Rapid fund growth

Irish pension funds are continuing to grow at a rapid rate, reflecting the strong performance of stock markets. They increased by 8.8 per cent in the third quarter of 1997, bringing the gain to 30.3 per cent so far this year, according to the latest survey by Mercer, actuaries and benefit consultants.

Of the 16 funds monitored, Norwich Union made the biggest gain rising by 12.6 per cent. The second best was Eagle Star with 10.2 per cent. The worst was Standard Life with 6.1 per cent. The best performing fund in the year to date was Montgomery Oppenheim with a gain of 38.1 per cent, followed by ESBFM with 33.8 per cent and Eagle Star with 33.7 per cent. The worst was Canada Life with an increase of 25.2 per cent. This compares to rises in the Irish stock market of almost 41 per cent between January and September this year.