Firm profile

Morningstar Investment Management LLC

CHICAGO, ILCRD 108031Registration Status: ApprovedEffective since October 18, 1999SEC # 801-56896Latest ADV October 6, 2026

Morningstar Investment Management LLC's Form ADV filing dated 2026-10-06 reports $87,824,400,000 in regulatory assets under management, $87,824,400,000 discretionary and $0 non-discretionary, 515,981 accounts, and 267 employees.

Assets Under Management
$87.8B
Employees
267
Offices
41 offices
Total Clients
515,981

Associated firm names

3 names listed
  • IBBOTSON ASSOCIATES, INC.
  • MORNINGSTAR INVESTMENT MANAGEMENT LLC
  • MORNINGSTAR ASSOCIATES, LLC

Leadership

1 roles identified
CCOSara F. Kasun-fretz

Advisory services offered

6 types reported
Pension consulting services
Portfolio management for businesses
Portfolio management for individuals and small businesses

Fee models offered

3 types reported
Asset based fees
Fixed fees
Other fee arrangements

Offices & Contact

Primary office

CHICAGO, Illinois, United States

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Primary office regionOther reported regions

Shading shows states and countries with reported offices. Cities are listed below; shading does not indicate service coverage.

Illinois

CHICAGOPrimary office

1 office records listed · 41 total offices reported. 38 additional office addresses are undisclosed and are not mapped. Counts can use different reporting dates. SEC filers may list only their largest 25 additional offices.

Contact and digital presence

ADV profile links

Regulatory Assets Under Management Breakdown

Total regulatory assets under management$87.8Bas of October 6, 2026
Discretionary100.0%
$87.8B
100% of total RAUM100.0%
Non-discretionary0.0%
$0
0% of total RAUM0.0%
All regulatory assets under management are discretionary.

Client Coverage Demographics

Top client segmentIndividuals represent 99.4% of total clients.
Top client categories% of clientsClients
1
Individuals
99.4%
512,688
2
HNWI
0.6%
3,271
Additional categories (<0.1%)
PLAN SERVICE PROVIDERS15 clients
Investment Cos.<5 clients
Pension Plans<5 clients
Pooled Investment Vehicles<5 clients

Assets under management Growth by Quarter

Quarterly points use the latest ADV filing or SEC roster snapshot available in each quarter.

Total AUM$87.8B
Total Accounts515,981
10Y AUM Change+$23.0B (+35.4%)

Private Funds

Private funds reported by Morningstar Investment Management LLC

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Employee Growth by Quarter

Quarterly points use the latest ADV filing or SEC roster snapshot available in each quarter.

Total Employees267
Clients per Employee1933:1
10Y Employee Change+157 (+142.7%)

Historical AUM and employee figures reflect available SEC Form ADV filings under this CRD. Filing gaps may reflect registration status changes, dormant periods, state registration periods, firm restructuring, or other reporting changes. Rialytix does not interpolate missing periods.


Ownership

Reported direct and indirect ownership ranges

Each range applies to a separate reported relationship and should not be added together.

Reported ownership ranges

Highlighted bands show the percentage range reported in Form ADV.

0%25%50%75%100%
MORNINGSTAR, INC.Direct owner · Schedule AInterest in MORNINGSTAR INVESTMENT MANAGEMENT LLC
75%+
JOSEPH D MANSUETOIndirect owner · Schedule BInterest in MORNINGSTAR, INC.
25% to < 50%

Bars represent the reported range at that individual ownership step, not an estimated percentage of the advisory firm. Indirect relationships may refer to intermediate entities rather than directly to Morningstar Investment Management LLC.

Reported ownership and control details

Form ADV · Filing date 2026-08-18 · Schedules A and B

5 entries
#Owner / person & roleInterest in entityReported interestControl personTitle / status acquiredSource
1MORNINGSTAR, INC.SOLE MEMBERDomestic entityMORNINGSTAR INVESTMENT MANAGEMENT LLC75% or moreCode EYesSOLE MEMBER09/1999Schedule APDF page 57
2DANIEL EDWARD NEEDHAMCO-PRESIDENT, MORNINGSTAR WEALTHIndividualMORNINGSTAR INVESTMENT MANAGEMENT LLCLess than 5%Code NAYesCO-PRESIDENT, MORNINGSTAR WEALTH02/2015Schedule APDF page 57
3BROCK ALLAN JOHNSONCO-PRESIDENT, MORNINGSTAR RETIREMENTIndividualMORNINGSTAR INVESTMENT MANAGEMENT LLCLess than 5%Code NAYesCO-PRESIDENT, MORNINGSTAR RETIREMENT01/2019Schedule APDF page 57
4SARA FRANCES KASUN-FRETZCHIEF COMPLIANCE OFFICER & SECRETARYIndividualMORNINGSTAR INVESTMENT MANAGEMENT LLCLess than 5%Code NAYesCHIEF COMPLIANCE OFFICER & SECRETARY11/2023Schedule APDF page 57
5JOSEPH D MANSUETOSHAREHOLDERIndividualMORNINGSTAR, INC.25% to less than 50%Code CYesSHAREHOLDER04/1984Schedule BPDF page 57

Less than 5% may include zero. Code F identifies a role without specifying a percentage. Reported interests may overlap and may not include every owner. Total indirect ownership is not calculated.

