Mutual fund research has a new home within Morningstar
. On Thursday the Chicago-based fund ratings specialists unveiled a corporate restructuring plan alongside its Q4 results. Fund research, now led by managing director Don Phillips
, is one piece of the new "Investment Information" half of Morningstar. (The other half is called "Investment Management" and includes Morningstar's three RIAs: Ibbotson Associates, Morningstar Associates and Morningstar Investment Services.)
's team also saw net income fall to $19.3 million in Q4 2008 from $20 million in Q4 2007, even as quarterly revenue increased year-over-year from $118.1 million to $119.3 million.
"Because the current economic environment is so uncertain, we've taken steps to reduce our cost structure in 2009 -- mainly by reducing employee benefit costs and bonus expense," stated Mansueto, chairman and CEO of Morningstar. "We're continuing to invest in our business, though, and believe we'll be well-positioned when conditions improve."
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