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Morningstar, Inc.
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==== ''Investment Management'' ==== Investment Management’s flagship offering is Morningstar® Managed PortfoliosSM, an advisor service consisting of model portfolios designed for fee-based independent financial advisors. Its core markets are the U.S., U.K., South Africa, Australia, and India. Morningstar targets like-minded advisors that hire the company to manage a substantial portion of their client’s assets the Morningstar way—putting investors first, keeping costs low, and investing for the long-term. Morningstar builds its multi-asset strategies using mutual funds, ETFs, and individual securities, and tailor them to meet specific investment time horizons, risk levels, and projected outcomes. In 2021, Morningstar surpassed $1 billion in global net flows across its Managed Portfolios. Morningstar Managed Portfolios are available through two core distribution channels: its fee-based discretionary asset management service, also known as a turnkey asset management program (TAMP), or as strategist models on third-party managed account platforms. Morningstar charges asset-based program fees for Managed Portfolios, which are typically based on the distribution channel (i.e., TAMP versus strategist models) and the products contained within the portfolios. Morningstar has TAMPs available in the U.S. and India, and act as a fund and model provider in its other international markets. Morningstar's TAMP is an end-to-end digital investing experience, in which advisors access its model portfolios through a proprietary wealth management platform that offers functionality, such as risk assessments, proposals, digital account opening and ongoing management, client reporting, customer support, marketing services, and back-office features, such as trading and billing services. Using its TAMP allows the advisor to share fiduciary responsibility with Morningstar. In 2021, Morningstar agreed to acquire Praemium’s U.K. and international wealth management platform business. Praemium offers proprietary, friction-free, SaaS-based technology and services that allow fee-based advisors to outsource key elements of the advice workflow. The platform will enable Morningstar to expand its wealth management platform capabilities internationally beyond the U.S. and India. Morningstar expects this transaction to close mid-to-late 2022, subject to regulatory approval. Morningstar continued to enhance the advisor and client experience on its TAMP, primarily augmenting customer support with a digital self-service help center, document submission, and case tracking center. The company plans to launch direct indexing capabilities through the TAMP later in 2022, as part of its recently-announced strategy to build a comprehensive Wealth Management platform leveraging capabilities from Morningstar Office, ByAllAccounts, and Morningstar.com. Finally, Morningstar continued to see positive flows in its ESG-focused portfolios as an increasing number of advisors and their investor clients sought investment solutions aligned with their sustainable investing inclinations. In addition to Morningstar Managed Portfolios, other services it provides include institutional asset-management (e.g., act as a subadvisor) and asset-allocation services for asset managers, broker/dealers, and insurance providers. Morningstar offers these services through a variety of registered entities in Australia, Canada, the United Arab Emirates (UAE), France, India, Japan, South Africa, the U.K., and the U.S. Morningstar bases pricing for institutional asset-management and asset-allocation services on the scope of work, its degree of investment discretion, and the level of service required. For most of its contracts, Morningstar receives asset-based fees. For Morningstar Managed Portfolios offered through its TAMP, Morningstar's primary competitors are AssetMark, Orion/Brinker Capital, and SEI Investments. Its primary strategist offering competitors are Blackrock, Russell, and Vanguard in the U.S., and it faces competition from Financial Express and Tatton in Europe, Middle East, and Africa (EMEA), and Blackrock, Dimensional, and Vanguard in Australia. Morningstar also competes with in-house research teams at independent broker/dealers who build proprietary portfolios for use on brokerage firm platforms, as well other registered investment advisors that provide investment strategies or models on these platforms. Morningstar Investment Management is the company's fifth-largest product based on revenue and comprised 7.4%, 8.5%, and 9.8% of its consolidated revenue in 2021, 2020, and 2019, respectively.
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