Balanced pooled pension funds returned an average of 18.3% for the year to December 31, 2003, research from HSBC Actuaries and Consultants shows.
HSBC’s IMAGE survey found that the best performing fund manager of 2003 was Glasgow Investment Management, which returned 24.9%.
In second place was Newton Investment Management which posted a 21.8% return, while third place went to Swiss Life with 21.4%.
Over the same period, the worst performing manager was Bank of Ireland Asset Management, which returned 14.2%. Second worst was KBC with 14.9% and third place went to Royal London Asset Management which returned 15.6%.
Additionally, HSBC’s latest IMAGE survey has studied fund managers’ tracking errors to determine which is the most volatile firm over the past three years.
Glasgow had a tracking error of 6%, making it the most volatile performer over the period, while Halifax Life’s 0.9% tracking error ensured that it was the most stable.
HSBC head of performance measurement Mark Hodgson said: “When we look at three-year figures, we should also consider tracking errors, which highlight the volatility of the performance over the period as well as the overall return achieved.
For this reason, we have decided to add tracking errors to the survey.
Alan Pickering says politicians should have the freedom to redefine what is meant by 'absolute'
Industry Voice: Sponsored by Eaton Vance
This week's top stories included Cardano announcing plans to acquire Now Pensions from a Dutch pension fund later this year.
Royal Bank of Scotland (RBS) faces a £102m impact on liabilities as a result of equalising guaranteed minimum pensions (GMPs), according to its annual results.