# Morningstar

Morningstar is a Public Company based in Chicago, United States.

## Overview

- **Organization type:** Public Company
- **Headquarters:** Chicago, United States
- **Region:** North America
- **Address:** Chicago, IL, United States
- **Founded:** 1984
- **Assets under management:** Undisclosed
- **Website:** morningstar.com
- **LinkedIn:** https://www.linkedin.com/company/morningstar/

## About

Morningstar is an SEC-registered investment adviser in Chicago, IL, registered since 1999. It manages approximately $87.8 billion in regulatory assets. The firm has 267 employees and 52 investment advisers.

## Sectors

- FinTech
- Enterprise Software
- Data & Analytics
- Infrastructure

## Offices

- New York
- San Francisco
- London
- Mumbai
- Sydney
- Toronto
- Hong Kong
- Tokyo
- Amsterdam
- Frankfurt
- Beijing
- Chennai
- Paris
- Seoul
- Singapore
- Dubai
- Mexico City
- Buenos Aires
- Johannesburg
- Stockholm

## People

- Joe Mansueto — Founder and Executive Chairman
- Kunal Kapoor — Chief Executive Officer
- Tyler Mathisen — Chief Financial Officer

## Questions

### Who controls Morningstar's strategic direction?

Founder Joe Mansueto serves as executive chairman and holds majority voting control through supervoting shares—he owned over 60% of voting power as of the 2023 proxy statement (per Morningstar's 2023 proxy filing). CEO Kunal Kapoor, who joined the firm in 1998 and took the top role in 2022, runs day-to-day operations.

### Does Morningstar actually manage money, or just provide data?

Both. Morningstar is primarily a data and research provider, but its asset management arm—Morningstar Investment Management—oversees roughly $275B in assets under advisement and management as of year-end 2023 (per the 2023 annual report). The managed portfolios include managed accounts, retirement plans, and collective investment trusts.

### How does Morningstar generate revenue?

The firm's revenue comes from two main segments: license fees for its data and research platforms (Morningstar Direct, Morningstar Office, etc.) and advisory fees from its asset management services. In 2023, total revenue was $2.2B, with about 55% from license fees and the remainder from advisory and asset-based fees (per the 2023 10-K).

### Which sectors does Morningstar explicitly avoid?

Morningstar as a data provider does not avoid sectors—its research covers all public equity and credit markets. Its asset management arm uses a disciplined, multi-factor approach that does not impose sector exclusions by default, though clients can request ESG screens via Sustainalytics data.

### How does Morningstar source proprietary deal flow for its asset management business?

Morningstar's asset management team constructs portfolios using public market securities—primarily ETFs, mutual funds, and individual stocks—so it does not source private deal flow. Proprietary insights come from its own research team's quantitative and qualitative fund ratings, not from private placements or direct investments.

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Last updated: 2026-06-03T20:00:00.000Z

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