The Society of Trust and Estate Practitioners has named the first group of investment managers that have supported the launch of its Trustee Managed Portfolio Indices.

The indices were launched back in October, as reported here, to help STEP members gauge the performance of the investments they oversee against the wider industry.

As well as letting members know the level of performance they should be getting, the new service is also designed to provide trustees with a standard terminology for communicating their tolerance for investment risk to investment managers.

The firms giving their support are ABN AMRO Asset Management (Guernsey); Azure Wealth; C Hoare & Co; Close Brothers Asset Management; Collins Stewart Wealth Management; Credit Suisse - Channel Islands; GAM London; Heartwood Investment Management; IPS Capital; Kleinwort Benson; Newscape Capital Group; Odey Wealth Management; Rathbone Investment Management International; SGPB Hambros; Spearpoint [part of Brooks MacDonald Group]; Thomas Miller Investment; and Thurleigh Investment Managers.

"We expect this initiative to continue and grow as we have been overwhelmed by the positive response received from both STEP members and the investment management community since we announced the provision of service last month. We are continuing discussions with many investment managers and appreciate their support and patience,” said STEP chief executive David Harvey.

Earlier this week STEP named the oversight board for the indices, reported here, suggesting that additional members may be named for Switzerland.