Morningstar Australasia's acquisition of Intech will strengthen the firm's investment management and consulting services, according to Morningstar Australasia chief executive Andrew Bird.
"Our acquisition of Intech supports one of Morningstar's key growth strategies, which is to become a global leader in funds-of-funds investment management," Bird said.
Morningstar provides a similar service to the Intech business through Morningstar Associates and Ibbotson Associates in the United States.
"Implemented consulting and fund-of-fund management has been a big part of our business in the US, but as yet not a feature in our Australian business. Intech will allow us to expand that part of the business," Bird said.
"We want to assure Intech's clients that investment consulting is not a new business for Morningstar."
Intech currently has about $4 billion in assets under management. The firm provides advice to industry and corporate superannuation funds and platforms.
In April, Suncorp Wealth Management appointed Intech to provide advice to its WealthSmart platform.
The Intech Investment Trusts range manages single-sector, alternative strategy and diversified investment portfolios.
