The president of Morningstar's Investment Services unit Art Lutschaunig has has stepped down, effective immediately. The high-profile provider of market data in Chicago also announced that Kunal Kapoor, previously Morningstar's director of international business strategy, has assumed Lutschaunig's role. Through a statement, the company would only say that Lutschaunig's four years in the position come to an end because he is "leaving the company"; Morningstar's CEO Joe Mansueto also said in the statement that he wished Lutschaunig well "in his new endeavors."

The company's Investment Services division currently manages $1.9 billion in assets, primarily on behalf of 1,300 financial advisors who use the company's Managed Portfolios fee-based service.