Morningstar in £12m deal for Old Broad St
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Morningstar UK has bought Old Broad Street Research for £11.95m.
Richard Downs and Richard Romer-Lee, co-founders of OBSR, will continue to lead the business with Nigel Whittingham who joined from Insight.
The new subsidiary will be called OBSR, a Morningstar company.
Downs, who is OBSR managing director, says: “The investment and advice world is changing, particularly with the intro-duction of the FSA’s retail distribution review.
“As part of Morningstar, we will be able to leverage its core skills in research, design, technology, and data to develop a best-in-class solution that builds on our experience in this area.”
OBSR was set up in 1999 after Downs and Romer-Lee bought the research business of Buck Investment Consultants.
Whitechurch Securities managing director Gavin Haynes says: “Morningstar is starting to get a monopolistic position in this area of the market. We hold OBSR in high regard and provided that they are kept as a standalone business, as it appears they will be, then there will be no problems.”
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