The 200 largest US pension funds have lost almost a quarter of their assets in the past two years as funds seek safer returns on their investments, according to research by Pensions & Investments, an international weekly magazine.

Combined assets at the top US funds fell to $3.2 trillion (€3 trillion) as of the end of September 2002 - down 11% from a year earlier and 24% from two years ago, the research found.