UK - Balanced pension fund managers saw their asset values fall by 18.8% last year, the first annual HSBC Actuaries and Consultants IMAGE survey shows.
The best performing manager for 2002 was JPMorgan Fleming, which produced a return of -13.50%. The worst was Glasgow Investment Managers where the return was -28.2%.
Over three years, UBS Phillips & Drew finished top with -6%, while over five years Tilney Investment Management headed up the league with 1.5% – one of only seven managers to achieve positive returns.
The three and five-year average returns were -11.7% and -1.3% respectively.
HSBC senior investment consultant John Finch said: “These results were not unexpected, given the large falls in equity markets in the last three years.
“However, in selecting a fund manager in such volatile times, consistency becomes increasingly important as you need a manager who can ‘get it right’ in different market conditions.”
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