Morningstar sets up new wealth management-focused business unit

Independent investment research provider Morningstar has established a new business unit, called Wealth Management Solutions, specialised in the wealth management sector.

The new business unit combines different capabilities across the firm.

Among these are portfolio management software Morningstar Office, investment data aggregator ByAllAccounts, individual investor experience across Morningstar.com, as well as managed portfolios from Morningstar’s Investment Management group.

The unit also includes the UK and international business from Praemium.

Morningstar struck a £35m deal to take over wealth management platform provider Praemium last month.

Daniel Needham will lead the new business as president. This is in addition to his previous responsibility as Morningstar Investment Management group president and CIO.

Needham said: “As part of our mission to empower investor success, we have big ambitions to build on the success of the offerings we have today while connecting them together toward a comprehensive wealth management platform. We have recently added an impressive roster of industry leaders to our Wealth Management Solutions leadership team to do just that.

“We can free up advisers’ time by making the workflow seamless and bringing freedom of investment choice, so advisers can do what they do best: serve their clients.”

Morningstar Investment Services intends to roll out a direct indexing service on its Turnkey Asset Management Platform (TAMP) for advisers later in 2022.

This is the maiden offering for the Wealth Management Solutions team.

The unit has also been strengthened with several new executives.

They include Elizabeth Durkee as head of marketing, Wealth Management Solutions.

Durkee will be in charge of go-to-market strategies, digital customer experience, as well as marketing campaigns across the group’s products.

Others include Brian Verhoeven as head of design and Jig Patel as chief technology officer, Wealth Management Solutions.

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