UK - Balanced pooled funds produced their first negative quarterly return since Q2 2006 with the three months to the end of March 2008 making a median -7.9%, according to BNY Mellon Asset Servicing.
Alan Wilcock, performance and risk analytics manager, BNY Mellon Asset Servicing, said: "Equity market returns in the first quarter of 2008 were one of the worst starts to a year we have see on record."
Wilcock added: "Consequently it is not a surprise that there were no positive returns in the balanced or UK equity sections of the survey this quarter."
The worst performance came from Pacific ex-Japan funds which posted a -12.1% return. However, this result beat its benchmark, unlike other overseas equity pooled funds which all fell short.
Despite missing the benchmark, Japanese equity pooled funds performed the best, with a -7.9% return, faring somewhat better than European ex-UK at -8% and UK equities at-9.7% for the quarter.
The poor performance did not contribute too badly to three and five year returns, which remained at 9.3% and 12.8% respectively.
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