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Morningstar, Inc. is a global provider of independent investment insights, focusing on delivering data, research, and design solutions to simplify complex investment information. The company offers a range of products and services that empower investment decision-making, including data analytics, private capital market research, investment management services, credit ratings, and retirement planning solutions. Operating through multiple segments, Morningstar serves a diverse clientele worldwide, leveraging its expertise to enhance investment strategies and outcomes.
- Morningstar Data and Analytics - Provides comprehensive data, research, and investment analysis tools, including Morningstar Data, Morningstar Direct, and Morningstar Advisor Workstation, to support informed investment decisions .
- PitchBook - Offers the PitchBook Platform and Leveraged Commentary & Data (LCD) for in-depth research and insights into private capital markets, including venture capital, private equity, and M&A activities .
- Morningstar Credit - Delivers independent credit ratings and research services for financial institutions, corporate and sovereign entities, and structured finance products through Morningstar DBRS .
- Morningstar Wealth - Provides investment management services and advisor tools, including managed portfolio offerings and practice management software, to help advisors deliver investor-friendly products .
- Morningstar Retirement - Assists retirement plan sponsors and advisors in creating high-quality savings programs for employees .
- Corporate and All Other - Includes Morningstar Sustainalytics and Morningstar Indexes, offering sustainability research and index solutions .
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Conan Wiersema Executive | Chief Accounting Officer and Principal Accounting Officer | None | Joined Morningstar in July 2021 as Chief Audit Executive, became CAO in February 2024, and PAO in March 2024. Previously VP of Internal Audit at Univar Solutions Inc. | |
Kunal Kapoor Executive | Chief Executive Officer | Board Member of Wealth Enhancement Group; Member of the Council on Chicago Booth; Board Member of several Chicago-based non-profits | Joined Morningstar in 1997 as a data analyst, became CEO in 2017. Led product development and innovation. | View Report → |
Bill Lyons Board | Director | Active in civic and non-profit organizations in Kansas City; Serves on three non-profit boards and four investment committees | Appointed to Morningstar's Board in September 2007. Extensive experience in mutual fund industry and corporate governance. | |
Caroline Tsay Board | Director | Board member of The Coca-Cola Company | Elected to Morningstar's Board in May 2017. Previously served on boards of Rosetta Stone Inc. and Travelzoo Inc. | |
Cheryl Francis Board | Director | Co-chair of Corporate Leadership Center; Board Chair Emeritus of United Way of Metro Chicago; Board member of HNI Corporation and Aon plc | Elected to Morningstar's Board in July 2002. Independent business and financial advisor with previous CFO experience. | |
Doniel Sutton Board | Director | Chief People Officer at Pinterest, Inc.; Board Member at Ross Stores, Inc. and Venminder, Inc.; Board Advisor to Certree | Appointed to Morningstar's Board in May 2021. Extensive experience in human capital management and supporting innovation in tech companies. | |
Gail Landis Board | Director | Investment committee member of David Rockefeller Fund and St. Mark’s School; Board member of Wood River Women’s Foundation | Elected to Morningstar's Board in May 2013. Over 30 years of experience in investment management. | |
Joe Mansueto Board | Executive Chairman and Chairman of the Board | Owner and Chairman of Chicago Fire FC; Investor in media companies and real estate | Founder of Morningstar in 1984, served as CEO until 2016, and has been Executive Chairman since 2017. Oversaw international expansion and growth into new businesses. | |
Robin Diamonte Board | Director | Chief Investment Officer of Raytheon Technologies Corp.; Board member of CIEBA; Investment committee member at Miss Porter’s School | Joined Morningstar's Board in December 2015. Extensive experience in retirement industry, overseeing $115 billion in assets. | |
Steve Joynt Board | Director | None | Appointed to Morningstar's Board in December 2019. Former CEO of DBRS, with over 40 years in the credit ratings industry. | |
Steve Kaplan Board | Director | Professor at University of Chicago Booth School of Business; Research Associate at NBER; Investment Committee Member at NextGen Growth Partners; Director of Illinois Venture Capital Association | Member of Morningstar's Board since August 1999. Expert in private equity and corporate finance. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Praemium's U.K. and International Business | 2022 | Completed on June 30, 2022, the acquisition involved a cash purchase of approximately £35 million ($44.9 million), strategically expanding Morningstar’s wealth management platform internationally by adding digital-first financial services and advanced portfolio management capabilities. |
Leveraged Commentary & Data (LCD) | 2022 | Announced on April 4, 2022 and completed on June 1, 2022, the deal was valued at up to $650 million (with $600 million at closing and a potential $50 million contingent payment), enhancing Morningstar’s capabilities in private credit and leveraged finance through integration into its PitchBook Platform and Morningstar Indexes. |
Recent press releases and 8-K filings for MORN.
- Direct Advisory Suite was launched in January 2025 as the next generation advisor offering, replacing Morningstar Advisor Workstation with enhanced tools including an AI-powered research assistant, and will be enabled for existing clients in 2025–2026.
- The company clarified that it does not view Addepar as a competitor, but rather as a partner through shared data relationships, even as it retires Morningstar Office in favor of a streamlined transition to SS&C’s Black Diamond platform.
- Management outlined a long-term vision focused on profitable growth through organic innovation, selective M&A strategies, and enhanced integration of new product capabilities, including advanced AI initiatives.
- Executives’ compensation practices remain closely tied to shareholder returns with the long-term incentive benchmark increased to a 20% Total Shareholder Return target, emphasizing alignment with overall shareholder value creation.
- The document emphasizes forward-looking statements using terms such as "predict," "prospects," and "strategy," highlighting the inherent uncertainty in future performance.
- It details various risks—including cybersecurity, regulatory, compliance, and operational challenges—that may cause actual results to differ from expectations.
- The cautionary statements explicitly advise that these unknown risks could impact the company’s ability to achieve its strategic objectives.