Multi-Asset Pension Funds
Suitable for: Investors seeking balanced growth with built-in diversification.
Multi-asset funds spread investments across several asset classes (equities, bonds, property, and cash) in a single portfolio. They deliver balanced growth while managing volatility through diversification.
195
Funds tracked10
Providers+10.3%
Avg. 1yrSelect funds below to compare performance over time
| Fund | Risk | Provider | Subcategory | 1Y | 5Y | 10Y | |
|---|---|---|---|---|---|---|---|
| Irish Life Amundi Real Asset Target Income | Irish Life | Managed Balanced (<65% Equity) | +23.03% | +40.76% | - | ||
| Zurich Life Prisma 5 | 5 | Zurich Life | Managed Aggressive (>65% Equity) | +20.88% | +64.31% | +182.19% | |
| Royal London Multi-Asset Adventurous Fund | 5 | Royal London | Managed Aggressive (>65% Equity) | +20.72% | - | - | |
| Mercer Aspire High Growth | Mercer Aspire | Managed Aggressive (>65% Equity) | +20.47% | +50.40% | +145.34% | ||
| Mercer Aspire High Growth Portfolio | 5 | Mercer Aspire | Managed Aggressive (>65% Equity) | +20.47% | +50.43% | +145.50% | |
| Acorn Life Dynamic Select | 5 | Acorn Life | Managed Aggressive (>65% Equity) | +20.40% | - | - | |
| Zurich Life Prisma Max | 5 | Zurich Life | Managed Aggressive (>65% Equity) | +20.25% | +67.08% | +207.12% | |
| New Ireland PRIME Equities | 5 | New Ireland | Fund of Funds | +19.82% | +66.35% | +179.66% | |
| Acorn Life Managed Growth | 4 | Acorn Life | Managed Aggressive (>65% Equity) | +19.53% | +53.37% | +126.94% | |
| Standard Life MyFolio Market V | 5 | Standard Life | Managed Aggressive (>65% Equity) | +19.51% | +56.53% | +134.44% | |
| Irish Life Multi-Asset Portfolio 6 | 6 | Irish Life | Managed Aggressive (>65% Equity) | +19.12% | +49.74% | +128.62% | |
| Zurich Life Diversified Assets | 4 | Zurich Life | Managed Balanced (<65% Equity) | +19.02% | +42.38% | +87.81% | |
| Irish Life Portfolio Pension 6 | 6 | Irish Life | Managed Aggressive (>65% Equity) | +19.01% | +47.77% | +125.08% | |
| Acorn Life Dynamic Multi-Manager | 5 | Acorn Life | Managed Aggressive (>65% Equity) | +18.84% | - | - | |
| New Ireland iFunds 5 | 5 | New Ireland | Managed Aggressive (>65% Equity) | +18.70% | +50.97% | +121.64% |
195 funds
Funds in this category by provider
Number of funds each provider offers in this category. Click a row to view that provider's full fund range.
About Multi-Asset
Key Points
The "risk number" in a multi-asset fund name usually reflects its equity allocation - higher number = more equity = more risk
Two multi-asset funds with the same risk rating from different providers may have very different asset mixes and underlying managers
Multi-asset doesn't mean "medium risk" - they span from very cautious (mostly bonds) to aggressive (mostly equity)
Check whether your multi-asset fund is fixed allocation or dynamic - this affects how it behaves in market stress
Most default pension strategies use multi-asset funds as their core building block
What is Multi-Asset?
Multi-asset funds invest across several asset classes - typically equities, bonds, property, cash, and alternatives - within a single fund. The fund manager decides how much to allocate to each, based on the fund's risk target and market conditions.
They're designed as "all-in-one" solutions: you invest in one fund and get a professionally managed, diversified portfolio without needing to pick individual asset class funds yourself.
How They Work
A multi-asset fund manager:
Sets a strategic asset allocation (e.g. 60% equity / 30% bonds / 10% alternatives)
Monitors markets and may adjust the allocation tactically
Rebalances regularly to maintain the target risk level
Selects underlying investments within each asset class
Some funds have fixed allocations (rebalanced to the same percentages monthly), while others are dynamic (the manager actively shifts between asset classes).
