Morningstar Investment Management Llc
SEC-registered
Investment Adviser · Large ($10B–$100B)
CRD 108031
· SEC file 801-56896
· Chicago, IL
· www.linkedin.com
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ADV data as of Mar 27, 2026
- Regulatory AUM
- $87.8B
- Discretionary
- $87.8B
- Clients
- 515,981
- Avg AUM / client
- $170K
- Accounts
- 515,981
- Employees
- 267
AUM over time
$11.4B
$87.8B
Dec 2011
Dec 2025
Annual snapshots from Form ADV filings · as of Mar 27, 2026
Asset allocation (SMA assets by investment type)
as of Mar 27, 2026
Registered investment companies (funds/ETFs)
$64.1B
73%
Pooled investment vehicles
$20.2B
23%
Cash & equivalents
$3.5B
4%
Share of SMA assets by investment vehicle type, as filed in Form ADV Item 5.K. Dollar figures are percentages applied to total regulatory AUM.
Who they serve
| Client type | Clients | AUM | % of AUM |
|---|---|---|---|
| Individuals (non-high net worth) | 512,688 | $35.6B | 40.5% |
| High net worth individuals | 3,271 | $4.0B | 4.53% |
| Investment companies | 3 | $6.2B | 7.11% |
| Pooled investment vehicles (non-investment companies) | 1 | — | — |
| Pension and profit sharing plans | 3 | $12.2B | 13.9% |
| Other | 15 | $29.8B | 34.0% |
Retirement plan clients
Plans that reported this firm as an investment service provider on Form 5500 Schedule C. Showing first 100 of 1,311.
People (30)
roster as of Jul 20, 2026| Name | Role / title | Credentials | With firm since | Ownership |
|---|---|---|---|---|
| Mansueto, Joseph, D | Shareholder | Apr 1984 (42y) | ≈ 18.75% – 50% via Morningstar, Inc. | |
| Needham, Daniel, Edward | Co President, Morningstar Wealth | Feb 2015 (12y) | Less than 5% | |
| Johnson, Brock, Allan | Co President, Morningstar Retirement | Jan 2019 (8y) | Less than 5% | |
| Kemp, Daniel | Chief Research And Investment Officer | Jul 2023 (3y) | Less than 5% | |
| Sara Frances Kasun Fretz | Chief Compliance Officer & Secretary | Nov 2023 (3y) | Less than 5% | |
| Hannah L Ritchie | Registered representative | Jul 2021 (5y) | ||
| Francis A Anello | Registered representative | Sep 2021 (5y) | ||
| Peter John Dugery | Registered representative | Jan 2022 (5y) | ||
| David Trevor Rix | Registered representative | Jan 2023 (4y) | ||
| Katherine Kingsbury | Registered representative | Jun 2023 (3y) | ||
| Christopher Edward Fitzgerald | Registered representative | Jun 2023 (3y) | ||
| Murray Alan Cleaner | Registered representative | May 2024 (2y) | ||
| Brian Mccarthy | Registered representative | Nov 2024 (2y) | ||
| Risa L La Montagne | Registered representative | Jan 2025 (2y) | ||
| Sara Elizabeth Buffington | Registered representative | Jan 2025 (2y) | ||
| Maria Demitra Blanas | Registered representative | May 2025 (1y) | ||
| Rebecca Lynn Bennett | Registered representative | May 2025 (1y) | ||
| Aaron Brent Peterson | Registered representative | May 2025 (1y) | ||
| Adam John Herakovich | Registered representative | May 2025 (1y) | ||
| Edward Joseph Reynolds | Registered representative | May 2025 (1y) | ||
| Madeline Elizabeth Rapp | Registered representative | May 2025 (1y) | ||
| Matthew J Ochoa | Registered representative | May 2025 (1y) | ||
| Robert David Mizaur | Registered representative | May 2025 (1y) | ||
| Robert Emmet Mc Cabe | Registered representative | May 2025 (1y) | ||
| Ryan Michael Walker | Registered representative | May 2025 (1y) | ||
| Timothy John Bottomly | Registered representative | May 2025 (1y) | ||
| Kenneth Lavon Chambers | Registered representative | Jun 2025 (1y) | ||
| Max Schankerman | Registered representative | Jun 2025 (1y) | ||
| Joselyn Morales Ontiveros | Registered representative | Jul 2025 (1y) | ||
| Michael Edward Grover | Registered representative | Aug 2025 (1y) |
Entity owners (Schedule A/B)
| Entity | Title / status | Since | Sch. | Ownership |
|---|---|---|---|---|
| Morningstar, Inc. | Sole Member | Sep 1999 | A | 75% or more |
Undisclosed: 0% – 25% of the firm is not attributable from the filed Schedule A bands.
Estimated effective ownership (look-through of filed bands):
- Mansueto, Joseph, D: 25% – 50% of Morningstar, Inc. × 75% – 100% direct ≈ 18.75% – 50% of the firm
Roster from the IAPD representatives feed; ownership and acquisition dates from Form ADV Schedule A/B. "Since" is the earliest filed registration or acquisition date.
