Chicago Sun-Times – Uniting two Chicago-based brands familiar to different segments of the investment world, Morningstar said Monday it will buy Ibbotson Associates for $83 million in cash.
Ibbotson sells advice on asset allocation mostly to institutions and financial advisers with high-end clients. Morningstar, famous for its independent analysis of stocks and mutual funds, is better known to individual investors.
Morningstar Chairman Joseph Mansueto said the acquisition will broaden his company’s reach in two areas: an actively managed “fund of funds” business for institutional clients and directing other companies’ retirement accounts.
