IRELAND – The average group pension managed fund in Ireland rose by more than two percent in July, according to new data.

Buck Consultants put the figure at 2.3% while Mercer Investment Consulting put it at 2.2%.

“Pension funds, which generally have between 60% and 80% of their assets invested in equities, have benefited from the pickup in equity markets which began in April and continued, albeit with some volatility, through to the end of July,” said Buck.

The year-to-date figure, according to Buck is +6.1%, with Mercer reporting a rise of 5.8%.

“For the twelve months to the end of July the average return has been 0.5%, while over the three years to July 31 2003 the average fund has returned –6.8%,” Buck added. Mercer’s comparable figures are: -0.2% and –6.7%.

“During July markets consolidated the gains made during the second quarter of the year,” Buck added. “The best performing sectors over the month were technology stocks, insurers and industrials.

According to both firms, the best performer in the month was F&C, with a rise of 3.3%.