Morningstar Announces Plans to Add 350 Jobs in Toronto, Grow Local Presence by 40%
Morningstar, Inc. (Nasdaq: MORN) plans to add 350 jobs in Toronto this year, boosting its workforce by 40% to over 1,000 employees. Of the new positions, approximately 250 will be technology roles such as software engineers, while the remainder will focus on ESG and credit rating capacities. The expansion reinforces Morningstar's commitment to the Canadian market and aims to support local economic recovery. The company has been recognized as one of the Best Workplaces in Canada for nine consecutive years.
- Addition of 350 jobs, increasing workforce in Toronto by 40%.
- Focus on technology roles indicates strong investment in innovation.
- Recognition as one of the Best Workplaces in Canada strengthens employer brand.
- None.
Approximately 250 jobs will be added this year in technology-related roles with the remainder across core businesses
TORONTO, June 13, 2022 /PRNewswire/ -- Morningstar, Inc. (Nasdaq: MORN), a leading provider of independent investment research, announced plans to add 350 jobs in Toronto this year, expanding its presence in the key Canadian market.
The jobs include approximately 250 technology roles such as software engineers and developers, product managers, and project managers. The remaining approximately 100 roles will be in ESG and credit rating capacities.
Morningstar currently has 700 employees in Canada, so the additional jobs will bring its footprint in Canada to more than 1,000 employees.
"When we decided to grow our footprint in Canada, Toronto was the obvious choice," said Kunal Kapoor, CEO of Morningstar Inc. "Toronto is a world-class city with a thriving technology sector and a wealth of financial industry talent. Our expansion in Toronto builds on our growth in North America and globally."
Morningstar has been providing independent research, data, and insight in Canada for more than 20 years across Morningstar, DBRS Morningstar, and Morningstar Sustainalytics. It has been recognized by Great Place to Work® Institute Canada as one of this year's "Best Workplaces in Canada" for nine years in a row.
"We are excited to grow our presence in Toronto and, more broadly, in Canada and build on our long-standing history in this important market," said Scott Mackenzie, president and CEO Morningstar Canada. "Expanding our people in Toronto allows us to be closer to our customers and investors. Now more than ever, Canadian investors need access to independent research, data, and insights to help navigate markets and pursue their financial objectives."
Morningstar estimates the addition of these jobs will inject millions annually into the local economy.
"We are working to make sure Toronto comes back stronger than ever and moves forward in our recovery. This includes continuing to attract people and businesses from all over the world to our city," said Toronto Mayor John Tory. "The news from Morningstar is another vote of confidence from a business that sees the value of our city and what we have to offer. I welcome the hundreds of new jobs announced today and thank Morningstar for embracing Toronto and being part of our success story."
Best Workplaces in Canada
Employees at Morningstar Canada are part of a company recognized as one of the "Best Workplaces in Canada" for nine years in a row. At Morningstar, employee contributions have meaning and drive change. We've invested in fostering a community where talented, driven people can grow. Our entrepreneurial spirit and uncompromising ethics guide everything we do, all in the name of empowering investors. Morningstar offers a healthy, engaging work environment that celebrates diversity and transparency and includes educational stipends, health and wellness programs, shared ownership, regular sabbaticals, and a flexible vacation policy.
To apply for a position, go to https://www.morningstar.com/careers.
About Morningstar Research Inc. and Morningstar, Inc.
Morningstar Research Inc. is a Canadian subsidiary of Chicago-based Morningstar, Inc., a leading provider of independent investment research in North America, Europe, Australia, and Asia. Morningstar provides data and research insights on a wide range of investment offerings, including managed investment products, publicly listed companies, private capital markets, debt securities, and real-time global market data. Morningstar also offers investment management services through its investment advisory subsidiaries, with approximately US
Caution Concerning Forward-Looking Statements
This press release contains forward-looking statements as that term is used in the Private Securities Litigation Reform Act of 1995. These statements are based on our current expectations about future events or future financial performance. Forward-looking statements by their nature address matters that are, to different degrees, uncertain, and often contain words such as "may," "could," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "predict," "potential," or "continue." These statements involve known and unknown risks and uncertainties that may cause the events we discuss not to occur or to differ significantly from what we expect. For us, these risks and uncertainties include, among others, failing to maintain and protect our brand, independence, and reputation; liability related to cybersecurity and the protection of confidential information, including personal information about individuals; liability for any losses that result from an actual or claimed breach of our fiduciary duties or failure to comply with applicable securities laws; compliance failures, regulatory action, or changes in laws applicable to our credit ratings operations, or our investment advisory, ESG, and index businesses; failing to respond to technological change, keep pace with new technology developments, or adopt a successful technology strategy; the failure to recruit, develop, and retain qualified employees; inadequacy of our operational risk management and business continuity programs in the event of a material disruptive event, including an outage of our database, technology-based products and services or network facilities; failing to differentiate our products and services and continuously create innovative, proprietary, and insightful financial technology solutions; prolonged volatility or downturns affecting the financial sector, global financial markets, and global economy and its effect on our revenue from asset-based fees and credit ratings business; failing to maintain growth across our businesses in today's fragmented geopolitical, regulatory and cultural world; liability relating to the information and data we collect, store, use, create, and distribute or the reports that we publish or are produced by our software products; the failure of acquisitions and other investments to be efficiently integrated and produce the results we anticipate; the impact of the current COVID-19 pandemic and government actions in response thereto on our business, financial condition, and results of operations; challenges faced by our non-U.S. operations, including the concentration of data and development work at our offshore facilities in China and India; our indebtedness could adversely affect our cash flows and financial flexibility; and the failure to protect our intellectual property rights or claims of intellectual property infringement against us. A more complete description of these risks and uncertainties can be found in our filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K. If any of these risks and uncertainties materialize, our actual future results and other future events may vary significantly from what we expect. We do not undertake to update our forward-looking statements as a result of new information or future events.
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Media Contact:
Scott Anderson, 416-420-9909, scott.anderson@morningstar.com
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SOURCE Morningstar, Inc.
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