Fund managers ‘underperformed’

PENSION and investment consultants Hewitt & Becketts said all Irish fund managers under performed last year based on the new index it has developed.

All of the 22 Irish funds failed to match or beat the new benchmark called the Hewitt & Becketts Index.

Published for the first time yesterday, the measure found not one pension fund manager in Ireland beat the index over one year. But 12 out of 20 beat the average, or traditional measure.