CPMS lifts lid on managers
The average return for Irish pension schemes managed in segregated investment funds during 1998 was 18.6%, according to a new results table, published by the Combined Performance Measurement Service.
The independent performance measurement survey, carried out by Mercer, the Irish Pensions Trust and actuarial and benefit consultants, examined some 200 funds, with an asset base in excess of IR£16bn (E20bn).
And it is the first of its kind to ex-clude the performance of Irish pension managed funds.
The returns for 1998 and cumulative periods of three and five years earned by each of the segregated Irish managers that make up the CPMS Manager Average, show Ulster Bank Investment Managers, part of the Nat West group, topping the manager league, returning 21.5% (1998), 23.4% (3 years) and 15.9% (5 years).
Allied Irish Bank Investment Managers returned 20.9% in 1998, 22.5% over three years and 16.2% over five years. Bank of Ireland Asset Management (BIAM) returned 15.8% (1998), 21.6 (3 years) and 15.3% (5 years).
Friends First, part of the Friends Provident stable returned 21.0% for 1998, in their first year of segregated asset management, while Irish Life produced 17.5%, 20.5% and 14.4% and Montgomery Oppenheim 13.0%, 20.2% and 15.2%, respectively
Standard Life came in at 20.8%, 22.3% and 16.1%. The CPMS manager average stood at 18.6%, 21.9% and 15.6%, with the consumer price index rate of inflation at 2.1%, 1.9% and 2.1%.
Jennifer Rush at Mercer, comments: “The volatility during 1998 showed up huge discrepancies between the performance of growth and value stocks, which led to the underperformance of value managers such as BIAM and Irish Life, against those managers with a growth bias in their portfolio.”