Published On: Mon, May 4th, 2015

Joe Mansueto, a Chicago Billionaire with Midwestern Upbringing

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Joe Mansueto, a native of Munster (Indiana), is widely regarded as one of the most influential figures in investment research business today. The Chicago-based founder and CEO of Morningstar, Inc. has revolutionized the way mutual fund business works.

A billionaire turned philanthropist, Mansueto has never lost touch with his Midwestern roots and often visits family home in Northwest Indiana.

Mansueto graduated from Munster High School in 1974 and has often attributed his business success to his native town’s school system. He recently pledged $1 million to fund a teacher’s program to help Munster retain good teachers and reward teaching performance.

Mansueto started Morningstar, Inc. in 1984 out of his Chicago apartment with an initial investment of $80, 000. The venture went from a quarterly publication to a global investment management and research firm. He reportedly owns 55% of the outstanding shares in the company. The firm is estimated to be managing $170 billion of assets worldwide. He and his Japanese-American wife, Rika, donated $25 million to the University of Chicago for building of a state-of-the-art library.

After transforming the way mutual fund business works the multi-billionaire has turned his attention to magazine publishing, buying Inc. and Fast Company magazines. In 2013 he divested from Chicago’s Time Out magazine.

 

Famous Quotes by Joe Mansueto:

  • “The plan for 2000 was not profitable.”
  • “Since Morningstar was founded in 1984, our mission has been to serve as an advocate for the individual investor. We have been successful in executing our strategy, but we must refocus our efforts to capitalize on the opportunities in the marketplace.”
  • “My philosophy is that small is beautiful. Instead of having one $70 million company, we will have smaller units that will operate as separate businesses. These changes will allow Morningstar to be more nimble in responding to the needs of investors.”
  • “Obviously we’re pleased with the SEC’s decision and are happy to put this matter behind us.”
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