Global stock markets declined again during January, as oil prices continued to fall and the Chinese yuan weakened over concerns regarding a slowing economy. Bonds rose, as investors' increasing risk aversion saw a flight to safety.

January was another disappointing month for Irish pension funds, which fell back 4.3% on average. Setanta Asset Management were ranked top this month with a return of -3.0%, while Standard Life Investments propped up the league table with a return of -6.0%. Over the past twelve months, the average fund return was a lacklustre 0.2%. Returns for the year ranged from 2.0% (Merrion Investment Managers) to -2.2% (Friends First/BMO).

The average managed fund return has been a very strong 11.8% per annum over the past three years. The five-year average return is a healthy 9.5% per annum. Irish group pension managed fund returns over the past ten years have been 4.2% per annum on average.

(Please note that the Kleinwort Benson Investors Global Investment Managed fund is no longer benchmarked against the peer group.)