Morningstar (NASDAQ:MORN), a leading provider of independent investment research, today announced it has completed its previously announced acquisition of Standard & Poor's fund data business, a division of The McGraw-Hill Companies (NYSE:MHP), for $55 million in cash, subject to post-closing adjustments.
Standard & Poor's fund data business consists of data and products covering more than 135,000 managed investment vehicles, including mutual funds, exchange-traded funds, hedge funds, and offshore funds. It also includes products such as Workstation, a fund performance and analysis system for asset managers; Data Feeds, a series of data licensed by institutions; Mutual Fund Solutions, customized and integrated Web components, search and screening tools, portfolio alerts, and fund fact sheets; and Mutual Fund Expert, a PC-based fund performance illustration tool for financial advisors. As part of the transaction, Standard & Poor's will license fund data from Morningstar.
Standard & Poor's fund data business operates in London, Frankfurt, Paris, Madrid, Sydney, Tokyo, Hong Kong, and the United States.