Morningstar pounces again, buys British research firm
Purchase of Old Broad Street Research marks the fourth acquisition in two months for the investment research giant
Morningstar said its British subsidiary has acquired Old Broad Street Research Ltd. in the United Kingdom for about $18.3 million.
Old Broad Street, with 30 employees based in London, develops ratings and makes recommendations on about 500 UK-domiciled and cross-border funds. The company, established in 1999, also provides investment consulting services.
Chicago’s Morningstar said Old Broad Street will become a unit of its Morningstar UK Ltd. subsidiary, and go by the name “OBSR, a Morningstar company.”
The acquisition is the fourth in the past two months for Morningstar. In March, the investment research company agreed to buy credit ratings agency Realpoint LLC in a cash and stock deal worth $52 million. The company also announced the purchase of Aegis Equities Research that month. In February, Morningstar acquired the Footnoted business of Financial Fineprint Inc., which reviews regulatory filings and highlights examples of potential financial troubles or excessive compensation. Terms of that transaction were not disclosed.
Shares of Morningstar Inc. rose 5 cents to $47.28 in midday trading.
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