Standard & Poor's sells mutual fund data business.Morningstar, Inc. (Chicago Chicago, city, United States Chicago (shĭkä`gō, shĭkô`gō), city (1990 pop. 2,783,726), seat of Cook co., NE Ill., on Lake Michigan; inc. 1837. , IL), a provider of independent investment research, has entered into a definitive agreement to acquire the mutual fund data business of Standard & Poor's, a division of McGraw-Hill The McGraw-Hill Companies, Inc., (NYSE: MHP) is a publicly traded corporation headquartered in Rockefeller Center in New York City. Its primary areas of business are education, publishing, broadcasting, and financial and business services. Cos. (New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of ), for $55 million in cash. 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 Exchange-traded funds (or ETFs) are Open Ended investment companies that can be traded at any time throughout the course of the day. Typically, ETFs try to replicate a stock market index such as the S&P 500 (e.g. , hedge funds hedge fund, in finance, a highly speculative, largely unregulated investment device. Originating in the 1950s, the funds "hedge" by offsetting "short" positions (borrowing a security and then selling it at a higher price before repaying the lender) against "long" , and offshore funds. Its Workstation product, a fund performance and analysis system for asset managers, complements Morningstar Direct, Morningstar's flagship global investment research platform for institutions. Approximately 80% of the acquired business is outside the U.S. Under terms of the deal, Standard & Poor's will license fund data from Morningstar after completion of the deal, which is expected to close by the end of this month. Morningstar said the purchase will significantly expand its client base and media partnerships in both Europe and Asia. The acquired data products are used by more than 1100 institutions and over 10,000 advisors outside the U.S. Morningstar said it also expects to provide investment data to more than 200 new publications and media outlets worldwide. |
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