MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Thursday, October 24, 2013 M*'s Rising Star in Q3 Encourages Mansueto Judging by the major metrics, Morningstar seems to be a well-oiled machine, at least if its third-quarter earnings are any indication. Double-digit growth rates in the Morningstar Data, Morningstar Direct, Retirement Solutions and Morningstar Managed Portfolios products drove a 7.8-percent spike in the investment research firm's Q3 consolidated revenues when compared to the same time last year, to $173.5 million. Net profit grew by 16 percent year-on-year to $39.9 million. Joe Mansueto, M*'s chairman and CEO, said it was "another solid financial quarter" and described the results as "encouraging," but explained that "the investment industry still faces challenges and lingering fallout from the financial crisis." The firm's assets under advisement and management in relation to Investment Advisory services seemed the one blemish on the quarterly financial scorecard, dipping a shade over 25 percent to $106.6 billion year-on-year. Read the earnings press release here. Printed from: MFWire.com/story.asp?s=46531 Copyright 2013, InvestmentWires, Inc. All Rights Reserved |