An analysis of top investment consulting firms has found that they are no better at selecting managers that will beat benchmarks than if they had made their choices at random. Roger Brown, managing director of Blacket Research – which studied Hewitt, Hyman Robertson, Mercer Investment Consulting and Watson Wyatt – told Professional Pensions, “Substantial fees are paid to consultants for manager selection advice. If trustees believe that these fees are being paid to identify the best fund managers, then they should be aware that they will often be disappointed.” Mercer, for one, took issue with the findings, claiming the Blacket study focused on a small sample – around 250 manager selections for 80 pension schemes for the past seven years. Mercer’s Fiona Dunsire said her firm’s own research indicated that its consultants boosted returns 1.4% a year over a 10-year period.