Morningstar combines investment management services under new group

Investment research firm Morningstar Inc. established a new wealth management solutions group comprising its existing related business lines, including investment management, portfolio management software and investment data aggregation.

Praemium Ltd.'s U.K. and international business, which Morningstar is acquiring, will also be part of the group, according to a news release.

The company named Daniel Needham president of the business. Needham was president and chief investment officer of Morningstar's investment management group since 2015. The leadership team of the group also includes Adley Bowden, Elizabeth Durkee, Katy Gibson, John Harris, Jonathan Linstra, Jig Patel, Brian Verhoeven and Bjorn Widerstedt.

Morningstar Investment Services plans to launch a direct indexing capability on its Turnkey Asset Management Platform for advisers later this year, the first new product launch for the newly established team, according to the release.