Balanced pooled pension funds posted the first negative returns since 2003 in the second quarter of this year, with funds from New Star, Fidelity and Baillie Gifford all underperforming, according to the latest quarterly update of the Mellon/Caps survey.

Bank of Ireland moved up to 52nd in the three months to June 30, but is still in the bottom-quartile over 12 months and three years. Scottish Widows Investment Partnership's £1.1bn (€1.6bn) fund also posted returns below the median, and is 39th out of 62 over three years.