EXHIBIT 21.1
The information below is presented as of February 28, 2014. Except as specifically indicated below, Morningstar, Inc. holds, directly or indirectly, a 100% interest in each entity listed below. Some inactive subsidiaries have been omitted.
Subsidiaries of Morningstar, Inc.
Subsidiary | Jurisdiction of Formation | |
Corporate Fundamentals, Inc. | Delaware | |
Morningstar Global LLC | Delaware | |
Morningstar Associates, LLC | Delaware | |
Morningstar Investment Services, Inc. | Delaware | |
Morningstar Commodity Data, Inc. | Illinois | |
Ibbotson Associates, Inc. | Illinois | |
Morningstar Credit Ratings, LLC | Pennsylvania | |
Aegis Equity Research Pty Ltd (1) | Australia | |
Aegis Investment Partners Pty Ltd (1) | Australia | |
Ibbotson Pty Limited (1) | Australia | |
Ibbotson Associates Australia Limited (2) | Australia | |
Morningstar Australasia Pty Limited (3) | Australia | |
Morningstar Direct Investments (4) | Australia | |
Morningstar Group Australia Pty Limited (5) | Australia | |
Share Analysis Pty Ltd (1) | Australia | |
Morningstar Brazil Financial Information Ltda. (5) | Brazil | |
Morningstar Associates, Inc. (6) | Canada | |
Morningstar Canada Group, Inc. (5) | Canada | |
Morningstar Research, Inc. (6) | Canada | |
Servicios Morningstar Chile Ltd. (5) | Chile | |
Morningstar Research (Shenzhen) Ltd. (7) | China | |
Morningstar Danmark A/S (8) | Denmark | |
Morningstar Danmark Holdings Aps (5) | Denmark | |
Morningstar France Holding SAS (5) | France | |
Morningstar France Fund Information SARL (9) | France | |
Seeds Group SAS (9) | France | |
Morningstar Investment Consulting France SAS (10) | France | |
Morningstar Deutschland GmbH (5) | Germany | |
Morningstar Asia, Ltd. (5) | Hong Kong | |
Morningstar Investment Management Asia Limited (17) | Hong Kong | |
Morningstar India Private Limited (11) | India | |
Morningstar Investment Adviser India Private Limited (17) | India | |
Morningstar Italy, S.R.L. (5) | Italy | |
Ibbotson Associates Japan K.K. (12) | Japan | |
Morningstar Korea, Ltd. (13) | Korea | |
Morningstar Associates Korea Co., Ltd. (14) | Korea | |
Morningstar Luxembourg SARL (5) | Luxembourg | |
Investigaciones MS Mexico, S. de R.L. de C.V. (5) | Mexico | |
Servicios MStar Global, S. de R.L. de C.V. (5) | Mexico | |
Morningstar Europe, B.V. (15) | The Netherlands | |
Morningstar Holland, B.V. (16) | The Netherlands | |
MStar Holdings C.V. | The Netherlands | |
Morningstar Research Limited (3) | New Zealand | |
Morningstar Norge AS (5) | Norway | |
Morningstar Research PTE Limited (7) | Singapore | |
Morningstar Research (Proprietary) Limited (5) | South Africa | |
Morningstar Network, S.L. (5) | Spain | |
Morningstar HoldCo AB (5) | Sweden | |
Morningstar Sweden AB (18) | Sweden | |
Morningstar Switzerland GmbH (5) | Switzerland | |
Morningstar Research Thailand Limited | Thailand | |
Morningstar (Dubai) LLC (5) | United Arab Emirates | |
Morningstar Investment Management Europe Limited (17) | United Kingdom | |
Morningstar Europe, Ltd. (5) | United Kingdom | |
Morningstar U.K., Ltd. (5) | United Kingdom | |
Morningstar Real-Time Data Limited (19) | United Kingdom | |
Morningstar Real-Time Data Holdings Limited (20) | United Kingdom | |
Old Broad Street Research Limited (19) | United Kingdom | |
OBSR Advisory Services Limited (21) | United Kingdom |
(1) Morningstar Australasia Pty Limited owns 100%.
(2) Ibbotson Pty Limited owns 100%.
(3) Morningstar Direct Investments owns 100%.
(4) Morningstar Group Australia owns 100%.
(5) Morningstar Holland B.V. owns 100%.
(6) Morningstar Canada Group, Inc. owns 100%.
(7) Morningstar Asia, Ltd. owns 100%.
(8) Morningstar Danmark Holdings Aps owns 100%.
(9) Morningstar France Holding SAS owns 100%.
(10) Seeds Group SAS owns 100%.
(11) Corporate Fundamentals, Inc. owns 100%.
(12) Ibbotson Associates, Inc. owns approximately 71%.
(13) Morningstar, Inc. owns 80%.
(14) Morningstar Korea, Ltd. owns 100%.
(15) MStar Holdings C.V. owns 100%.
(16) Morningstar Europe, B.V. owns 100%.
(17) Morningstar Associates, LLC owns 100%.
(18) Morningstar HoldCo AB owns 100%.
(19) Morningstar U.K., Ltd. owns 100%.
(20) Morningstar Real-Time Data Limited owns 100%.
(21) Old Broad Street Research Limited owns 100%.