ith annuities. Strategy The company’s strategy is to widen its economic moat, or sustainable competitive advantage, and build shareholder value by focusing on three key objectives. Its strategy includes the following: develop Morningstar Direct as a flagship decision support platform; produce the most effective investment data, research, and ratings to help investors reach their financial goals; and build world-class investment management solutions based on proprietary research. Customers The company focuses on four primary customer groups: advisor (including independent financial advisors, as well as those affiliated with broker-dealers, other intermediaries, and retail brokerage firms); asset management (including fund companies, insurance companies, and other companies that build and manage portfolios of securities for their clients); retirement (including retirement plan providers and plan sponsors); and individual investor. Seasonality Some of its smaller products, such as the company’s annual investment conference in Chicago, generate the majority of their revenue in the first or second quarter of the year. Regulations The United States: Three of its subsidiaries, Ibbotson Associates, Inc.; Morningstar Associates, LLC; and Morningstar Investment Services, Inc., are registered as investment advisors with the Securities and Exchange Commission (SEC) under the Investment Advisers Act of 1940 (Advisers Act). As registered investment advisors, these companies are subject to the requirements and regulations of the Advisers Act. In addition, because these three subsidiaries provide investment advisory services to retirement plans and their participants, they may be acting as fiduciaries under the Employee Retirement Income Security Act of 1974 (ERISA). Morningstar Investment Services is a broker-dealer registered under the Securities Exchange Act of 1934 (Exchange Act) and a member of FINRA. Morningstar Credit Ratings, LLC is registered with the SEC as a Nationally Recognized Statistical Rating Organization (NRSRO) specializing in rating structured finance investments. Australia: The company’s subsidiaries that provide financial information services and advice in Australia, Morningstar Australasia Pty Limited and Ibbotson Associates Australia Ltd., are registered and hold an Australian Financial Services license and are subject to oversight by the Australian Securities and Investments Commission (ASIC). The United Kingdom: Morningstar Investment Management Europe Limited is authorized and regulated by the Financial Conduct Authority (FCA) to provide advisory services in the United Kingdom. Other Regions: Additional legislation and regulations, including those relating to the activities of investment advisors and broker-dealers, changes in rules imposed by the SEC or other U.S. or non-U.S. regulatory authorities and self-regulatory organizations, or changes in the interpretation or enforcement of existing laws and rules may adversely affect its business and profitability. History Morningstar, Inc. was founded in 1984. The company was incorporated in Illinois in 1984.
(MORN:Consolidated Issue Listed on NASDAQ Global Select )
22 West Washington Street
Chicago, IL 60602
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