Clients
Morningstar Investment Management serves 515,981 clients, 512,688 of them other individuals. The average client has about $170,000 with the firm, and high-net-worth clients hold 5% of its $87.8 billion in assets.
- Individuals512,688 clients41%
- High-net-worth individuals3,271 clients5%
- Investment companies3 clients7%
- Pension and profit-sharing plans3 clients14%
- Other15 clients34%
Show client breakdownHide client breakdown
| Client type | Clients | Regulatory AUM | Share | Avg. per client |
|---|---|---|---|---|
| Individuals (other than HNW) | 512,688 | $35,593,400,000 | 40.5% | $69K |
| High-net-worth individuals | 3,271 | $3,975,000,000 | 4.5% | $1.22M |
| Investment companies | 3 | $6,241,700,000 | 7.1% | $2.08B |
| Pooled investment vehicles | 1 | $0 | 0.0% | $0 |
| Pension and profit-sharing plans | 3 | $12,192,700,000 | 13.9% | $4.06B |
| Other | 15 | $29,821,600,000 | 34.0% | $1.99B |
| Total | 515,981 | $87,824,400,000 | 100% | $170K |
- Clients
- 512,688
- Regulatory AUM
- $35,593,400,000
- Share
- 40.5%
- Avg. per client
- $69K
- Clients
- 3,271
- Regulatory AUM
- $3,975,000,000
- Share
- 4.5%
- Avg. per client
- $1.22M
- Clients
- 3
- Regulatory AUM
- $6,241,700,000
- Share
- 7.1%
- Avg. per client
- $2.08B
- Clients
- 1
- Regulatory AUM
- $0
- Share
- 0.0%
- Avg. per client
- $0
- Clients
- 3
- Regulatory AUM
- $12,192,700,000
- Share
- 13.9%
- Avg. per client
- $4.06B
- Clients
- 15
- Regulatory AUM
- $29,821,600,000
- Share
- 34.0%
- Avg. per client
- $1.99B
Total
- Clients
- 515,981
- Regulatory AUM
- $87,824,400,000
- Share
- 100%
- Avg. per client
- $170K
What it does
Morningstar Investment Management provides portfolio management for individuals and small businesses, portfolio management for investment companies, portfolio management for pooled vehicles, portfolio management for institutions, pension consulting and selecting other managers. It is paid through a percentage of assets, fixed fees and other arrangements.
Morningstar Investment Management provided financial planning to 0 clients last fiscal year and advises no private funds.
100.0% of assets ($87.82B across 515,981 accounts) are managed with discretion. 0% of clients are outside the U.S., and 1,866,524 clients received advice without assets under management last fiscal year.
What the accounts hold
- Funds96%
- Registered funds73%
- Pooled vehicles23%
- Cash4%
Custodians
Morningstar Investment Management’s client accounts are held mainly at Lincoln Financial Group Trust, with 27% of managed assets, and Charles Schwab, with 18%. Morningstar Investment Management does not have custody of client assets.
- Lincoln Financial Group TrustLincoln Financial Group Trust Company · Concord, NH · $23.32B27%
- Charles SchwabCharles Schwab Trust Bank · Henderson, NV · $16.13B18%
- State Street Bank & TrustState Street Bank & Trust Company · Boston, MA · $9.95B11%
- All other custodians$38.42B44%
Ownership and leadership
Morningstar, Inc. owns 75% or more of Morningstar Investment Management.
- Owns 75% or more of Morningstar Investment Management LLC
Morningstar, Inc.
Control person · since September 1999
- Owns 25% to 50% of Morningstar, Inc.
Joseph Mansueto
Control person · since April 1984
Leadership
- Brock JohnsonCo-President, Morningstar Retirement
- Daniel NeedhamCo-President, Morningstar Wealth
- Sara Kasun-FretzChief Compliance Officer & Secretary
Staff
- 267 employees
- 52 in advisory functions
- 23 state-registered reps
- 4 soliciting firms
Reported holdings
Morningstar Investment Management’s reported 13F holdings total $1.62B across 317 positions, and the ten largest make up 38.4% of it.
