Industry news digest

Financial Planning, June, 2004

* Companies

Waking up the Neighborhood

In a surprise move, Morningstar announced that it is planning to go public in a few months. The research firm filed with the SEC in May for an initial public offering of up to $100 million. Much remains unclear about the IPO, however, such as which exchange the firm will be listed under and what the proceeds will be used for. Critics say the offering could create conflicts of interest, since Morningstar analysts will have to begin rating funds that hold the company's stock.

Safe Banking

Mellon Financial has purchased Safeco's book of wealth management business in a bid to expand its high-net-worth client division and to gain a presence in Seattle. Safeco announced last September that it wanted to sell off the...

Read the full article with a Free Trial at MyWire.

Premium Content Partnership | MyWire provides an in-depth online archive library of reference works.