A very weak euro helped Irish pension funds deliver strong returns in March, as quantitative easing saw the euro fall sharply against all major currencies, helping to offset negative equity markets.

According to data compiled by Rubicon Investment Consulting, Irish pension managed funds gained 2.6 per cent on average.

Merrion Investment Managers took the top spot with a return of 4.4 per centfor the month, while Davy Asset Management was at the other end of the league table with a return of 1.8 per cent.

“Pension managed funds have returned a very strong 13.3% on average over the first quarter of 2015,” Rubicon said.

Over this period, Merrion Investment Managers was again ahead of the pack over this period with a return of 17 per cent, while Kleinwort Benson Investors were the laggards, but have still gained a respectable 11.8 per cent so far this year.

Over the past twelve months, the average fund return was 28.7 per cent. According to Rubicon, returns for the year ranged from 34.3% (Merrion Investment Managers) to 22.1% (New Ireland).

When considered on a five year basis, all funds are in the black, with an average return of 12.2 per cent a year. On a ten year basis, the average annual return is 6.9 per cent.