The Personal Investment Management and Financial Advice Association (PIMFA) has reached an agreement with Morningstar for the investment research firm to act as the new sole index series’ provider.

From 2 March 2026, Morningstar will serve as the authorised index provider for PIMFA’s Private Investor Index Series and Equity Risk Index Series.

The indexes are widely adopted across the UK wealth management industry, providing benchmarks for portfolio performance, asset allocation reviews, and fund manager comparisons.

They aim to enable wealth managers and their clients to measure multi-asset strategies against industry standards.

As part of the agreement, the indexes will be rebranded as the Morningstar PIMFA Investor Index Series, alongside the Morningstar PIMFA Equity Risk Index Series.

The Private Investor Index Series was first introduced in 1997 and comprises five composite benchmarks spanning equities, fixed income, real estate, cash, and alternatives.

These benchmarks support analysis across five risk profiles – Conservative, Income, Balanced, Growth, and Global Growth – aiming to reflect strategies commonly used by UK wealth managers and private client portfolios.

PIMFA determines index weights through quarterly surveys of member firms’ model portfolios, with oversight from the PIMFA Indices Committee.

Morningstar Indexes will manage and maintain the indexes from March 2026.

“The Private Investor Indices were introduced 28 years ago with the Equity Risk Indices added in 2019, and this exciting new collaboration will allow us to continue to offer our community a series of flexible multi asset indices that have the potential to be augmented and enhanced, based on the changing needs of the private client sector,” commented PIMFA chief executive, Liz Field.

“As the industry trade association, it is essential that we listen to the feedback we receive from our members to ensure the Index Series remain credible, and this change is the result of an in-depth review undertaken by the PIMFA Indices Committee which led to the PIMFA Board appointing Morningstar.

“The index series will continue to provide the existing suite of five indices per index series and will include 10-years of history from the outset. This change will also ensure the indices remain valuable and relevant, while also offering exciting possibilities for future requirements and augmentations.”

Morningstar Indexes managing director EMEA, Robert Edwards, added: “This collaboration combines Morningstar’s expertise in transparent, high-quality index solutions and PIMFA’s deep influence within the UK wealth management industry.

“Together, we aim to provide meaningful benchmarks and actionable insights that help wealth managers and their clients make informed decisions and measure performance confidently.

“Beyond index construction and management, we are committed to delivering value to wealth managers by equipping them with tools that reflect market realities and support decision-making.

“In doing so, we aim to enhance PIMFA’s role as a trusted lens for the industry – helping firms navigate complexity, anticipate change, and create long-term value for their clients.”

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