UK - Balanced pooled funds have regained losses they suffered since the beginning of the year, the latest IMAGE survey by HSBC Actuaries and Consultants reveals.
The median pooled pension fund has returned 6.1% since the beginning of this year.
But HSBC says that performance looks bleak over the longer-term with the median for the year to May being -13.3%.
Investment consultant Jonathan Fish said: “The nature of the recovery has caught a number of investment managers by surprise, as it has been the previously unfavoured growth sectors that have led the market higher.”
The survey shows Baillie Gifford as the best-performing manager since the beginning of the year with a return of 7.3%.
Bottom place over the year to date went to Allianz Dresdner which returned 3.8%.
HSBC Actuaries and Consultants IMAGE survey provides performance statistics using capital growth and contribution payments on a monthly basis for 38 discretionary balanced pooled pension funds and four consensus funds.
The Pensions Regulator (TPR) has granted 11 master trusts extensions to apply for authorisation, as it confirms it has received 22 applications ahead of the 31 March deadline.
Aegon Master Trust, Fidelity Master Trust and Ensign have sent off their authorisation applications to The Pensions Regulator (TPR).
Self-administered pension funds spent £15bn on payments to pensioners in Q4 2018, but received just £12bn in contributions (net of refunds), Office for National Statistics (ONS) data reveals.
Aberdeen Standard Investments (ASI) and Gresham House are to team up to form a joint venture.