Office address: 22 West Washington Street, Chicago, IL 60602
Website: morningstar.com
Year established: 1984
Company type: financial services
Employees: 11,000+
Expertise: investment research, data analytics, portfolio management, mutual funds analysis, ETF analysis, financial advisory tools, asset management support, institutional research, fintech data solutions, retirement plan analytics
Parent company: N/A
Key people: Kunal Kapoor (CEO), Joe Mansueto (executive chair), Ron Bundy (president), Elizabeth Collins (chief strategy officer), Rod Diefendorf (COO), Daniel Dunn (chief revenue officer), Michael Holt (CFO)
Financing status: corporation
Morningstar is a financial services firm based in Chicago, serving investors, advisors, and institutions. The company offers independent research, data, and tools covering 40,000 publicly traded companies and 5 million privately-held companies. With 11,000 staff in over 40 offices, the firm supports over 4 million individual investors.
Morningstar began in 1984, when Joe Mansueto started the company in his Chicago apartment. At the time, mutual funds were popular, but most investors paid high fees and had little insight into their portfolios.
Mansueto set out to bring more clarity to investing and chose the company’s name from the closing words of Thoreau’s Walden: “The sun is but a morning star.”
In 1985, Morningstar launched its star rating for funds, giving investors a simple way to compare options. The company kept growing, introducing the nine-square Style Box in 1992 to help people see how funds fit into their portfolios. By the late 1990s, it expanded into New Zealand, Australia, Canada, Asia, and Europe which brought its research to more investors.
The firm went public in 2005, using an auction-based process that gave everyone equal access to shares and information. The company added new services, like Advisor Workstation for financial professionals and real-time stock indexes for better benchmarking. In 2016, it acquired PitchBook Data, which brought more insight into private markets as public and private investing began to blend.
Recent years have seen Morningstar focus on technology and new ways to help investors. In 2023, the company introduced Mo, an AI assistant that answers questions using its vast databases.
In 2025, Morningstar and PitchBook launched the US Modern Market 100 Index, which tracks both public giants and top private firms. This initiative seeks to give investors a fuller view of today’s changing market.
Morningstar provides a wide range of tools and research. Below are some of their offerings:
The firm is also known for independent financial research, transparent fund ratings, and technology that supports client engagement. Its platforms, such as Morningstar Investor and ByAllAccounts, help advisers and investors manage portfolios and access reliable data.
The firm states that its culture values diverse backgrounds and experiences, linking business success to teamwork and growth. The company lists these principles as central to its approach:
Morningstar also lists these benefits to support its staff:
The company also offers internships for college students and on-the-job training with mentoring for recent graduates. Mid-career staff can access online and in-person courses, plus a training program for new managers.
Kunal Kapoor is CEO of the company and leads product development, sales, and strategic priorities. Kapoor joined the firm in 1997 and has held roles in research, innovation, and business strategy. He holds a bachelor’s degree from Monmouth College and an MBA from the University of Chicago Booth School of Business.
The firm’s leadership team includes experienced professionals from across the company and its key business areas:
These key people combine different skills and backgrounds to support investors. They keep communication open with all types of shareholders.
In 2025, Morningstar launched a new rating system for semiliquid funds to help investors assess complex hybrid products. This framework covers US interval funds and nontraded REITs, offering clear insights into risk and fit. The move strengthens the firm’s role in alternative investments as public and private markets converge.
The company also released a report showing why active management is key in fixed income investing. Its research finds that active managers can better navigate complex bond markets and avoid hidden risks. This helps clients make smarter decisions and supports the firm’s future in advanced bond research.
Federated Hermes’ Brandon Clark sees an unusually open market as advisors become more selective about the risks they own
Capital Group's Q2 2026 report shows corporate payouts rising globally, with tech and financials leading shareholder returns.
AI goes from ‘early adopter’ to ‘mainstream’ status.
New model portfolios give financial advisors flexibility to personalize client allocations while keeping expense ratios at a fraction of the industry average.
A new Morningstar study covering $29T in fund assets finds active managers improving short-term, but long-term results remain stubbornly discouraging.
New AI assistant Robin drafts personalized client proposals by integrating data from Salesforce, eMoney, Morningstar and more.
New research from UMB Fund Services and FUSE Research Network shows active ETF adoption has tripled in five years, with 54% of advisors planning to increase allocations in the next 12 months.
The Sallie Krawcheck-founded firm's increase reflects a 52% surge in average advisor retainer fees since 2023
Three firms using Section 351 exchanges, deregulation themes, and active allocation explain why the ETF wrapper has become the structure of choice — and why distribution remains the hardest problem.
According to Flyer Financial Technologies, rising portfolio complexity is exposing the limits of legacy infrastructure and widening the gap between automation and reality.
New data shows a stark divide in values-driven investing across wealth channels.
Veteran financial advisors who have lived through multiple downturns say pattern recognition — not market prediction — is what protects client portfolios when volatility strikes.
SpaceX COO Gwynne Shotwell didn't dismiss the possibility of a Tesla-SpaceX merger, and Morningstar says a deal could come within a year
A number of Trump-themed or linked ETFs have emerged in recent years.
Morningstar Wealth partners with Apollo, Franklin Templeton and J.P. Morgan Asset Management to give advisors a multi-manager private markets solution.
