Morningstar Finalizes Acquisition of CRSP for $365 Million
Morningstar, Inc. (NASDAQ: MORN), a globally recognized leader in providing independent investment research and data, has officially completed its previously announced acquisition of the Center for Research in Security Prices (CRSP) from the University of Chicago, with the transaction valued at $365 million, subject to customary adjustments. This strategic acquisition represents a significant milestone in Morningstar’s long-term vision to broaden its market-leading research, data, and index capabilities, uniting two of the most trusted sources of investment insights in the financial industry. By integrating CRSP’s unparalleled historical stock market data and indexes, Morningstar is now positioned to offer an expanded suite of solutions designed to serve institutional investors, asset managers, advisors, and individual investors with greater transparency, depth, and precision. The deal further reinforces Morningstar’s mission to deliver high-quality, investor-focused solutions while challenging the traditional paradigms of the index industry.
Combining Market Leaders to Enhance Investor Insights
The acquisition of CRSP brings together two organizations with complementary strengths, both recognized for their unwavering commitment to quality, accuracy, and transparency. CRSP, widely regarded for its academically rigorous approach to market data and index construction, has been a cornerstone of equity research for decades. Its market indexes serve as benchmarks for over $3 trillion in U.S. equities across market capitalizations, investment styles, and sectors. By integrating these indexes into the Morningstar Indexes family, Morningstar now offers the most comprehensive suite of U.S.-equity benchmarks available, spanning the entire market and forming the backbone of numerous retirement plans, mutual funds, and institutional portfolios. The merger of CRSP’s historical data expertise with Morningstar’s global reach and research infrastructure creates a powerful combination that enhances the ability of investors to make informed decisions, while supporting the continued growth and innovation of index products worldwide.
Expanding the Morningstar Indexes Family
With the inclusion of CRSP Market Indexes, Morningstar solidifies its status as a leading global provider of broad U.S.-equity benchmarks. These indexes, long celebrated for their comprehensive coverage of the total market, were popularized by Jack Bogle, the founder of Vanguard, and have been shown to reduce transaction costs while improving transparency for investors. The CRSP indexes cover a broad spectrum of market segments, including large-cap, mid-cap, and small-cap equities, and provide exposure across multiple investment styles and sectors. They are designed to serve as a reliable foundation for retirement plans, institutional portfolios, and investment products that require accurate and unbiased market benchmarks. Morningstar will rebrand the CRSP indexes under its name, further unifying its index offerings while retaining the rigorous methodology and academic credibility that CRSP has established over decades of research and market service.
Strengthening Research and Data Capabilities
In addition to market indexes, CRSP’s Research Data Products bring a rich repository of historical data that spans decades, delivering high-quality, academically validated research to a broad set of clients and markets. These products are highly regarded for their historical depth, accuracy, and analytical precision, which are essential for portfolio construction, performance measurement, academic research, and investment strategy development. The acquisition of CRSP enhances Morningstar’s ability to provide a comprehensive set of data solutions to institutional clients, asset managers, and financial advisors, enabling more robust analysis and better-informed decision-making. By combining Morningstar’s proprietary data and research with CRSP’s extensive historical datasets, the company is uniquely positioned to offer an unparalleled resource for both active and passive investors seeking deep insights into market behavior, performance attribution, and investment risk management.
Deepening Strategic Partnership with Vanguard
Alongside the acquisition announcement, Morningstar confirmed a continued strategic relationship with Vanguard, one of the world’s largest and most respected asset managers. Vanguard will continue to utilize CRSP indexes as the underlying benchmarks for several of its flagship funds, including the Vanguard Total Stock Market Index Fund (VTSAX and VTI) and the Vanguard Mid-Cap Index Fund (VIMAX and VO). This agreement underscores the enduring value of CRSP’s academically rigorous methodology and provides continuity for Vanguard’s investors, ensuring that these widely held funds continue to track broad market performance accurately and efficiently. By maintaining this partnership, Morningstar demonstrates its commitment to supporting large-scale investment products and reinforcing the integrity of passive investing strategies.
