U.K. pool fund returns down in first quarter

U.K. pooled pension funds returned a median 1.1% in the first quarter, compared with 18.1% for the same period last year, according to Russell Mellon. Daniel Hall, manager of publications and statistics, said 2003 saw the first positive calendar-year returns for pooled pension funds since 1999. He said the drop in returns in the first quarter this year reflected the overall equities market. Russell Mellon surveyed pooled funds with more than £266 million ($474 million) in assets