Standard Life was the top performing pension fund manager over the past five years, with an annualised return of 18.1 per cent, according to quarterly research published this morning.
But the Coyle Hamilton survey, which ranks 16 fund managers, adds that on a risk-adjusted basis, Norwich Union was the best performer.
"The overall results reflect a very strong performance by all of the fund managers, with double digit returns for all 16 in the quarter to June," Coyle Hamilton said in its Investment Manager Survey for the three month period.
Over the five year period, the cumulative average return for the 12 funds with a five-year track record was 121 per cent, while the cumulative consumer price index for the same period came in under 10 per cent, at 9.7 per cent, the company added.
According to the research, Standard Life is the best-performing pension fund manager on a nominal return basis, with an annualised return of 18.1 per cent. Close behind was Friends Provident, with a tally of 18 per cent. Third was Guardian Life, with 17.6 per cent.
Next were: Canada Life, 1.5 per cent; Irish Progressive, 17.4 per cent; Bank of Ireland AM, 17.3 per cent, UIBIM, 17.2 per cent; New Ireland, 17.1; Norwich Union, 17 per cent; and Allied Irish Banks IM, 16.9 per cent.
On a risk-adjusted basis, however, Norwich Union came out ahead, Coyle Hamilton said. Second was Friends Provident, followed by New Ireland.
"The Irish equity market continued to make gains over the last quarter," the report says. "The depreciation of the pound benefited stocks with an overseas exposure such as Waterford Wedgwood, CRH, AIB and Bank of Ireland. As the quarter progressed, industrial stocks were seen to outperform financial stocks - Smurfit, in particular, seemed to be back in favour with investors."
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