MSCI Inc. is a leading provider of critical decision support tools and solutions for the global investment community, helping investors address challenges in a transforming investment landscape . The company operates through four reportable segments: Index, Analytics, ESG and Climate, and All Other – Private Assets, which includes Real Assets and Private Capital Solutions . MSCI's product lines include indexes, portfolio construction and risk management tools, ESG and climate solutions, and private asset data and analysis .
- Index - Provides a comprehensive range of indexes that serve as benchmarks for global investment portfolios and are used for asset-based fees, primarily calculated based on assets under management linked to MSCI indexes .
- Analytics - Offers portfolio construction and risk management tools that help investors make informed decisions by analyzing and managing investment risks .
- ESG and Climate - Delivers ESG and climate solutions that enable investors to integrate environmental, social, and governance factors into their investment processes .
- All Other – Private Assets - Includes Real Assets and Private Capital Solutions, providing data and analysis for private asset investments .
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
C.D. Baer Pettit ExecutiveBoard | President and COO | None | Joined MSCI in 2000, became President in 2017 and COO in 2020, instrumental in launching MSCI ONE and integrating ESG solutions. | |
Henry A. Fernandez ExecutiveBoard | Chairman and CEO | Royalty Pharma (Board Member), Stanford University (Board Member), King Abdullah University (Board Member), Memorial Sloan-Kettering Cancer Center (Board Member), Foreign Policy Association (Board Member). | CEO since 1998, led MSCI's IPO in 2007, recognized as one of the world's top 30 CEOs by Barron's in 2019 and 2021. | View Report → |
Andrew C. Wiechmann Executive | Chief Financial Officer (CFO) | None | Joined MSCI in 2012, became CFO in 2020, previously served as Chief Strategy Officer and Head of Investor Relations. | View Report → |
Robert J. Gutowski Executive | General Counsel and Head of Corporate Affairs | None | General Counsel since 2020, added Head of Corporate Affairs in 2024, led compliance frameworks and DE&I initiatives. | |
Scott A. Crum Executive | Chief Human Resources Officer | None | CHRO since 2014, led culture transformation, DE&I initiatives, and corporate responsibility programs. | |
Jacques P. Perold Board | Director | CapShift (Chairman), New York Life MainStay Funds (Trustee), Partners in Health (Trustee), Allstate Corporation (Director). | Director since 2017, co-founder of CapShift, former President of Fidelity Management & Research Company. | |
June Yang Board | Director | NetApp (Director), UiPath (Director). | Director since 2024, former VP at Google Cloud, with expertise in AI and cloud infrastructure. | |
Linda H. Riefler Board | Director | CSX Corporation (Director), Stanford Women on Boards (Executive Leadership Team). | Director since 2007, retired from Morgan Stanley in 2013, with expertise in talent management and risk oversight. | |
Marcus L. Smith Board | Director | Eaton Vance Funds (Trustee), First Industrial Realty Trust (Director). | Director since 2017, retired CIO at MFS Investment Management, with extensive investment expertise. | |
Michelle Seitz Board | Director | MeydenVest Partners (CEO), Sana Biotechnology (Director). | Director since 2024, former CEO of Russell Investments, with expertise in asset management and private wealth. | |
Paula Volent Board | Director | Rockefeller University (CIO), 1stdibs.com (Director). | Director since 2020, CIO at Rockefeller University, with expertise in alternative investments and endowments. | |
Rajat Taneja Board | Director | Visa (President of Technology) | Director since 2021, President of Technology at Visa, recognized for AI and cybersecurity expertise. | |
Robert G. Ashe Board | Independent Lead Director | Shopify (Board Member) | Director since 2013, became Lead Director in 2018, former CEO of Cognos Inc., and retired from IBM in 2012. | |
Robin L. Matlock Board | Director | Iron Mountain (Director), Cohesity (Director), People.ai (Director), Dremio Corporation (Director). | Director since 2022, former CMO of VMware, with expertise in marketing and digital transformation. | |
Sandy C. Rattray Board | Director | Southbank Centre (Governor) | Director since 2020, former CIO of Man Group plc, with expertise in investment and technology. | |
Wayne Edmunds Board | Director | None | Director since 2015, former CEO of Invensys plc, and Chair of MSCI's Audit Committee. |
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Given the technical challenges and data access issues in creating private capital indices, how does MSCI plan to ensure the accuracy and reliability of these indices, and what are the key risks associated with relying on data directly from general partners?
