Morningstar have announced an agreement with the Personal Investment Management and Financial Advice Association (PIMFA). Starting from 2nd March 2026, Morningstar will serve as the authorised index provider for PIMFA’s Private Investor Index Series and Equity Risk Index Series.
Widely adopted across the UK wealth management industry, these indexes provide essential benchmarks for portfolio performance, asset allocation reviews, and fund manager comparisons. They enable wealth managers and their clients to measure multi-asset strategies against industry standards. Under the agreement, the indexes will be rebranded as the Morningstar PIMFA Investor Index Series, alongside the Morningstar PIMFA Equity Risk Index Series.
Liz Field, Chief Executive at PIMFA, said:
“The Private Investor Indices were introduced twenty-eight 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.
“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.”
Robert Edwards, Managing Director EMEA at Morningstar Indexes, said:
“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.”
First introduced in 1997, the Private Investor Index Series 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 – reflecting strategies commonly used by UK wealth managers and private client portfolios.
Index weights are determined by PIMFA through quarterly surveys of member firms’ model portfolios, with oversight from the PIMFA Indices Committee to ensure alignment with long-term objectives. Morningstar will manage and maintain the indexes.
Morningstar brings extensive experience and strong ties to the UK wealth and asset management community. Through its index business, Morningstar works with wealth managers to develop bespoke solutions for market analysis, performance benchmarking, and investable products. This new agreement builds on that foundation to deliver robust, transparent benchmarks that will empower PIMFA members and their clients to measure performance with confidence.
PIMFA encourage any members or firms who use the indices to contact them to find out more.
