Morningstar Appointed by PIMFA as New Sole Index Series Provider

Morningstar Indexes will manage the UK wealth management industry’s key benchmarks from March 2026.

LONDON--(BUSINESS WIRE)-- Morningstar, Inc. (Nasdaq: MORN), a leading provider of independent insights and index solutions, today announced an agreement with the Personal Investment Management and Financial Advice Association (PIMFA). Starting from 2^nd March 2026, Morningstar will serve as the authorized 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.

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.”

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.”

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.

About Morningstar Indexes

As the fastest-growing global index provider for the last five years according to Burton-Taylor International Consulting, Morningstar Indexes was built to keep up with the evolving needs of investors—and to be a leading-edge advocate for them. Morningstar's rich heritage as a transparent, investor-focused leader in data and research uniquely equips Morningstar Indexes to support individuals, institutions, wealth managers and advisors in navigating investment opportunities across all major asset classes, styles, and strategies. From assessing risk and return with traditional benchmarks to helping investors effectively incorporate ESG objectives into their investment process, our range of index solutions spans an investment landscape as diverse as investors themselves. We help investors answer today's increasingly complex questions so that they can more easily reach tomorrow's goals. Please visit indexes.morningstar.com for more information.

About Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment insights in North America, Europe, Australia, and Asia. The Company offers an extensive line of products and services for individual investors, financial advisors, asset managers and owners, retirement plan providers and sponsors, institutional investors in the debt and private capital markets, and alliances and redistributors. Morningstar provides data and research insights on a wide range of investment offerings, including managed investment products, publicly listed companies, private capital markets, debt securities, and real-time global market data. Morningstar also offers investment management services through its investment advisory subsidiaries, with approximately $352 billion in AUMA as of June 30, 2025. The Company operates through wholly- or majority-owned subsidiaries in 32 countries. For more information, visit www.morningstar.com/company.

About PIMFA

PIMFA (The Personal Investment Management & Financial Advice Association) is the trade association for firms that provide wealth management, investment services, and financial advice and planning to everyone from individuals and families to charities, pension funds, trusts and companies. The sector currently looks after £1.65 trillion in private savings and investments and employs over 63,000 people.

PIMFA represents both full and associate member firms. Full members provide a range of financial solutions, including wealth management, financial advice and planning, as well as investment and execution services. They assist everyone from individuals and families to charities, pension funds, trusts and companies. Associate members provide professional services to the PIMFA community.

PIMFA leads the debate on policy and regulatory recommendations to ensure that the UK remains a global centre of excellence in the wealth management, investment advice and financial planning arena. Our mission is to help create a UK culture of thriving financial health through constructive advocacy, fostering connections, and providing practical support.

PIMFA was established in 2017 as a result of the merger between the Association of Professional Financial Advisers (APFA) and the Wealth Management Association (WMA), which has a history as a trade association dating back to 1991.

Further information can be found at www.pimfa.co.uk.

©2026 Morningstar, Inc. All Rights Reserved.

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Contact Morningstar

Louis Hogan, Communications Manager, EMEA, Morningstar Indexes and Sustainalytics

Louis.Hogan@morningstar.com / +44 73454 40330

Source: Morningstar, Inc.