Morningstar, a Chicago-based provider of investment information and analytical tools has launched a Web-based service covering the UK unit trust and Open-Ended Investment Companies (OEIC) market. The service, the first of six European sites planned for launch this year, also provides details of offshore funds marketed in the UK.
The free service initially features 3700 funds and offers holdings-based portfolio analysis, total returns, and the Morningstar Rating and Style Box tools. A team of fund analysts and Web experts will populate the site with real-time news, feature stories, and unbiased data says the company.
Joe Mansueto, chairman and chief executive officer of Morningstar, says: "Our UK Web information service represents the first of six sites we plan to launch in Europe this year. We expect to build a significant presence in Europe and are pleased with the feedback we have received from the industry."
Tony Webb, chief executive of Morningstar UK says the response from fund managers has been positive. "We have received full details of stock holdings within a fund from the majority of the fund management groups," he claims. "Our objective during the coming months is to ensure that we quickly reach a stage of providing full portfolio coverage of all the funds on sale in the UK."
Morningstar opened its European headquarters operations in London in April 2000. The company employs about 40 people in Europe.