Compliance & Disclosures

Filing dated 8/18/2026 11:44:00 AM

Responses were selected by the RIA in its filing. Questions are shortened for readability; “you” refers to the reporting firm, and some questions also cover advisory affiliates.

RIA or supervised-person involvementThe RIA reported that none of the events below involve the firm or its supervised persons.RIA responseNo
AFelonies2 No

In the past ten years, have you or any advisory affiliate:

  • A1Been convicted of or pleaded guilty or no contest to a felony?No
  • A2Been charged with a felony?No
BMisdemeanors2 No

In the past ten years, have you or any advisory affiliate:

  • B1Been convicted of or pleaded guilty or no contest to a misdemeanor involving investments, an investment-related business, fraud, false statements or omissions, wrongful taking of property, bribery, perjury, forgery, counterfeiting, or extortion?No
  • B2Been charged with a misdemeanor of the kind listed above?No
CSEC or CFTC actions5 No

Has the SEC or CFTC ever:

  • C1Found you or an advisory affiliate made a false statement or omission?No
  • C2Found you or an advisory affiliate violated SEC or CFTC regulations or statutes?No
  • C3Found you or an advisory affiliate caused an investment-related business to have its authorization to do business denied, suspended, revoked, or restricted?No
  • C4Entered an order against you or an advisory affiliate in connection with investment-related activity?No
  • C5Imposed a civil money penalty on you or an advisory affiliate, or ordered you or an advisory affiliate to cease and desist from any activity?No
DOther regulatory actions5 No

Has any other federal regulatory agency, state regulatory agency, or foreign financial regulatory authority ever:

  • D1Found you or an advisory affiliate made a false statement or omission, or was dishonest, unfair, or unethical?No
  • D2Found you or an advisory affiliate violated investment-related regulations or statutes?No
  • D3Found you or an advisory affiliate caused an investment-related business to have its authorization to do business denied, suspended, revoked, or restricted?No
  • D4In the past ten years, entered an order against you or an advisory affiliate in connection with investment-related activity?No
  • D5Denied, suspended, or revoked your or an advisory affiliate’s registration or license, or otherwise prevented association with an investment-related business or restricted activities?No
ESelf-regulatory organization actions4 No

Has a self-regulatory organization or commodities exchange ever:

  • E1Found you or an advisory affiliate made a false statement or omission?No
  • E2Found you or an advisory affiliate violated its rules, other than a violation designated as a minor rule violation under an SEC-approved plan?No
  • E3Found you or an advisory affiliate caused an investment-related business to have its authorization to do business denied, suspended, revoked, or restricted?No
  • E4Disciplined you or an advisory affiliate by expulsion, suspension, barring association with other members, or otherwise restricting activities?No
FProfessional authorizations1 No
  • FHas an authorization to act as an attorney, accountant, or federal contractor granted to you or an advisory affiliate ever been revoked or suspended?No
GPending regulatory proceedings1 No
  • GAre you or any advisory affiliate now the subject of a regulatory proceeding that could result in a “Yes” answer to any part of C, D, or E?No
HCivil judicial actions and proceedings4 No

(1) Court actions

Has a domestic or foreign court:

  • H(1)(a)In the past ten years, enjoined you or an advisory affiliate in connection with investment-related activity?No
  • H(1)(b)Found that you or an advisory affiliate violated investment-related statutes or regulations?No
  • H(1)(c)Dismissed, pursuant to a settlement agreement, an investment-related civil action brought against you or an advisory affiliate by a state or foreign financial regulatory authority?No

(2) Pending civil proceedings

  • H(2)Are you or any advisory affiliate now the subject of a civil proceeding that could result in a “Yes” answer to any part of H(1)?No

* Metrics are based on the latest available data, including Form ADV filings, brochures, and relationship summaries pulled from the SEC IAPD, and may be subject to change. Learn what is included in the Rialytix data. Please refer to the firm's official disclosures for the most accurate information using their CRD number. This is not investment advice.