We tend to think of Morningstar as an individual, investor-friendly company, dispensing solid but retail-oriented investment information. Well guess what? Right under our noses it has transformed itself into a company whose primary audience is institutional investors. Business Week Online notes that institutions now account for about three-fourths of the company's revenue. It's likely to go higher. The firm senses growth in its core businesses: selling data, consulting and now even managing portfolios as a subadvisor. Analysts have pronounced it a growth stock. There's indeed a huge market awaiting them, as well as new competitors, from Thomson-Reuters to many others.  

For more:
- here's the Business Week Online article

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