Morningstar acquired Moorgate Benchmarks in a move that underscores its expansion into Europe, the firm said Wednesday.
Moorgate Benchmarks, a privately held London-based global provider of index design, calculation and administration, started in 2019 with ETFS Capital as its sole external investor. It now becomes a wholly owned subsidiary of Morningstar, with the executive team, employees in the U.K. and Germany and technology and intellectual property now part of Morningstar Indexes.
Financial terms were not disclosed. The deal closed Sept. 3.
"The index industry today needs disruption, with a number of entrenched players who aren't providing enough value and innovation to investors for the fees they charge. Moorgate Benchmarks' advanced technology, index calculation process, and strong reputation in Europe will help us address this issue head on," Morningstar Indexes President Ron Bundy said in Wednesday's release.