Morgan Grenfell outperforms pension fund heavyweights

Morgan Grenfell was among the top performers among big name pension fund managers last year, while the controversial PDFM funds made a late spurt in the fourth quarter to regain a little of the ground they had lost earlier in the year.

Morgan Grenfell, employer of Nicola Horlick, the fund manager who quit this month, was in sixth place overall, beaten by several much smaller funds, according to a survey of pension funds by CAPS and the actuaries Bacon & Woodrow published today

But of the larger pooled pension funds it showed the best return, of 12.2 per cent. Morgan has pounds 934m under management.

Pooled pension funds tend to be a small proportion of a manager's total funds, but since their performance is publicly measured by surveys they are used as shop windows for their companies.

The survey also shows that Scottish Amicable, which next week gives more details of its plans to demutualise, had well below average performance last year.

Its rate of return was 8.5 per cent, compared with the median of the 71 pooled pension funds surveyed of 10.7 per cent.

ScotAm's performance was held back by a negative rate of return of 0.2 per cent in the fourth quarter, compared with PDFM's growth of 2.7 per cent during the same period, taking PDFM's annual rate of return to 8.1 per cent.

PDFM has been under the microscope since Tony Dye, its top manager, took his funds heavily into cash in the belief that the stock market was about to crash. Its rate of return remained near the bottom of the league table of large fund managers last year, even with the late spurt.

Nigel O'Sullivan of Bacon & Woodrow said PDFM's style of selecting stocks for value paid dividends in the last quarter.

Start your day with The Independent, sign up for daily news emails
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

SThree: Trainee Recruitment Consultant

competitive: SThree: Are you passionate about sales?Do you have a keen interes...

Recruitment Genius: Loan Adviser - OTE £30,000

£17000 - £30000 per annum: Recruitment Genius: This is an exciting opportunity...

Recruitment Genius: Sales Assistant / Buyer

£15000 - £17000 per annum: Recruitment Genius: This company offers a range of ...

Recruitment Genius: Customer Service Advisor

£15000 - £16000 per annum: Recruitment Genius: Customer Service Advisors are r...

Day In a Page

Greece says 'No': A night of huge celebrations in Athens as voters decisively back Tsipras and his anti-austerity stance in historic referendum

Greece referendum

Greeks say 'No' to austerity and plunge Europe into crisis
Ten years after the 7/7 terror attacks, is Britain an altered state?

7/7 bombings anniversary

Ten years after the terror attacks, is Britain an altered state?
Beautiful evening dresses are some of the loveliest Donatella has created

Versace haute couture review

Beautiful evening dresses are some of the loveliest Donatella has ever created
No hope and no jobs, so Gaza's young risk their lives, climb the fence and run for it

No hope and no jobs in Gaza

So the young risk their lives and run for it
Fashion apps: Retailers roll together shopping and social networking for mobile customers

Fashion apps

Retailers roll together shopping and social networking for mobile customers
The Greek referendum exposes a gaping hole at the heart of the European Union – its distinct lack of any genuine popular legitimacy

Gaping hole at the heart of the European Union

Treatment of Greece has shown up a lack of genuine legitimacy
Number of young homeless in Britain 'more than three times the official figures'

'Everything changed when I went to the hostel'

Number of young homeless people in Britain is 'more than three times the official figures'
Compton Cricket Club

Compton Cricket Club

Portraits of LA cricketers from notorious suburb to be displayed in London
London now the global money-laundering centre for the drug trade, says crime expert

Wlecome to London, drug money-laundering centre for the world

'Mexico is its heart and London is its head'
The Buddhist temple minutes from Centre Court that helps a winner keep on winning

The Buddhist temple minutes from Centre Court

It helps a winner keep on winning
Is this the future of flying: battery-powered planes made of plastic, and without flight decks?

Is this the future of flying?

Battery-powered planes made of plastic, and without flight decks
Isis are barbarians – but the Caliphate is a dream at the heart of all Muslim traditions

Isis are barbarians

but the Caliphate is an ancient Muslim ideal
The Brink's-Mat curse strikes again: three tons of stolen gold that brought only grief

Curse of Brink's Mat strikes again

Death of John 'Goldfinger' Palmer the latest killing related to 1983 heist
Greece debt crisis: 'The ministers talk to us about miracles' – why Greeks are cynical ahead of the bailout referendum

'The ministers talk to us about miracles'

Why Greeks are cynical ahead of the bailout referendum
Call of the wild: How science is learning to decode the way animals communicate

Call of the wild

How science is learning to decode the way animals communicate