UK - Bank of Ireland has ranked bottom of Mellon Analytical Solutions' balanced fund universe for 2005, returning 15.8% against a balanced median return of 21.6%.
Over five years, Bank of Ireland ranked 54 out of 64 funds, returning 1.6%pa against a universe median return of 3%pa.
At the other end of the spectrum, Framlington (Balanced Man.) ranked top of the universe over the 12 months to end December 2005, returning 29.8%.
Dexia UK (Man.Pen.) ranked in second place with a 12-month return of 28.7%. In third place came Neptune Balanced with 28.3%.
While the database reported that active UK equity managers beat the FTSE All-Share index in Q4 2005 with a median return, after fees, of 4.6% against 4.3%, it also found that they underperformed over one, three, five and 10 years.
Over 10 years this underperformance was 0.4% pa with managers returning 7.5%pa against 7.9% pa for the All-Share index. However, on a gross of fees basis, managers achieved a median return of 8.3%pa over 10 years, beating the index by 0.4%pa.
Active managers were shown to have been successful in other sectors over the longer-term. Over 10 years, managers beat the index in UK smaller companies, Europe ex-UK, Japan, Pacific ex Japan and emerging market equities, as well as in UK bonds – standard, index-linked, cash and property.
The Pooled Pension Fund Database covers 77 separate asset managers who manage over £410bn in pooled funds, both balanced and specialist.
An unnamed London-based employer has been hit with a £350,000 fine from The Pensions Regulator (TPR) for failing to fully comply with its pension duties.
XPS Pensions has enhanced its fiduciary management selection service in order to help trustees through initial selection and mandatory re-tendering.
One in five defined benefit (DB) schemes are in The Pension Regulator's (TPR) weakest two categories, analysis by Hymans Robertson has revealed.
State Street Global Advisors (SSGA) has been selected as the first index manager for the Asset Management Exchange's (AMX) passive funds.