- $1.62B
- Reported 13F value
- 317
- Positions
- 38.4%
- In the 10 largest
- —
- Value vs. prior quarter
- iShares TR · US Treas BD ETF14.8%
- Microsoft Corp.3.3%
- Vanguard Index Fds · Total Stk Mkt3.3%
- Apple Inc.3.2%
- Alphabet Inc. · Cap Stk CL A2.6%
- Nvidia Corporation2.5%
- Schwab Strategic TR · Sht TM US Tres2.4%
- Vanguard Charlotte Fds · Total Int BD ETF2.4%
- SPDR Series Trust · State Street Spd2.3%
- Schwab Strategic TR · Fundamental Emer1.7%
Together, the ten largest are 38.4% of reported value.
A 13F covers only exchange-traded long positions the firm holds with discretion, so this $1.62B is not its $87.82B in regulatory assets and does not represent any individual client's portfolio.
Fees
Morningstar Investment Management is paid through a percentage of assets under management, fixed fees (other than subscription fees) and other.
Morningstar Investment Management’s fee rates are not included in this profile. Find its brochure on the SEC’s site.
Offices and registrations
Besides its headquarters, Morningstar Investment Management has 40 offices (38 private residences, listed without an address), with 1 listed address in 1 state.
Illinois · 1 listed address
- 22 West Washington Street, ChicagoHQ
Registration details
- Legal name
- Morningstar Investment Management LLC
- Headquarters
- 22 West Washington Street, Chicago, IL 60602
- Phone
- 312-696-6000
- Website
- www.morningstar.com/company
- SEC file
- 801-56896
- Structure
- Delaware LLC
- Fiscal year end
- December
This directory does not report disciplinary history, for any firm or individual, in either direction. The SEC publishes the complete record, including any disciplinary events, and it is the authoritative place to check one. See this firm's record on adviserinfo.sec.gov
Common questions
How many clients does Morningstar Investment Management have?
Morningstar Investment Management has 515,981 clients and manages $87.8 billion for them, as of August 2026. They include 512,688 other individuals, 3,271 high-net-worth individuals and 15 other clients.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 18 August 2026
What services does Morningstar Investment Management offer?
Morningstar Investment Management provides portfolio management for individuals and small businesses, portfolio management for investment companies, portfolio management for pooled vehicles, portfolio management for institutions, pension consulting and selecting other managers.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file
Which custodians does Morningstar Investment Management use?
Morningstar Investment Management’s separately managed account assets are held at Lincoln Financial Group Trust Company (Concord, NH), with $23,317,500,000, Charles Schwab Trust Bank (Henderson, NV), with $16,131,200,000 and State Street Bank & Trust Company (Boston, MA), with $9,953,100,000. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 18 August 2026
How many financial advisors does Morningstar Investment Management have?
Morningstar Investment Management has 23 investment adviser representatives registered with state securities authorities, out of 267 employees, and 52 perform investment advisory functions. None are registered representatives of a broker-dealer or licensed insurance agents.
Source: Form ADV Part 1A, Items 5.A and 5.B, from the SEC's 2 October 2026 data file
What does Morningstar Investment Management invest in?
At the end of its last fiscal year, Morningstar Investment Management’s separately managed accounts held 73% registered funds (mutual funds, ETFs, BDCs), 23% pooled vehicles (private funds and similar) and 4% cash and equivalents. It advises no private funds of its own.
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Who owns Morningstar Investment Management?
Morningstar Investment Management is owned through a holding company by Joseph Mansueto. Its direct owner is Morningstar, Inc. (75% or more).
Source: Form ADV Part 1A, Schedules A and B, filed 18 August 2026
How does Morningstar Investment Management get paid?
Morningstar Investment Management is paid through a percentage of assets under management, fixed fees and other arrangements. Its Form ADV lists no commissions or performance-based fees among how it is paid.
Source: Form ADV Part 1A, Item 5.E, from the SEC's 2 October 2026 data file