CHICAGO, Nov. 10, 2010 /PRNewswire-FirstCall/ --
Morningstar, Inc. (Nasdaq: MORN) today announced that Peng Chen, Ph.D., CFA, president of
Morningstar's Ibbotson Associates unit, has been named president of
Morningstar's global Investment Management division. Chen will
oversee the company's investment consulting, retirement advice, and
investment management operations in North
America, Europe,
Asia, and Australia, including Morningstar Associates,
Ibbotson Associates, Morningstar Investment Services, Old Broad
Street Research, and Seeds Finance.
Patrick Reinkemeyer, who served
as president of Morningstar Associates, LLC, has decided to leave
the firm in mid-December, but will be available as a management
advisor to Morningstar.
Joe Mansueto, chairman and chief
executive officer of Morningstar, said, "Patrick is a talented
executive and a skilled investment manager. He created
Morningstar's consulting business as a start-up operation more than
a decade ago and built a world-class investment management
capability. Patrick has decided it's time for him to do something
new. We're sorry to see him leave but are glad he'll be serving as
an advisor during a transition period."
Mansueto added, "Peng is a brilliant researcher and one of the
industry's leading authorities on asset allocation. He played a key
role in developing Ibbotson's investment consulting and retirement
advice business before we acquired the firm in 2006 and has done a
terrific job leading Ibbotson since then.
"One of Morningstar's key growth strategies is to become a
global leader in fund-of-funds investment management. Over the past
several years, we've built the business internally and through
acquisitions, starting with Ibbotson. Previously, these units
operated separately. More recently, they've been working more
closely together, and we're now at a point in the evolution of our
business where it makes sense to combine the investment management
units under one leader."
Chen said, "I'm thrilled to be taking on this expanded role and
look forward to working closely with our global teams to deliver
more integrated investment solutions to our clients."
Morningstar acquired Ibbotson Associates in 2006 and has
continued to expand its investment consulting services both
organically and through the acquisition of Intech Pty Ltd in
Australia in 2009; Old Broad
Street Research Ltd. in the UK in 2010; and Seeds in France in 2010. As of Sept. 30, 2010, Morningstar had approximately
$101.3 billion in assets under
advisement for investment consulting, $17.8
billion in assets under management for managed retirement
accounts, $3.6 billion in assets
under management for Ibbotson Australia, and $2.5 billion in assets under management in
Morningstar Managed Portfolios. The global Investment Management
division has approximately 250 employees in Chicago, London, Melbourne, Paris, Shenzhen, Sydney, Tokyo, and Toronto.
Chen joined Ibbotson in 1997. Prior to Morningstar's acquisition
in March 2006, he served as managing
director and chief investment officer. Chen is an expert in asset
allocation, portfolio risk measurement, nontraditional assets, and
global financial markets. His research papers and articles have
appeared in the Financial Analysts Journal, Journal of
Portfolio Management, Journal of Investing, Journal
of Financial Planning, the American Association of
Individual Investors Journal, and the Journal of Financial
Counseling and Planning. He received the "Articles of
Excellence" award from the Certified Financial Planner Board in
1996 and Graham and Dodd Scroll awards in 2003 and 2007 from the
Financial Analysts Journal.
About Morningstar, Inc.
Morningstar, Inc. is a leading provider of independent
investment research in North
America, Europe,
Australia, and Asia. The company offers an extensive line of
Internet, software, and print-based products and services for
individuals, financial advisors, and institutions. Morningstar
provides data on approximately 370,000 investment offerings,
including stocks, mutual funds, and similar vehicles, along with
real-time global market data on more than 4 million equities,
indexes, futures, options, commodities, and precious metals, in
addition to foreign exchange and Treasury markets. The company has
operations in 26 countries.
©2010 Morningstar, Inc. All rights reserved.
MORN-C
Media Contact:
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Margaret Kirch Cohen,
312-696-6383 or margaret.cohen@morningstar.com
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Investors may submit questions
to investors@morningstar.com
or by fax to
312-696-6009.
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SOURCE Morningstar, Inc.