Retirement plans served (100)
| Plan | Sponsor | Participants | Plan assets | As of |
|---|---|---|---|---|
| Genesis Group Homes 401(k) Retirement Plan | Genesis Group Homes, Inc. | 0 | $0 | 01/01/2025 |
| Rinker Design 401(k) Plan | Rinker Design Associates, P. C. | 0 | $0 | 01/01/2025 |
| Azurite Professional Community 401(k) And Profit Sharing Plan | Azurite Professional Community, Inc. | 0 | $0 | 11/01/2024 |
| The Bobrick Corporation Profit Sharing Retirement Plan | The Bobrick Corporation | 703 | $92.3M | 11/01/2024 |
| General Air Service And Supply Co. 401(k) Plan | General Air Service And Supply Company | 192 | $14.4M | 11/01/2024 |
| Learning Tree International 401(k) Plan | Learning Tree International, Inc. | 103 | $33.4M | 10/01/2024 |
| The Crisis Center Of Tampa Bay, Inc. 401(k) Plan | The Crisis Center Of Tampa Bay, Inc. | 333 | $6.9M | 10/01/2024 |
| San Antonio Zoological Society Employees' Savings Plan | San Antonio Zoological Society | 581 | $7.9M | 10/01/2024 |
| Nmdp Employer Contribution Plan | National Marrow Donor Program | 1,815 | $119M | 10/01/2024 |
| Nmdp Employee Contribution Plan | National Marrow Donor Program | 1,769 | $174M | 10/01/2024 |
| Borgman Ford Sales, Inc. Employees' Profit Sharing And 401(k) Plan | Borgman Ford Sales, Inc. | 128 | $11.5M | 10/01/2024 |
| Force America, Inc. 401(k) Plan | Force America, Inc. | 629 | $66.1M | 10/01/2024 |
| Lynch Companies 401(k) Savings Plan | Ldv, Inc. | 659 | $80.0M | 10/01/2024 |
| Tax Airfreight, Inc. 401 K Profit Sharing Plan | Tax Airfreight, Inc. | 286 | $12.2M | 10/01/2024 |
| Crosslink 401(k) Retirement Plan | Crosslink Professional Tax Solutions Llc | 141 | $17.8M | 10/01/2024 |
| The Bolles School Retirement Plan | The Bolles School | 286 | $68.9M | 08/01/2024 |
| Elliott Oil Company 401(k) Profit Sharing Plan | Elliott Oil Company | 134 | $9.9M | 08/01/2024 |
| Mlsc Holding Co., Inc. Employees' Retirement Plan | Mlsc Holding Co. Inc. | 1,019 | $43.2M | 08/01/2024 |
| Ikg Usa, Llc 401(k) Plan | Ikg Usa, Llc | 246 | $12.2M | 08/01/2024 |
| Carrollwood Day School 401 K Profit Sharing Plan | Carrollwood Day School | 258 | $16.8M | 08/01/2024 |
| Northeast Treatement Centers Employee Money Purchase Pension Plan | Northeast Treatment Centers, Inc. | 0 | $0 | 07/01/2024 |
| Centro, Inc. 401(k) Profit Sharing Plan | Centro, Inc. | 0 | $0 | 07/01/2024 |
| Net2 Source 401(k) Plan | Net2 Source Inc. | 420 | $525K | 07/01/2024 |
| Saint Therese And Affiliates Employee Benefit 403(b) Retirement Plan | Saint Therese | 1,073 | $25.5M | 07/01/2024 |
| Easterseals Midwest 403(b) Plan | Easterseals Midwest | 1,766 | $13.8M | 07/01/2024 |
Top 25 of 100 plans by assets.
From Form 5500 service-provider disclosures.
Documents (1 archived)
| Form | Period | Size | |
|---|---|---|---|
| Form ADV (full filing) | 03/27/2026 | 1.83 MB | View · PDF · Source ↗ |
Archived copies of the firm's regulatory filings, versioned by content hash.
Disciplinary disclosures
No disciplinary events reported on the firm's latest Form ADV filing.
How they charge
- • Percentage of assets under management
- • Fixed fees
- • Other fees
- • TECHNOLOGY LICENSING FEES, PERCENTAGE OF ASSETS UNDER ADVISEMENT
Services
- • Portfolio management for individuals/small businesses
- • Portfolio management for investment companies
- • Portfolio management for pooled investment vehicles
- • Portfolio management for businesses/institutional clients
- • Pension consulting services
- • Selection of other advisers
Custody
Reported custodians
- Lincoln Financial Group Trust Company, Inc. $23.3B (27% of AUM) Mar 2026
- Charles Schwab & Co. $16.1B (18% of AUM) Mar 2026
- State Street $10.0B (11% of AUM) Mar 2026
- Bank Of America, National Association $4.5B (8% of AUM) Dec 2024
- Voya Institutional Trust Company $2.8B (8% of AUM) Dec 2018
Amounts as reported in ADV Item 5.K.(3) (custodians holding 10%+ of SMA assets).
Firm reports it does not have custody of client funds or securities (Item 9.A).
Source
All data on this page comes from this firm's Form ADV filings, reproduced without modification. Latest filing: Mar 27, 2026.
View current Form ADV (SEC/IAPD) ↗