Coyle Hamilton's latest investment manager survey ranked 17 investment managers for group pension managed funds on their five-year performance figures both on a return and risk adjusted return basis.

The 17 funds surveyed were Acorn Life (formerly NZI Life), Allied Irish Bank Investment Managers, Bank of Ireland Asset Management, Canada Life, Eagle Star, ESB Fund Managers, Equitable Life, Friends First, Guardian Life, Hibernian Investment Managers, Irish Life, Irish Progressive, Montgomery Oppenheim, New Ireland, Norwich Union, Standard Life, Ulster Bank Investment Managers.

Eagle Star was the top performer when using both return calculations for the five-year period ended March 1999, with an annualised return of 20.9 per cent.

"The average annualised fund return over the same period was 17.8 per cent while inflation for the period was 1.9 per cent per annum compound," says the report. Canada Life had the worst performance in the same category with 14.5 per cent.

It was also noted that although the average Irish Equity content in the managed funds had reduced over the last year, the large reduction expected due to the introduction of the euro had not yet materialised.