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CHICAGO (AP) - Morningstar Inc., the mutual-fund and stock research company, has agreed to buy financial consulting firm Ibbotson Associates for $83 million, the two companies announced Monday.
Privately held Ibbotson, which like Morningstar is based in Chicago, provides asset allocation and fund research to institutions and manages 401(k) and other defined contribution plans. It had $37 million in revenue for its 2005 fiscal year, making it about a quarter the size of Morningstar.
Joe Mansueto, Morningstar's chairman and chief executive officer, said the acquisition will strengthen Morningstar's institutional and adviser businesses and make it one of the largest independent providers of managed retirement accounts in the industry.
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