Tom Florence is stepping down as president of Morningstar Investment Services at the end of the year. Art Lutschaunig will replace Florence, who has built the Chicago firm's quickly growing managed account business essentially from scratch. He is leaving the firm to pursue other interests, said a Morningstar spokesperson.

Lutschaunig has been chief investment officer at Morningstar (a title he will retain) since July of 2001, when he joined the firm. Prior to that he was at Fidelity Investments where he was executive vice president and director of research for Strategic Advisers he was also vice president for FMR Co., Fidelity's mutual fund management operation.

"Tom successfully launched our Investment Services unit and our new Managed Portfolios program," explained Joe Mansueto, chairman and chief executive officer of Morningstar. "He was responsible for developing this business and for building an outstanding organization. Tom made numerous contributions throughout Morningstar. We are sorry to see him go and wish him the best in his future endeavors."

Morningstar Investment Services launched the Managed Portfolios program in January 2002 and now has agreements with more than 70 firms, according to the company.  

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