Businessweek

Morningstar Inc. announced that Gail Landis has been elected to serve on its board of directors. Landis was one of four founding partners of Evercore Asset Management, LLC. At Evercore, she was responsible for all business development, client service, and marketing. Before joining Evercore, Landis was head of Americas distribution for Credit Suisse Asset Management, leading an 80-person team in both the institutional and retail businesses. She also held positions at Sanford C. Bernstein & Co. Inc. and its successor company, AllianceBernstein, as an equity analyst and senior portfolio manager before establishing the company's consultant relations department.

Morningstar Inc. declared a quarterly dividend of 12.5 cents per share. The dividend is payable July 31, 2013 to shareholders of record as of July 12, 2013.

Morningstar Inc. announced that Daniel Needham, CFA, has been appointed global chief investment officer for Morningstar Investment Management and managing director for Morningstar Investment Management Europe. Needham will also chair Morningstar Investment Management's Global Investment Policy Committee, which oversees all global investment capabilities, committees, and processes. Needham previously served as managing director and chief investment officer for Morningstar Investment Management's Asia-Pacific operations, including Ibbotson Associates Australia, leading the firm's research, asset allocation, and portfolio management capabilities. Needham will continue to lead this area until the company appoints a new chief investment officer, Asia-Pacific. He will relocate to the United Kingdom from Australia later this year and will divide his time among London, Chicago, and Sydney.

Morningstar Inc. announced the next generation of Morningstar(R) Retirement Manager(SM), an advice and managed account service for defined contribution participants in the United States. Together, Morningstar's registered investment advisory subsidiaries are the providers of managed accounts, serving more than 800,000 participants. The new version of the service combines the best features of the original Retirement Manager with the Advice by Ibbotson methodology. Among the most significant enhancements is the addition of Income Secure, a program that provides individualized, tax-efficient retirement income drawdown advice. Another significant enhancement is more holistic retirement planning advice that suggests what age to retire in order to help participants meet their goals. In addition, if a participant is not saving enough and has reached the annual 401(k) savings limit, Retirement Manager will provide participants with asset allocation and savings recommendations for an outside taxable account. Additional enhancements to Retirement Manager include: Portfolio assignment based on patented human capital methodology, which accounts for an investor's total economic situation--both current wealth and future earnings and savings potential; Enhancements to fund selection methodology, inflation rate forecasting, and treatment of stable value funds; Personalized allocation recommendations for guaranteed income products, both in and out of plan.

Morningstar Inc. announced unaudited consolidated earnings results for the first quarter ended March 29, 2013. The company reported consolidated revenue of $168.9 million in the first quarter of 2013, a 5.0% increase from $160.8 million in the first quarter of 2012. Consolidated operating income was $40.6 million in the first quarter of 2013, an increase of 33.4% compared with $30.4 million in the same period a year ago. Net income attributable to company was $29.6 million, or 63 cents per diluted share, in the first quarter of 2013, compared with $20.1 million, or 40 cents per diluted share, in the first quarter of 2012. Income before income taxes and equity in net income of unconsolidated entities was $41.5 million against $31.1 million reported last year. The company's first-quarter 2012 results included expense of about $1.6 million related to an impairment charge for one of Morningstar's smaller products and a litigation settlement. Cash provided by operating activities was $26.7 million against $5.6 million and capital expenditures were $9.1 million against $9 million reported last year.