CHICAGO, Jul 02, 2003 Morningstar, Inc. has completed its previously announced acquisition of mPower.com, Inc., a privately held, San Francisco-based investment advisory firm that specializes in serving the large plan sponsor retirement market.
"We are delighted to announce the completion of this acquisition, which further strengthens our position as the leading provider of independent retirement advice and gives us an immediate entry into the large plan sponsor market," said Joe Mansueto, chairman and CEO of Morningstar. "We're especially pleased with the feedback we've heard from mPower's current clients and look forward to serving the retirement planning needs of their employees."
With this acquisition, Morningstar is now able to offer advice and guidance services to 9.1 million retirement plan participants, 53,000 plan sponsors, and 34 plan providers -- more than any other provider in the market.
Morningstar began offering online retirement advice in 2000 through Morningstar® ClearFuture®, its proprietary advice technology. The company currently provides online or print statements for do-it-yourself investors, tools for call center representatives and financial advisors, professionally managed portfolios for participants who wish to fully delegate their investment responsibilities, and a retirement plan design and monitoring service for plan sponsors.
About Morningstar, Inc. and Morningstar Associates, LLC
Morningstar, Inc. is a global investment research firm offering an extensive line of print, software, and Web-based products and services for individuals, financial advisors, and institutions. The company is a trusted source of investment information and analysis for stocks, mutual funds, exchange-traded funds, closed-end funds, variable annuities, and separate accounts. Investment advisory products and services are provided by Morningstar Associates, LLC, a registered investment advisor and wholly owned subsidiary of Morningstar, Inc.