Morningstar, Inc. (Nasdaq: MORN) announced that it will become the sole index provider for the Personal Investment Management and Financial Advice Association’s (PIMFA) Private Investor Index Series and Equity Risk Index Series, with the transition taking effect on March 2, 2026. The indices will be rebranded as the Morningstar PIMFA Investor Index Series and the Morningstar PIMFA Equity Risk Index Series.
PIMFA, the trade association for more than 1,000 UK wealth‑management firms, has used its Private Investor Index Series—launched in 1997—to benchmark multi‑asset strategies, and its Equity Risk Index Series—added in 2019—to compare equity‑weighted portfolios. The partnership gives Morningstar access to a broad base of firms that rely on these benchmarks for performance measurement, asset‑allocation reviews and fund‑manager comparisons, positioning Morningstar to generate recurring licensing revenue and deepen its distribution network in the UK.
Morningstar’s move aligns with its strategy to expand its private‑market data and index footprint. The company already offers PitchBook and the Direct Platform, and it recently launched a UK digital investment research hub. By securing this contract, Morningstar is expected to strengthen its competitive positioning in the UK wealth‑management sector and create a stable, long‑term revenue source as it continues to grow its global presence.
Robert Edwards, Managing Director EMEA at Morningstar Indexes, said the collaboration “combines Morningstar’s expertise in transparent, high‑quality index solutions with 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.” Liz Field, Chief Executive of PIMFA, added that the partnership will “allow us to continue to offer our community a series of benchmarks that reflect market realities and support decision‑making.”
The deal is expected to generate recurring licensing revenue and broaden Morningstar’s reach into a market that manages £1.65 trillion in private savings and investments. By becoming the sole provider of two widely used benchmark series, Morningstar will solidify its presence in a key international market, enhance its distribution network, and reinforce its strategy of expanding into the private‑market data and index space.
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