Fiduciary managers, firms that specialise in investing pension schemes’ money, have continued to grow their business despite the onset of the Covid-19 crisis wracking markets this year, according to new research.

UK pension fund assets managed in this way hit the £200bn milestone in June, according to new research — around an eleventh of total assets put at £2.2tn by the Office for National Statistics. That was 15% up on the year before, according to the study, by pensions consultancy Isio.