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IC Select, an independent body, received backing from 14 providers for the performance reporting standard. It used data from 520 pension schemes using fiduciary managers.
Aon Hewitt, Willis Towers Watson and Mercer – the three biggest providers of investment consulting and fiduciary services in the UK – have all agreed to report performance according to IC Select’s new guidelines.
Other providers backing the standard were BlackRock, Cardano, Charles Stanley, Goldman Sachs Asset Management, JLT Investment Solutions, Kempen, Legal & General, P-Solve, Russell Investments, Schroders and SEI.
The standard will be overseen by a 13-strong panel of representatives from industry bodies and professional trustee firms.
Peter Dorward, managing director of IC Select, said: “The new standard enables trustees for the first time to obtain consistent performance information when selecting a fiduciary manager. This will significantly enhance their ability to understand the differences between them.”
Dorwood added that the standard could be put to use in other markets such as the Netherlands, where fiduciary management was widely used. However, IC Select did not yet have the capacity to push its work beyond the UK, he said.