Hewitt Associates, the pension fund consultancy, has taken the unusual step of publishing the results of how its clients' portfolios have performed, as pressure mounts on consultancies to take a more active role in investments. Hewitt said the portfolios outperformed their peers by about 4% to 6% on average during the 12 months to September 30.

Pension consultancies have been under increasing pressure in recent years from clients to justify how they add value, both in their traditional advisory role and when they take additional responsibility for results as well as input.