0.2% return for the month, while Prescient Investment Managers was the weakest with a return of -1.9%.

But despite the rocky start to 2014, Rubicon said that managed funds have seen returns of 13.6% on average over the last 12 months.

Its figures show that Standard Life Investments delivered the strongest return over the year at 16.5%, while Kleinworth Benson Investors gave the weakest return at 11.8%.

The average managed fund return has seen growth of 8.4% a year over the last three years. The five year average return is 12% a year.

Irish group pension managed funds over the last ten years have given returns of 4.9% a year on average. This compares to an inflation rate of 1.6% a year over the last decade.