Morningstar, Inc.
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| Public | |
| Traded as | NASDAQ: MORN |
| Industry | Investment research, Investment management |
| Founded | 1984 |
| Founder | Joe Mansueto |
| Headquarters | Chicago, Illinois, United States |
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Key people
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Kunal Kapoor Executive Chairman |
| Revenue |  US$196.1 million (Q3 2016) |
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US$44.2 million (Q3 2016) |
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US$30.2 million (Q3 2016) |
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Number of employees
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4,220 (Sept. 30, 2016) |
| Website |
morningstar corporate |
Kunal Kapoor
Chief Executive Officer
Morningstar, Inc. is an investment research and investment management firm headquartered in Chicago, Illinois, United States.
Founder Joe Mansueto initially had the idea for Morningstar in 1982 while reviewing mutual fund annual reports he had requested from several prominent fund managers. However, it was only after a year working as a stock analyst for Harris Associates, seeing the fund industry and potential competitors up close, that he was convinced that the opportunity was there. Morningstar was subsequently founded in 1984 from his one-bedroom Chicago apartment with an initial investment of US$80,000. The name Morningstar is taken from the last sentence in Walden, a book by Henry David Thoreau; "the sun is but a morning star".
In July 1999, Morningstar accepted an investment of US$91 million from SoftBank in return for a 20 percent stake in the company. The two companies had formed a joint venture in Japan the previous year.
Morningstar's initial public offering occurred on May 3, 2005, with 7,612,500 shares at $18.50 each. The manner in which Morningstar went public is notable. They elected to follow Google's footsteps and use the OpenIPO method rather than the traditional method. This allowed individual investors to bid on the price of the stock, and allowed all investors equal access.
As of February 2015, Joe Mansueto owned approximately 55% of the outstanding shares in Morningstar.
In September 2016, Morningstar announced that it had appointed Kunal Kapoor as chief executive officer, effective January 2017, with Mansueto becoming executive chairman at the same time.
Morningstar provides data on approximately 540,000 investment offerings, including , mutual funds, and similar vehicles, along with real-time global market data on approximately 18.5 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries, with more than $200 billion in assets under advisement and management as of Sept. 30, 2016. The company has operations in 27 countries.
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Wikipedia