2010 10-K: Part I We also expanded our fixed-income capabilities with our May  2010 acquisition of Realpoint, a Nationally Recognized Statistical  Rating Organization (NRSRO) that specializes in structured finance.  Realpoint currently covers commercial mortgage-backed securi- ties and plans to introduce research on residential mortgage- backed securities (RMBS) in 2011. We believe investors are  looking for better research and analytics on RMBS and that we’re  well-positioned to meet this need. In April 2010, we expanded our investment management business  by acquiring Old Broad Street Research Ltd, a premier provider of fund research, ratings, and investment consulting services in the United Kingdom. In July 2010, we acquired Seeds Group, a leading provider of investment consulting services and fund research  in France. U Enhance our retirement-income capabilities.  As the baby boom  generation approaches retirement, we believe investors will need  more information to help them manage income during retirement,  including tools focusing on retirement-income planning and long- term savings strategies. During 2010, our Ibbotson Associates  subsidiary continued its work on adding longevity protection  (through the use of variable annuities) to investors’ retirement  portfolios. Ibbotson also rolled out a new target-date fund with  one of its clients that incorporates annuities and is the first con- sultant to work on creating this type of product. We also expanded  our analyst research on target-date and target-risk portfolios in  2010. We’ve developed several other retirement income tools  and services through Morningstar Advisor Workstation and our  Investment Consulting area, and we plan to incorporate additional  retirement income tools and services in other products over the  next several years. 4. Become a global leader in fund-of-funds investment management. The large number of managed investment products available has  made assembling them into well-constructed portfolios a difficult  task for many investors. Consequently, fund-of-funds offerings have  seen strong growth within the mutual fund, variable annuity, and  hedge fund industries. Cerulli Associates estimates that global  multimanager assets—including publicly offered funds that invest  in other funds as well as investment vehicles managed by multiple  subadvisors—totaled approximately $1.7 trillion in 2010. We believe  assembling and evaluating funds of funds is a natural extension of  our expertise in understanding managed investment products. Our fund-of-funds programs combine managed investment vehicles—typically mutual funds—in portfolios designed to help  investors meet their financial goals. When we create portfolios  made up of other funds, our goal is to simplify the investment pro- cess and help investors access portfolios that match their level of  risk tolerance, time horizon, and long-term investment objectives.  We draw on our extensive experience analyzing funds and combine  quantitative research with a qualitative assessment of manager  skill and investment style. We had a total of $107.2 billion in assets under advisement in our  Investment Consulting business as of December 31, 2010. Our con- sulting business focuses on relationships and agreements where  we act as a portfolio construction manager or asset allocation pro- gram designer for a mutual fund or variable annuity and receive a  basis-point fee. We plan to continue building this business by  expanding to reach new markets outside of the United States,  expanding our capabilities in areas such as alternative investment  strategies, developing more ways to incorporate risk protection and  insurance, expanding to reach additional client segments, and focus- ing on performance and client support. In 2011, we plan to focus on  unifying our Investment Consulting capabilities and operations to  offer our clients the best combination of solutions and capabilities. We also offer managed retirement account services through our  Retirement Advice platform, which includes Morningstar Retirement  Manager and Advice by Ibbotson, and had $19.6 billion in assets  under management in our managed retirement accounts as of  December 31, 2010. We offer these services for retirement plan  participants who choose to delegate management of their portfolios  to our managed account programs, which are quantitative systems  that select investment options and make retirement planning choices  for the participants. We believe retirement plan participants will  continue to adopt managed accounts because of the complexity  involved in retirement planning. We also plan to focus on unifying  our Retirement Advice capabilities and operations in 2011 to offer  our clients the best combination of solutions and capabilities. Morningstar Managed Portfolios is a fee-based discretionary asset  management service that includes a series of mutual fund, exchange- traded fund, and stock portfolios tailored to meet specific investment  time horizons and risk levels. As of December 31, 2010, we had $2.7 billion in assets under management invested with Morningstar  Managed Portfolios. 30