Morningstar Inc. announced Wednesday it promoted Peng Chen to president of its global investment management division.
Chen, who was president of Morningstar’s Ibbotson Associates unit, will oversee the company’s investment consulting, retirement advice, and investment management operations in North America, Europe, Asia, and Australia, including Morningstar Associates, Ibbotson Associates, Morningstar Investment Services, Old Broad Street Research, and Seeds Finance.
Patrick Reinkemeyer, who was president of Morningstar Associates LLC, has decided to leave the firm in mid-December, but will be available as a management advisor during a transition period.
Joe Mansueto, Morningstar’s chairman and chief executive officer, said one of “Morningstar’s key growth strategies is to become a global leader in fund-of-funds investment management. Over the past several years, we’ve built the business internally and through acquisitions, starting with Ibbotson. Previously, these units operated separately. More recently, they’ve been working more closely together, and we’re now at a point in the evolution of our business where it makes sense to combine the investment management units under one leader.”
Morningstar bought Ibbotson in 2006 and has continued to expand its investment consulting services. As of Sept. 30, Morningstar had approximately $101.3 billion in assets under advisement for investment consulting, $17.8 billion in assets under management for managed retirement accounts, $3.6 billion in assets under management for Ibbotson Australia, and $2.5 billion in assets under management in Morningstar Managed Portfolios.
The global Investment Management division has approximately 250 employees in Chicago, London, Melbourne, Paris, Shenzhen, Sydney, Tokyo and Toronto.
Chen joined Ibbotson in 1997. Prior to Morningstar’s acquisition in March 2006, he was managing director and chief investment officer.