Finnish pension provider Ilmarinen has seen investments return close to 10% over 2013, led largely by a 22% return on its listed equity portfolio.

The mutual saw assets under management rise above €32bn at the end of December, aided by a 10.2% return from private equity and 7% from its alpha portfolio.

Direct real estate outperformed fixed income, which, at 4.5%, lagged 0.5 percentage points behind property over the course of the year – resulting in an overall 9.8% return from investments.

However, CIO Timo Ritakallio pointed out that equity and fixed income markets were anything but stable over the course of the year.

“The year took off on a positive note, but, in early summer, share prices declined,” he said. ”The strong second half of the year stabilised the situation, however.”

The mutual’s chief executive Harri Sailas also struck a positive note.

“All in all, the year turned out to be a positive one, and we were successful in nearly every type of investment class,” he said. ”A return of close to 10% indicates we did well also in contrast to the general market development.”

The provider’s 9.8% return was ahead of the previous year’s return of 7.5%, and improved its five-year real rate of return to 5.8%.