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With the contribution of price increases to new sales being slightly smaller than last year and with moderated price increases due to the economic environment, how do you plan to sustain revenue growth, especially considering potential pressures on client spending?
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Despite the recent strong performance in the Analytics segment, what factors might cause future subscription growth to be lumpy, and how sustainable is double-digit organic growth in this segment given the challenging dynamics you've mentioned?
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As you focus on expanding your footprint among mature client segments like asset managers while also targeting newer segments such as wealth managers and corporates, how do you plan to navigate the pressures and headwinds affecting your traditional client base?
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With higher AUM levels potentially leading to expenses at the high end of your guidance ranges, how do you balance the need for investment in key growth areas with maintaining attractive profitability and free cash flow conversion?
Research analysts who have asked questions during MSCI earnings calls.
Ashish Sabadra
RBC Capital Markets
6 questions for MSCI
Craig Huber
Huber Research Partners
6 questions for MSCI
Gregory Simpson
BNP Paribas
6 questions for MSCI
Kelsey Zhu
Autonomous Research
6 questions for MSCI
Manav Patnaik
Barclays
6 questions for MSCI
Russell Quelch
Redburn Atlantic
6 questions for MSCI
Scott Wurtzel
Wolfe Research
6 questions for MSCI
Toni Kaplan
Morgan Stanley
6 questions for MSCI
Faiza Alwy
Deutsche Bank
5 questions for MSCI
Alexander EM Hess
JPMorgan Chase & Co.
4 questions for MSCI
Alex Kramm
UBS Group AG
4 questions for MSCI
David Motemaden
Evercore ISI
4 questions for MSCI
George Tong
Goldman Sachs
4 questions for MSCI
Jason Haas
Wells Fargo
4 questions for MSCI
Owen Lau
Oppenheimer & Co. Inc.
4 questions for MSCI
Alexander Hess
JPMorgan Chase & Co.
3 questions for MSCI
Alex Kram
UBS
2 questions for MSCI
Keen Fai Tong
Goldman Sachs Group Inc.
2 questions for MSCI
Kwun Sum Lau
Oppenheimer
2 questions for MSCI
Patrick O'Shaughnessy
Raymond James
2 questions for MSCI
Audey Ashkar
Wells Fargo
1 question for MSCI
Faiza Awi
Deutsche Bank
1 question for MSCI
Joshua Dennerlein
BofA Securities
1 question for MSCI
Jun-Yi Xie
Wells Fargo & Company
1 question for MSCI
Wahid Amin
Bank of America
1 question for MSCI
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
S&P Dow Jones Indices LLC | A joint venture of S&P Global Inc. and CME Group Inc., competes by offering indexes in similar categories, varying widely in scope, including geographic region, business sector, and weighting methodology, and may be used by clients in various markets worldwide. |
FTSE Russell | A subsidiary of the London Stock Exchange Group plc, competes by offering indexes in similar categories, varying widely in scope, including geographic region, business sector, and weighting methodology, and may be used by clients in various markets worldwide. |
Competes by offering indexes in similar categories, varying widely in scope, including geographic region, business sector, and weighting methodology, and may be used by clients in various markets worldwide. | |
Bloomberg Finance L.P. | Competes by offering indexes in similar categories, varying widely in scope, including geographic region, business sector, and weighting methodology, and may be used by clients in various markets worldwide. |
Solactive AG | Competes by offering indexes in similar categories, varying widely in scope, including geographic region, business sector, and weighting methodology, and may be used by clients in various markets worldwide. |
Axioma (part of SimCorp) | Competes with Analytics offerings from a range of competitors. |
BlackRock Solutions | Competes with Analytics offerings from a range of competitors. |
Competes with Analytics offerings from a range of competitors. | |
