Morningstar has completed its previously announced $365 million acquisition of the Center for Research in Security Prices (CRSP) from the University of Chicago, adding a major suite of U.S. equity benchmarks and deep historical data products to its index and research businesses.
The deal brings CRSP Market Indexes into the Morningstar Indexes family, giving Morningstar ownership of benchmarks tied to more than $3 trillion in U.S. equities across market capitalizations, styles, and sectors. Morningstar said the addition strengthens its position as a global index provider and expands its ability to serve asset managers, advisors, retirement plan sponsors, and institutional investors that rely on broad market benchmarks and underlying index data.
Morningstar said the CRSP indexes will be rebranded as Morningstar. It also highlighted CRSP Research Data Products, which it described as known for academic rigor, historical depth, and accuracy, as a key enhancement to Morningstar’s research and data capabilities for a broader set of clients and markets.
Alongside the acquisition close, Morningstar announced a new agreement with Vanguard that confirms Vanguard’s continued use of CRSP indexes as the basis for a range of Vanguard funds, including the Vanguard Total Stock Market Index Fund (VTSAX and VTI) and the Vanguard Mid-Cap Index Fund (VIMAX and VO). Morningstar positioned the continued Vanguard relationship as a validation of CRSP’s methodology and an extension of the indexes’ role in supporting low-cost, broadly diversified index investing.
With the CRSP addition, Morningstar now offers broad U.S. equity benchmarks that cover the entire market and are widely used in U.S. retirement plans. It also emphasized the scale of its broader index franchise, noting more than $4.2 trillion in assets linked to Morningstar indexes across more than 370 investment products. Separately, Morningstar’s investment management business reported approximately $369 billion in assets under management and advisement as of Sept. 30, 2025.
KEY QUOTES:
“The addition of CRSP furthers our efforts to disrupt the costly, entrenched index industry with indexes that deliver more value at global scale to benefit investors. With over $4.2 trillion in assets linked, including over 370 investment products, Morningstar offers a better alternative to legacy index providers. By working together with Vanguard, Morningstar Indexes will continue to serve as the foundation for some of the world’s largest funds and advance low-cost investing for millions of investors.”
Amelia Furr, President of Morningstar Indexes
“For nearly 50 years, Vanguard has been at the forefront of index investing. Our agreement with Morningstar reinforces our steadfast commitment to delivering low costs, broad diversification and strong performance for investors. The academically rigorous methodology of the CRSP indexes provides a world-class foundation for long-term success, empowering clients to pursue their investment goals with confidence.”
Rodney Comegys, CIO of Vanguard Capital Management and Head of Global Equity at Vanguard
