US - The US$20.5bn Iowa Public Employees' Retirement System (IPERS) beat its benchmark for the fiscal year 2006, posting a 11.2% return.
The fund was set a 10.2% benchmark. Performance for the year ending 31 March was largely led by strong equity markets, with international equity returning 26.7% and domestic equity just under 13%.
Private equity returned over 29%. IPERS allocates 10% of its fund to private equity, and has invested in 141 private equity funds, of which 45 funds were top quartile performers when compared with other funds of the same type.
The fund’s real estate portfolio also achieved high returns of 16% for the fiscal year.
Less impressive were the high yield fixed income (4.6%) and cash (3.17%), while core fixed income returned a negative of 0.03%.
Looking at the fund’s long term performance, IPERS averaged an impressive 15.58% return over three years, although that dropped markedly to 7.47% over a period of five years.
By Damian Clarkson
PP has analysed the accounts of the biggest pension consulting firms and recorded the turnover (revenue) in their most recent accounts. The full leaderboard is below…
UK defined benefit (DB) schemes have increasingly undertaken benefit reviews over the last four years resulting in an acceleration of scheme closures, Aon research finds.
Contributions are no longer sufficient to meet regular payments for three-quarters of small- to medium- sized defined benefit (DB) schemes, Buck analysis finds.