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Friday, February 20, 2009

Morningstar Restructures Around Two Parts

by: Neil Anderson, Managing Editor

Mutual fund research has a new home within Morningstar. On Thursday the Chicago-based fund ratings specialists unveiled a corporate restructuring plan alongside its Q4 results. Fund research, now led by managing director Don Phillips, is one piece of the new "Investment Information" half of Morningstar. (The other half is called "Investment Management" and includes Morningstar's three RIAs: Ibbotson Associates, Morningstar Associates and Morningstar Investment Services.)

Joe Mansueto's team also saw net income fall to $19.3 million in Q4 2008 from $20 million in Q4 2007, even as quarterly revenue increased year-over-year from $118.1 million to $119.3 million.

"Because the current economic environment is so uncertain, we've taken steps to reduce our cost structure in 2009 -- mainly by reducing employee benefit costs and bonus expense," stated Mansueto, chairman and CEO of Morningstar. "We're continuing to invest in our business, though, and believe we'll be well-positioned when conditions improve." 

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