Investment consultants, the gatekeepers that advise pension schemes on where to invest billions of pounds of assets, have begun taking a closer look at bitcoin following its recent surge in value and an influx of queries from clients who have been watching its rise from the sidelines.

Redington, the independent UK investment consultant, is among a cohort of advisers that is conducting research into a handful of asset managers that have already begun allocating money to bitcoin and other digital currencies, to weigh up the pros and cons of the fledgling asset class.