Legal & General Investment Management’s efficiency in managing passive funds worth £240 billion has meant that for many consultants it is the default option for index mandates.

This dominance helped it become the clear winner at this year's award for excellence in index management. The firm attracted an average score of 4.05 out of 5, beating BlackRock, owner of Barclays Global Investors and which received a score of 3.53, into second place. Vanguard came third with 3.13.