MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Thursday, February 23, 2006 Morningstar Posts Q4 Profit Morningstar has registered fourth quarter earnings of $10.1 million, a reversal from a net loss of $1.1 million in the same period a year ago. The Chicago-based investment research firm said consolidated revenue in the final quarter of the year grew 25 percent to $60.7 million. Total revenue for 2005 hit $227.1 million, representing a 26-percent rise from a year ago. In a statement, Joe Mansueto, chairman and chief executive of Morningstar, singled out Morningstar Advisor Workstation as the firm’s biggest driver of revenue growth at the product level in 2005, posting a 50 percent rise in revenue and a 40 percent increase in the number of licenses sold during the year. Among the firm's disappointments, he said, is its online advice offering. "Even though we think online investment advice for retirement plan participants is a valuable service, it is a less popular service than we — and the industry — expected," he said. Revenue for the firm's online advice service offered through the Morningstar Retirement Platform dropped slightly, he added. "The most exciting part of this business is our managed retirement account service, which is growing, but from a small base," Mansueto said. "We expect our acquisition of Ibbotson Associates to provide greater opportunities in this market." Morningstar announced in December that it will purchase Ibbotson, also based out of Chicago, for $83 million in cash. Printed from: MFWire.com/story.asp?s=11330 Copyright 2006, InvestmentWires, Inc. All Rights Reserved |