It is business as usual at Morningstar’s Australian operations following the restructure of the group’s US business.
Morningstar Australia chief executive Graham Rich says the restructuring of the US business has no bearing on the current path of the Australian business.
In fact, Rich says, it should improve the communications between Morningstar in the US and its international equivalents in Australia and New Zealand.
Rich was responding to questions about the recent moves in the US company where chief executive Don Phillips was made a managing director, while founding member of the US-based research house, Joe Mansueto, took over the chief executive position vacated by Phillips.
Phillips had held the position for three years while chairman Joe Mansueto focused on expanding the business internationally. Mansueto initially raised $100 million by selling a 20 per cent stake to Softbank in Japan, and was then involved in the establishment of a Morningstar presence in Australia and New Zealand.
Now Mansueto, who still retains his position as chairman, has moved into the CEO position to get closer to the daily running of the US researcher.
Meanwhile, Phillips is joined by three other managing directors in the US, who now look after seven recently created business units. Rich says each of the new business units will focus on specific areas, such as 401(k) advice, adviser services, dotcom business, data services and consulting services.
Rich says he is “totally relaxed” about the changes in the US and has full confidence in Phillips, who will now have a more extensive dialogue with the Australian Morningstar management.
“I spoke to Don Phillips two weeks ago when he was out here and he told me that for him, his new role is exactly what he wants to be doing,” Rich says.
Morningstar has doubled its staff in Australia over the past 12 months and met its ratings target of 2000 fund managers rated this year.
“Data supply is booming, and the ratings delivery has been so strongly embraced by the market,” Rich says.
In addition to continuing to further expand their operations, Morningstar will next year roll out a new web tools package developed by the US business, to be used by investors and advisers, Rich says.
