Irish pension funds saw continued growth in April to bring returns for the year to date to 8.4 per cent, according to Rubicon Investment Consulting.

Managed pension funds monitored by the firm saw funds grew by an average of 0.8 per cent over the month, up 15.4 per cent over the last year, according to the consultant. The 10-year average for the managers monitored is now 5.7 per cent, with three-year and five-year figures at 7.5 per cent and 2.7 per cent, respectively.

“The performance is being driven by the recovery in the equity markets,” Rubicon managing director Fiona Daly said. The funds typically have about 70 per cent in equities, she added.

The top performing of the 10 managers for the month was Standard Life Investments, returning 1.2 per cent, followed by Merrion Investment Managers with 1.0 per cent. Irish Life Investment Managers, New Ireland and Prescient Investment Managers all also beat the average, returning 0.9 per cent. Friends First/F&C with 0.2 per cent and Kleinwort Benson Investors at 0.5 per cent were the weakest performers.

Year to date and over the 12 months Setanta remains the strongest performer, returning 11.2 per cent and 18.8 per cent, respectively.

Managed pensions funds in the monitor enjoyed strong performance in 2012, returning an average 14.4 per cent in the year.

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