IRELAND - Pension managed funds in Ireland returned an average of 11% last year, according to figures by Rubicon Investment Consulting.

Overall, eight of the past 12 months saw positive returns by the 10 asset managers surveyed by Rubicon, with Standard Life Investments ahead with 16.4% returns over the year.

However, despite these positive numbers - which saw the worst performer, Aviva Investors, grow by 8.8% - long-term returns look less positive.

Over a 10-year horizon, the Bank of Ireland Asset Management, recently acquired by State Street and rebranded as State Street Global Advisors Ireland, saw growth of 1.2%, a tenth of a percentage point above the average.

Kleinwort Benson Investors came last in the last decade, offering negative growth of 0.9%, with AIB Investment Management and Aviva serving up positive growth of 0.1% and 0.3%, respectively.

Additionally, when considering the last three years, covering the market downturn and slow recovery, the 10 schemes lost 4.1% on average, with not a single fund providing growth over the period.

Aviva Investors saw the biggest losses between 2007 and the end of last year, falling by 7.2%, while Kleinwort Benson lost 6.1% and Irish Life Investment Managers 4.9%.

Strongest of all funds over the period was Standard Life, which lost 1.4%.