UK – New investments by UK pension funds fell by 4.6 billion pounds (6.9 billion euros) in the first quarter of 2004, according to the statistics office.

“Net investment by self-administered pension funds decreased by 4.6 billion pounds to 2.2 billion pounds,” said the Office for National Statistics in a release. The decline came amid a wider decline in total net investment by UK institutional investors.

“Total net investment by institutions was 7.6 billion pounds in the first quarter of 2004, 14.7 billion pounds lower than the figure for the fourth quarter of 2003,” the ONS said. “There were falls in net investment in all asset types.”

Institutions bought a net 6.7 billion pounds of UK government bonds – up from 0.7 billion pounds in the first quarter of 2003. There was a net disinvestment by institutions of 4.4 billion pounds in short-term assets, compared to a net six billion-pound investment a year ago.

The ONS did not give any reason for decline in overall net investment.

Institutions bought a net two billion pounds in UK equities and bonds and 2.1 billion pounds in non-domestic equities and bonds. They bought a net 1.3 billion pounds of other assets, covering sectors including property, the ONS said.