Investment consultants have had a bad time of it recently, and they are beginning to feel that some of the criticisms are unfair. Earlier this year, consultants were being accused by new entrants in the fiduciary market of quietly encouraging their pension fund clients into higher fee fiduciary management or implemented consulting services, and avoiding a public tender process that would see them pitted against their peers.

And last month, research from Oxford University appeared to show that consultants' fund manager picks were adding no value either.