Morningstar Buys S&P Fund Ranking Biz

Standard & Poor's is selling its mutual fund data division to Chicago-based research and rankings provider Morningstar for $55 million, the companies announced last week. The agreement was signed on Feb. 21 and the deal is expected to close early next month.

The business provides performance data and rankings on over 135,000 mutual funds, and historical fund data, holdings and volatility data via datafeeds and desktop applications including Workstation, Mutual Funds Solutions, Mutual Funds In