Sustainalytics Holding B.V. | A part of Morningstar, Inc., competes with ESG and Climate offerings from a range of competitors. |
Institutional Shareholder Services Inc. | Majority owned by Deutsche Börse AG, competes with ESG and Climate offerings from a range of competitors. |
Competes with ESG and Climate offerings from a range of competitors. | |
Refinitiv | A London Stock Exchange Group business, competes with ESG and Climate offerings from a range of competitors. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Fabric RQ, Inc. | 2024 | MSCI acquired Fabric RQ, Inc. on January 2, 2024 for an aggregate purchase price of $16.1 million (comprising $8.0 million in cash and $8.1 million contingent consideration) to enhance its analytics segment by acquiring key intangible assets and technology. |
Foxberry Ltd. | 2024 | MSCI acquired Foxberry Ltd. on April 16, 2024 for approximately $42.6 million, structured with cash, deferred, and contingent payments, thereby adding $22.5 million in intangible assets and $18.3 million in goodwill to strengthen its index technology capabilities. |
The Burgiss Group, LLC | 2023 | MSCI acquired the remaining 66% interest in Burgiss on October 2, 2023 for $696.8 million in cash (total aggregate investment of $913 million) to enhance its private asset data and analytics capabilities, integrating the Caissa Platform and broadening its client reach. |
Real Capital Analytics, Inc. | 2021 | MSCI acquired RCA on September 13, 2021 for $948.7 million in cash, adding approximately $70 million in annual recurring revenue and significant goodwill to its Real Estate and Private Assets segments, thereby complementing its data and analytics offerings. |
Recent press releases and 8-K filings for MSCI.
- MSCI Inc. (NYSE: MSCI) has commenced a registered public offering of senior unsecured notes.
- Net proceeds will fund general corporate purposes, including potential share repurchases, investments, and acquisitions.
- J.P. Morgan and BofA Securities serve as joint book-running managers for the offering.
- The registration statement became effective on March 8, 2024.
- MSCI delivered 9% organic revenue growth, 10% adjusted EBITDA growth and >15% adjusted EPS growth in Q3 2025.
- The company repurchased $1.25 billion of shares during Q3 (bringing YTD repurchases to $1.5 billion) and received board approval for an additional $3 billion buyback program.
- Within its index franchise, asset-based fee run rate grew 17%, and total AUM linked to MSCI indices reached $6.4 trillion (ETF $2.2 trillion; non-ETF $4.2 trillion).
- Analytics saw 16% recurrent net new sales growth, while MSCI launched a private credit factor model and the AI-powered Private Asset Classification Standard (PACS) to enhance private assets offerings.
- Subscription run rate growth was broad-based: 21% for hedge funds, 11% for wealth managers, 9% for asset owners and 9% for banks and broker-dealers.
- MSCI reported $793.4 M in operating revenues (up 9.5% YoY) and net income of $325.4 M, with adjusted EPS of $4.47 (+15.8%) and diluted EPS of $4.25 (+19%).
- Recurring subscription run rate growth was 9% reported and 7% organic, with a 94.7% quarterly retention rate.
- Asset-based fees run rate grew 17%, driven by record AUM in ETF and non-ETF indexed funds.
- Generated $423 M of free cash flow and repurchased $1.226 B of shares in Q3 at an average price of $559.85.
- Segment run rate growth included Index +12%, Analytics +7%, Sustainability & Climate +8%, and All Other – Private Assets +6%.
- In Q3, MSCI achieved 9% organic revenue growth, 10% adjusted EBITDA growth, and over 15% adjusted EPS growth, repurchasing $1.25 billion of stock in the quarter and $1.5 billion YTD, with a $3 billion buyback authorization added.
- Index franchise saw 27% net new subscription sales growth, total AUM reached $6.4 trillion ($2.2 trillion in ETFs, $4.2 trillion non-ETF), and ETF run rate hit nearly $800 million.
- Analytics delivered 16% recurrent net new sales growth, while private assets innovations included a private credit factor model and the AI-powered MSCI PACS taxonomy launches.
