The survey of group-managed pension funds by Becketts Employee Benefit Consultants shows just how poor last year was for investment funds. The median figure for the year was 1.3 per cent for the 17 investment managers surveyed. This is an extremely disappointing rate of growth compared to a median return of 18 per cent for 1999 and 20 per cent in 1998.

The best performance over the calendar year came from Canada Life/Setanta Asset Management, the only fund managers to break into double figures. This is in a year when five of the 17 managers surveyed showed negative returns. Eagle Star and Baillie Gifford are bringing up the rear in this survey, each with a return of 2.8 per cent.

But over the 10-year period, the best performance was the 19.9 per cent returned by Eagle Star. This is compared to a median return for the 13 managers in the market for that period of 15.3 per cent. The data show Montgomery Oppenheim has achieved the number one spot over three, five and seven years.