Delivering Value at Global Scale
Amelia Furr, President of Morningstar Indexes, emphasized the transformative impact of the CRSP acquisition on the index industry. “The addition of CRSP furthers our efforts to disrupt the costly, entrenched index industry with indexes that deliver more value at global scale to benefit investors. With over $4.2 trillion in assets linked, including over 370 investment products, Morningstar offers a better alternative to legacy index providers,” Furr said. She highlighted that the integration of CRSP indexes into Morningstar’s offerings enables the company to advance low-cost investing solutions, drive innovation in index construction, and provide a stronger foundation for retirement, institutional, and mutual fund portfolios around the world. By combining scale, methodology, and investor-centric focus, Morningstar aims to redefine expectations for index quality, transparency, and accessibility.
Vanguard’s Perspective on the Collaboration
Rodney Comegys, Chief Investment Officer of Vanguard Capital Management and Head of Global Equity at Vanguard, echoed Morningstar’s enthusiasm for the collaboration. “For nearly 50 years, Vanguard has been at the forefront of index investing,” Comegys said. “Our agreement with Morningstar reinforces our steadfast commitment to delivering low costs, broad diversification, and strong performance for investors. The academically rigorous methodology of the CRSP indexes provides a world-class foundation for long-term success, empowering clients to pursue their investment goals with confidence.” He emphasized that this partnership ensures continuity and stability for Vanguard’s funds while leveraging Morningstar’s expanded capabilities to further strengthen investor outcomes and portfolio performance.
A New Era for Index Investing
The integration of CRSP into Morningstar marks a pivotal step in the evolution of index investing. By merging CRSP’s historic market data and benchmark expertise with Morningstar’s global distribution and research infrastructure, the company is uniquely positioned to offer innovative solutions that challenge traditional indexing approaches. Investors now have access to a broader, more transparent, and academically validated set of indexes that span the full spectrum of U.S. equities, including large-cap, mid-cap, small-cap, and style-specific exposures. This enhanced offering supports a diverse array of investment strategies, from passive retirement funds to actively managed institutional portfolios, and provides clients with the tools necessary to optimize asset allocation, manage risk, and achieve long-term financial goals.
Future Outlook and Industry Impact
Looking ahead, Morningstar’s acquisition of CRSP is expected to accelerate the company’s growth in the index and data markets, strengthen its competitive position relative to legacy providers, and drive innovation in passive investment products. The combined entity is poised to lead the industry in the development of next-generation indexes that are cost-efficient, methodologically rigorous, and investor-focused. As the market increasingly demands transparency, accessibility, and low-cost solutions, Morningstar’s enhanced capabilities provide a compelling alternative to traditional index providers, offering clients a superior experience and enabling financial advisors, institutions, and individual investors to make informed investment decisions with confidence.
About Morningstar, Inc.
Morningstar, Inc. is a leading provider of independent investment insights in North America, Europe, Australia, and Asia. The Company offers an extensive line of products and services for individual investors, financial advisors, asset managers and owners, retirement plan providers and sponsors, institutional investors in the debt and private capital markets, and alliances and redistributors. Morningstar provides data and research insights on a wide range of investment offerings, including managed investment products, publicly listed companies, private capital markets, debt securities, and real-time global market data. Morningstar also offers investment management services through its investment advisory subsidiaries, with approximately $369 billion in AUMA as of Sept. 30, 2025. The Company operates through wholly-owned subsidiaries in 32 countries. For more information, visit www.morningstar.com/company. Follow Morningstar on LinkedIn @Morningstar.
About Morningstar Indexes
Morningstar Indexes was built to keep up with the evolving needs of investors—and to be a leading-edge advocate for them. Morningstar’s rich heritage as a transparent, investor-focused leader in data and research uniquely equips Morningstar Indexes to support individuals, institutions, wealth managers and advisors in navigating investment opportunities across all major asset classes, styles, and strategies. In February 2026, the acquisition of CRSP brought the CRSP Market Indexes – benchmarks for over $3 trillion in US equities – into the Morningstar Indexes family. Additionally, CRSP’s Research Data Products, renowned for their academic rigor, historical depth and accuracy, further enhances Morningstar’s equity benchmark and data capabilities. This powerful combination unites two trusted sources of market insight, reinforcing a shared commitment to transparency, quality and investor-focused solutions. Please visit indexes.morningstar.com for more information.
