and providers, including developing plan lineups, creating investment  policy statements, and monitoring investment performance. We market our Investment Management services almost exclusively  through our institutional sales team, which includes both strategic  account managers and more specialized sales representatives. We  employ a consultative sales approach and often tailor customized  solutions to meet the needs of larger institutions. We have a regional  sales team responsible for expanding relationships for Morningstar  Managed Portfolios. Our team of investment consultants draws on both quantitative  research tools and qualitative expertise to assess investment pro- grams, provide detailed analysis of performance and portfolio char- acteristics, and make comprehensive recommendations for  improvement. We also offer investment manager search services.  Our staff combines the depth of Morningstar’s historical fundamen- tal databases with detailed investment knowledge and investment  experience to recommend qualified candidates for subadvisory firms,  mutual fund managers, variable insurance trust managers, and  separate account managers. Our investment monitoring services  include analyst reports, customizable board reports, select lists,  watch lists, and in-depth attribution analysis. We believe our institutional clients value our independence, breadth  of information, and customized services; in addition, we believe our  research, tools, and advice reach many individual investors through  this channel. We also reach approximately 2,100 financial advisors  through our Managed Portfolios platform. The Investment Management segment has not historically shown  seasonal business trends; however, business results for this segment  are typically more variable because of our emphasis on asset-based  fees, which change along with market movements and other factors. Our largest customer in the Investment Management segment made  up approximately 18% of segment revenue in 2010. In early 2010, Morningstar Associates announced an agreement with  Pax World Funds to create and manage a series of four asset allocation  portfolios featuring investment managers who incorporate environ- mental, social, and governance issues in their investment process. Morningstar Associates also launched a strategic relationship with  a major online broker to provide asset-allocation services and model  portfolios of mutual funds and ETFs for its advisory platform. In  addition, Morningstar Associates introduced a new variable-annu- ity fund-of-funds program with a key client in 2010, representing  approximately $39 billion in assets as of December 31, 2010. Ibbotson Associates, which we acquired in 2006, has a well-estab- lished consulting business that began in 1977. Ibbotson’s Investment  Consulting unit is a leading authority on asset allocation and draws  on its knowledge of capital markets and portfolio building to con- struct portfolios from the top down, starting at the asset class level.  Ibbotson develops customized asset allocation programs for mutual  fund firms, banks, broker-dealers, and insurance companies. Our Investment Consulting area provides a broad range of services,  many of which emphasize investment monitoring and asset alloca- tion for funds of funds, including mutual funds and variable annui- ties. We offer Investment Consulting services through Morningstar  Associates, LLC, Morningstar Associates Europe, Ltd, Ibbotson  Associates, Inc., Ibbotson Advisors, LLC, Ibbotson Associates  Australia Limited, Morningstar Denmark, OBSR Advisory Services  Limited, and Seeds Finance, SA, which are registered investment  advisors and wholly owned subsidiaries of Morningstar, Inc. We  plan to combine some of the capabilities offered by these units  during 2011 to simplify our product lineup and offer clients the best  combination of products and solutions to meet their needs. We  emphasize contracts where we’re paid a percentage of assets under  management for ongoing investment management and consulting,  as opposed to one-time relationships where we’re paid a flat fee. Ibbotson provides a range of consulting services, including licensing  its asset allocation models, providing consulting services, and act- ing as a portfolio subadvisor. Ibbotson works with different types  of investment options, including mutual funds, variable annuities, and ETFs, and provides both strategic and dynamic asset allocation  services. The group offers consulting services and fund-of-funds  subadvisory services, as well as tailored model portfolios, fund  classification schemes, and questionnaire design. Our investment professionals evaluate investment plans, recommend  strategies, help set investment policies, develop asset allocation  programs, construct portfolios, and monitor ongoing performance. The group focuses on customized solutions that improve the inves- tor experience and help our clients build their businesses. We offer  these consulting services to clients in the United States, Asia,  Australia, Canada, and Europe, including insurance companies,  investment management companies, mutual fund companies, and  broker-dealers. We also provide services for retirement plan sponsors  Morningstar, Inc. 2010 Annual Report 39 Investment Consulting