Morningstar, Inc. (NASDAQ: MORN), a leading provider of independent investment research, has acquired its remaining ownership interest in Morningstar Sweden AB from Stadsporten Citygate AB and two private investors. Morningstar, through one of its subsidiaries, acquired its remaining 76 percent ownership stake for approximately U.S. $13 million, or approximately SEK 87 million, subject to post-closing adjustments.
Fondstar AB, a subsidiary of Citygate, licensed Morningstar's methodology and began providing ratings for funds in 1998. Morningstar Europe B.V. and Citygate established a joint venture in 2001, formally incorporating Morningstar Sweden AB. Morningstar's main offerings in Sweden include Morningstar Direct, Morningstar Data, Integrated Web Tools, and Morningstar.se, an investment information website for individual investors that provides fund and ETF data, portfolio tools, and market analysis.
"Together with Citygate and the local management team, we've been supplying investment data and other research tools to Swedish investors for more than a decade," said Bevin Desmond, president of international operations for Morningstar. "We're pleased to fully integrate Morningstar Sweden into our Nordic operations, providing seamless access to our offerings and better serving clients across the region."
Morningstar has 25 employees based in Stockholm. George Sallfeldt, chief executive officer, will continue to lead the company. Morningstar serves more than 200 clients in Sweden, Denmark, Norway, Finland, and Iceland and provides complete data on more than 2,000 domiciled mutual funds and 20,000 funds registered for sale in the local markets. Morningstar also has data coverage on all listed stocks and several other investment offerings in the Nordic region.