IRELAND - Irish pension funds were down 2.2% in March as the strengthening euro took its toll on equity investments, said Aon Hewitt.
In March, the euro gained 2.8% on the dollar and the euro return on global equities was -3.3%.
"Global equities have fallen since the start of the year for euro based investors," said Denis Lyons senior investment consultant at Aon Hewitt. "Those pension funds with a more broadly diversified asset allocation have outperformed over the last quarter."
Meanwhile, the Japan disaster caused a spike in volatility during the month, said Aon. The VIX, a measure of volatility hit 31.28, its highest since July 2010, but closed the month back down at 17.74.
The Aon Hewitt Managed Index, an index of traditional managed pension funds, was down 0.4% for the first quarter, but up 5.1% during the year ended 31 March, and flat over a five year period.
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