Morningstar, Inc.

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Morningstar, Inc.
Founded 1984
Headquarters Chicago
Key People Joe Mansueto, chairman & CEO;
Products Investment research, consulting and asset management

Morningstar, Inc. is a U.S.-based provider of investment research, consulting and asset management services to the retail, institutional and advisory markets, operating in 29 countries.[1]

Morningstar offers more than 25,000 indices calculated across all major asset classes and strategies for making asset allocation decisions, benchmarking investment performance and creating index-linked investable products.[2] The company, which listed on the Nasdaq in 2005, is best known for its ratings and analysis of mutual funds, as well as its database of equity research and hedge funds.

Morningstar also offers investment management services through its investment advisory subsidiaries, with approximately $265 billion in assets under advisement and management as of March 31, 2022.


Morningstar was founded by Joe Mansueto in his Chicago apartment in 1984. It launched its eponymous rating system for mutual funds in 1985, adding its Principia system for financial advisors in 1986.

The Morningstar Style Box was created in 1992, categorizing investment products into a nine-box two dimensional matrix of market capitalization and relative value.

Tokyo-based Softbank and Morningstar began a joint venture in Japan in 1998, and a year later Softbank acquired a 20 percent stake in Morningstar. It expanded into Australia, New Zealand and Canada the same year.

Over the next few years, expansion continued into Asia and Europe, and a number of new analysis products were created and released to cover a wide range of financial products, including managed portfolios, indexes and individual stocks.

The company completed an IPO of its Japanese business on Nasdaq Japan in 1998, and in 2003 acquired mPower, an X of Y. The hedge fund database was launched in 2004, and the company started providing independent research to investment banks following the Wall Street settlement spearheaded by Eliot Spitzer.

Morningstar conducted its own IPO - using an auction-style format - in 2005, and acquired Ibbotsen Associates, an asset allocation specialist, in 2006.

Acquisitions continued with the addition of the Aspect Huntley equity database in Australia and InvestorForce’s hedge fund and separate account databases in 2006, Standard & Poor’s global fund data business in 2007 and the UK-focused Hemscott Data business in 2008.[3]

In June 2022, Morningstar entered into an agreement to make Cboe Global Markets its preferred index distributor.[4]