Morningstar Inc. said Monday that it had a definitive agreement to buy the institutional hedge fund and separate account database division of InvestorForce Inc.
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Chicago-based Morningstar said it plans to pay $10 million for the division of the Wayne, Pa., financial software and data integration company in order to offer proprietary investment databases for individual investors, advisers, and institutions. It expects to close the deal in August.
The deal would include both the Altvest database, which is an online database covering active hedge funds, managers, and data, and InvestorForce's institutional separate account database.