Types of Multi-Asset Funds in Ireland
Risk-Rated Ranges
Most providers offer a range of multi-asset funds graded by risk level:
Zurich Prisma (Low through Max) - 6 funds, internally managed, Article 8
AIB Fusion (Risk 2-6) - 5 funds, ILIM managed, Article 8
New Ireland iFunds (3, 3 Alpha, 4, 4 Alpha, 5, 5 Alpha) - multi-manager
Royal London Multi-Asset (Defensive, Balanced, Growth, Adventurous) - RLAM, dynamic allocation
Standard Life Global Index (20, 40, 60, 80, 100) - Vanguard, fixed allocations
Aviva Multi-Asset ESG (Active 3/4/5, Passive Plus 3/4/5, Fixed 20/40/60/80) - three sub-ranges
Managed Funds (Traditional)
Irish Life Consensus Fund - replicates the average managed fund allocation
Irish Life Active Managed Fund - seeks to outperform through active selection
New Ireland Pension Managed Fund - diversified mix with SSGA
Acorn Life Managed/Managed Growth - HSBC managed, active + passive blend
Risk-Managed Approaches
AIB Fusion - continuously monitored to prevent risk drift from the agreed level
Acorn Life Diversified Multi-Manager - Mercer monitors and replaces managers as needed
Multi-Asset Funds by Provider
| Provider | Range Name | Approach | ESG |
|---|---|---|---|
| Acorn Life | Managed / Diversified / Dynamic | Dual manager (HSBC + Mercer) | Via sub-managers |
| AIB Life | Fusion (5 funds) | ILIM active multi-asset | Article 8 |
| Aviva | Multi-Asset ESG (Active / Passive Plus / Fixed) | In-house (Aviva Investors) | Article 8 |
| Irish Life | Consensus, Active Managed, Diversified Growth | Primarily indexed (ILIM) | Varies |
| Mercer Aspire | OCIO-managed portfolios | Outsourced CIO | Via manager selection |
| New Ireland | iFunds (6 funds) | Multi-manager (BOIIM) | Varies |
| Royal London | Multi-Asset (4 funds) | Dynamic allocation (RLAM) | Article 8 |
| Standard Life | Global Index (5 funds), MyFolio | Vanguard passive building blocks | Article 6 (Index) |
| Zurich | Prisma (6 funds) | Internal team, top-down macro | Article 8 |
Active vs Passive Multi-Asset
Active (e.g. Zurich Prisma, Aviva Active, RL Multi-Asset): Manager shifts allocations based on economic outlook. Aims to outperform but charges more.
Active with passive building blocks (e.g. L&G Multi-Index, Aviva Passive Plus): An active manager adjusts the asset allocation periodically, implemented through low-cost index funds. Frequency ranges from ongoing (L&G) to annual review (Aviva Passive Plus).
Pure passive (e.g. Standard Life Global Index, Aviva Fixed Allocation): Fixed percentage allocation using index funds. Cheapest, most predictable.
Why Multi-Asset is the Most Common Category
Multi-asset funds are the dominant category in Irish pensions because:
They power most lifecycle/default strategies (the growth phase typically uses a multi-asset fund)
They provide instant diversification without requiring active decisions from the member
They suit the widest range of investors
They're available at every risk level (conservative through aggressive)
Frequently asked questions about Multi-Asset funds
Multi-asset funds invest across several asset classes - typically equities, bonds, property, cash, and alternatives - within a single fund. The fund manager decides how much to allocate to each asset class. They are designed as all-in-one solutions providing a professionally managed, diversified portfolio.
Multi-asset funds dominate Irish pensions because they power most lifecycle/default strategies, provide instant diversification without requiring active decisions from the member, suit the widest range of investors, and are available at every risk level from very cautious to aggressive.
Major ranges include Zurich Prisma (6 risk-rated funds), AIB Life Fusion (5 funds), New Ireland iFunds (6 funds), Royal London Multi-Asset (4 funds), Standard Life Global Index (5 Vanguard-based funds) and MyFolio, and Aviva Multi-Asset ESG in active, passive plus, and fixed allocation variants.
Active multi-asset funds (e.g. Zurich Prisma, Royal London Multi-Asset) have managers who shift allocations based on market outlook. Passive multi-asset funds (e.g. Standard Life Global Index) maintain fixed allocations using index funds at lower cost. Some funds blend both approaches - using an active allocation strategy implemented through passive building blocks.
The risk number in a multi-asset fund name usually reflects its equity allocation - a higher number means more equity exposure and more risk. Choose based on your time horizon: if retirement is 15+ years away, a higher-risk fund may suit. If retirement is within 5 years, a lower-risk fund provides more stability.
A multi-asset fund manager sets a strategic asset allocation (e.g. 60% equity, 30% bonds, 10% alternatives), monitors markets, may adjust allocations tactically, rebalances regularly to maintain the target risk level, and selects underlying investments within each asset class. Some managers have fixed allocations while others actively shift between asset classes.
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