Morningstar, Inc. has agreed to acquire the Center for Research in Security Prices (CRSP) from the University of Chicago in a transaction valued at $375 million. CRSP, which was established more than 65 years ago at the University of Chicago Booth School of Business, is known for its historical market and returns data and has played a significant role in academic research and investment practices.
The sale comes as CRSP's activities increasingly align with commercial investment opportunities. According to the university, both CRSP’s board and UChicago determined that transitioning ownership to a major financial services firm would benefit both organizations. The transaction is expected to close in the fourth quarter of 2025.
Madhav Rajan, dean of Chicago Booth and chair of CRSP’s Board of Directors, stated: “A hallmark of economic scholarship at UChicago has been the rigorous use of data to unlock fundamental market insights, for the benefit of scholars as well as investors—and CRSP has made vital contributions to those advances. As researchers continue to build on this body of work, CRSP and Morningstar will embark on a new chapter for data-informed investment.”
Kunal Kapoor, chief executive officer of Morningstar, commented: “By bringing CRSP’s trusted data validation processes and robust indexing methodologies into our fold, we’re reinforcing our commitment to offering high-quality, data-driven tools that empower investors to make smarter decisions. With CRSP’s expertise and our shared focus on delivering exceptional value, we’re excited to create even more opportunities for investors and help them achieve their long-term goals.”
Proceeds from the acquisition will be used by the University of Chicago to support research and education initiatives. The agreement also provides continued access for Booth researchers to CRSP’s data for several years.
Rajan added: “The Chicago Booth community is proud of the positive impact that has come from the collaborations between our scholars and CRSP, and we look forward to continuing that academic work. Joining Morningstar will position CRSP for a profitable future, allowing it to explore additional commercial possibilities that are outside the academic mission of the school.”
Founded in 1960 by Booth professors James H. Lorie and Lawrence Fisher, CRSP compiled extensive transaction data on publicly traded stocks—a resource instrumental in developing key financial theories such as Eugene Fama’s efficient markets hypothesis. Fama received a Nobel Prize in 2013 for his contributions.
Over time, CRSP expanded its role by providing market indexes now linked to $3 trillion in fund assets—including ETFs managed by Vanguard—and serving over 600 subscribers across 35 countries.
John Heaton, Myron S. Scholes Distinguished Service Professor of Finance at Chicago Booth and member of both CRSP’s Board of Directors and Academic Advisory Board said: “One thing that’s so inspiring about Gene Fama’s work, deeply informed by CRSP data, is that it has made a tangible, positive impact in the lives of millions of people.”
In recent years, recognizing its growing potential within financial markets, UChicago reorganized CRSP into an LLC wholly owned by the university in 2020.
Both Morningstar and UChicago have committed to supporting a smooth transition for employees and customers during this process.
“Morningstar is a natural fit for CRSP’s strengths,” Rajan said. “As a Chicago-based financial services company with numerous Chicago Booth alumni, including founder Joe Mansueto and CEO Kunal Kapoor, it brings the business insights, experience and capacity required to make full use of, and build upon, CRSP’s potential.”
Additional details about this announcement can be found on Morningstar’s website.