Morningstar Boosts Hedge Fund Resources With Altvest Acquisition

Jul 21 2006 | 5:35pm ET

Mutual fund research giant Morningstar is making a big push into the hedge fund arena, paying $10 million for InvestorForce's Altvest database. The Altvest index covers more than 2,700 hedge funds and 1,700 managers.

As part of the deal, Chicago-based Morningstar will also acquire the other parts of Wayne, Pa.-based InvestorForce's database division: its separate account database and online software programs for manager searches, research and reporting. InvestorForce will license Morningstar's hedge fund, mutual fund and separate account data for its Web-based pension consultant platform. The deal is expected to close in August.


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