- Sustainability and climate reporting subscriptions grew 8% (6% sustainability, 16% climate), and private capital solutions closed $6 million of new recurring subscription sales.
- Delivered 9% organic revenue growth, 10% adjusted EBITDA growth, and >15% adjusted EPS growth; repurchased $1.25 billion of shares in Q3 and $1.5 billion YTD, with an additional $3 billion authorization approved by the Board.
- Index franchise achieved 27% recurrent net new subscription sales growth; total AUM linked to MSCI indices reached $6.4 trillion (ETF: $2.2 trillion; non-ETF: $4.2 trillion) and ETF run rate hit a record $800 million.
- Analytics delivered 16% recurrent net new sales growth, driven by risk tools and equity models; launched a Private Credit Factor Model and the MSCI PACS taxonomy to expand private assets offerings.
- Q3 subscription run rate growth by segment: Index 9% (8% with asset managers), Analytics 7%, Sustainability & Climate 8% (6% sustainability; 16% climate); closed $6 million of new recurring sales in Private Capital Solutions; retention rates near 94–96%.
- Operating revenues of $793.4 million, up 9.5%, with diluted EPS of $4.25, up 19.0%, and adjusted EPS of $4.47, up 15.8%
- $1,248.9 million of MSCI shares repurchased (2,230,397 shares) at an average price of $559.95, and the Board authorized a new $3.0 billion buyback program
- Paid $137.4 million in dividends in Q3 and declared a $1.80 per share dividend for Q4 2025
- Full-year 2025 guidance maintained: operating expense of $1.415–$1.445 billion and adjusted EBITDA expense of $1.230–$1.250 billion
- Operating revenues of $793.4 million, up 9.5% (organic growth 9.0%)
- Diluted EPS of $4.25 (+19.0%) and Adjusted EPS of $4.47 (+15.8%)
- Operating margin of 56.4% and Adjusted EBITDA margin of 62.3%
- Share repurchases of $1,248.9 million (~2.23 million shares) through October 27 and new $3 billion buyback authorization; Q4 2025 dividend of $1.80 per share declared
- Asset-based fees for custom indexes have grown at a CAGR over 20% since 2022, with 15,000 custom indexes licensed over the past five years.
- Custom indexes are now linked to $1 trillion in equity AUM, supported by 810+ funds, 120+ ETFs with >$1 billion AUM, and $230 billion of ETP inflows in the last five years.
- Banks and hedge funds are the fastest-growing segments, with broad demand across factors, climate, sustainability, and multi-asset solutions driving new use cases.
- The Foxberry simulation engine integration enables near real-time index simulations and accelerates time-to-market for client requests.
- MSCI is deploying AI for enhanced data quality control and faster index production and analytics, within defined governance frameworks.
- Saudi Arabia’s Capital Market Authority is reviewing lifting the current 49% foreign ownership cap, with reforms expected by end-2025 to allow majority stakes in listed companies.
- JPMorgan Chase estimates that increasing the limit to 100% could attract roughly $10.6 billion in inflows, with Al Rajhi Bank potentially receiving $5–6 billion.
- The change could boost Saudi Arabia’s weighting in the MSCI Emerging Markets Index (currently 3.3%), drawing up to $15 billion annually in passive investments.
- News of the proposal sent the Saudi stock index up nearly 5%, reflecting strong investor optimism.
- On August 20, 2025, MSCI Inc. entered into a Third Amended and Restated Credit Agreement, replacing its January 26, 2024 facility.
- The amendment increases the aggregate revolving commitments to $1.60 billion (from $1.25 billion) and extends the availability period to August 20, 2030.
- Key economic terms, including pricing and a maximum 4.25:1.00 consolidated leverage ratio (or 4.50:1.00 for four quarters following a material acquisition), remain unchanged.
- The interest coverage covenant is now tested only during non-investment-grade periods and the 0.10% Term SOFR adjustment for Term SOFR-based borrowings has been eliminated.
- Obligations under the facility are unsecured senior obligations, no loans were outstanding at effectiveness following repayment with senior notes, and proceeds will fund general corporate purposes.