IRELAND - Most Irish pension managed funds made only modest gains in May with an average returns of 0.6% and only Aviva Investors returing above 1%, according to new figures by an Irish consultancy.

Data from Rubicon Investment Consulting's monthly review of group managed funds showed Aviva Investors at the top of the ranking in May with performanve of 1.3%.

The asset manager recorded better results than in previous months, having presented negative returns in January of 0.1%, while March saw -2% returns. April saw the company rebound somewhat, but at 0.4% delivering only half of the average return of 0.8%.

Among the ten funds assessed by Rubicon, only one recorded a negative return last month, with Merrion Investment Managers seeing returns of -0.1% in May.  

The results also show that the average managed fund returned 0.6% over the first five months of 2011, with returns ranging from a high of 1.9% for Irish Life Investment Managers to a low of -1.8% for Merrion Investment Managers.

In 2009, Merrion was one of the best performing managers, delivering 14.8% over the second quarter and 11.3% in the first half of the year.

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