IRELAND - Rubicon Consulting has delivered an interpretation of Irish group managed pension fund performance which is lower than calculated by rival consultancies, as the firm has claimed funds just skimmed a positive return in June.

Data from its monthly review of group managed funds showed three of the 10 funds failed to generate a positive return - the worst offender being Irish Life with a loss of 0.6% on investments in June - so the average return produced was only 0.1%.

Of the table of 10 funds, Standard Life produced the best return of 0.7% while Irish Life fell 0.6%.

This means Irish fund overall continued to just edge a positive return for the fourth month in a row, and boosted the average quarter over Q2 this year to 11.3% while the overall average return for the first six months of this year was 5.5%.

Merrion has been the best performing manager in that time, delivering 14.8% over the second quarter and 11.3% in H1, while AIB was the worst, albeit they still produced a positive return, with 6.8% in Q2 and 0.7% in the first half of 2009.

Rubicon's figures are a little more negative than those produced by Hewitt Associates yesterday, as Hewitt said managed funds had delivered a 0.5% average return in June, contributing to 11.4% over the second quarter, and a yield of 5.8% for the year so far. (See earlier IPE article: Irish managed funds post fourth consecutive gain)

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