Micropal Group Limited
Encyclopedia
Micropal Group Limited, also just known as "Micropal", was a global financial services company specialising in the collection and analysis of mutual fund
performance data.
colleague Justin Wheatley
. The company expanded into the US with the acquisition of Investment Company Data, Inc.
announced that it had made an offer to acquire Micropal. At the time the company had 15 offices in 11 countries and held data on 38,000 mutual funds in 19 countries, with this data published in more than 150 media outlets. Joseph L. Dionne, then Chairman and CEO
of The McGraw-Hill Companies, said the following about the purchase:
The purchase was completed in November 1997, with Micropal becoming a division of Standard & Poor's
. Christopher Poll, who had been serving as Chairman, retired from the company, and Mark Adorian was appointed to head the new division which was called "S&P Micropal".
Nearly ten years later Standard & Poor's mutual fund data business, including Micropal, was acquired by Morningstar, Inc.
for US$
55 million. The deal was announced on February 22, 2007 and completed on March 16. At the time of the announcement S&P's mutual fund data business covered more than 135,000 mutual funds, hedge fund
s, offshore fund
s and exchange-traded fund
s in over 30 countries, and had offices in 8 countries. Following completion of the deal it was announced that the US office in Des Moines, Iowa
(formerly Investment Company Data, Inc.) would be closed and its operations moved to Morningstar's offices in Chicago
Mutual fund
A mutual fund is a professionally managed type of collective investment scheme that pools money from many investors to buy stocks, bonds, short-term money market instruments, and/or other securities.- Overview :...
performance data.
Business Description
Micropal came to be considered a global leader in providing independent information on mutual fundsEurope
Micropal was considered the market leader in Europe, where their data, rankings & awards were widely quoted in media outlets as well as the marketing materials of fund companies. Christopher Poll and other members of the company would also be called upon to offer sound bytes for various publications on subjects related to the mutual fund industry.Asia
Micropal was the first mutual fund tracking company to establish itself in Asia, and by the time competitors began to seriously enter the market in 1997 Micropal had 12 employees in four regional offices serving fund management customers throughout the region.Corporate history
Micropal was founded and financed in 1983 by Christopher Poll and John Richardson. In 1985, the company consisted of another 4 founder members, (Salim Ghayur, Andy Pettit, Abbey Shasore and Demetries Andreou). Mark Adorian joined soon after along with Steve Lee who formed and headed their software development team in Ipswich. Together they developed the company into 15 offices around the world, including an agency set-up in 1991 in Switzerland by Adorian's future StatPro GroupStatPro Group
StatPro Group Plc is a provider of asset valuation services and portfolio analysis solutions for the global asset management industry. Set up in 1994 by Chief Executive Justin Wheatley, the company's investment products stem from specialisation in financial data and analysis solutions for risk...
colleague Justin Wheatley
Justin Wheatley
Justin Wheatley set up the StatPro Group in 1994 having established himself in the software and data solutions industry. In 1991, Wheatley set up a Micropal branch in Switzerland that distributed Micropal products...
. The company expanded into the US with the acquisition of Investment Company Data, Inc.
Acquisition by The McGraw-Hill Companies
On October 16, 1997 The McGraw-Hill CompaniesMcGraw-Hill
The McGraw-Hill Companies, Inc., is a publicly traded corporation headquartered in Rockefeller Center in New York City. Its primary areas of business are financial, education, publishing, broadcasting, and business services...
announced that it had made an offer to acquire Micropal. At the time the company had 15 offices in 11 countries and held data on 38,000 mutual funds in 19 countries, with this data published in more than 150 media outlets. Joseph L. Dionne, then Chairman and CEO
Chief executive officer
A chief executive officer , managing director , Executive Director for non-profit organizations, or chief executive is the highest-ranking corporate officer or administrator in charge of total management of an organization...
of The McGraw-Hill Companies, said the following about the purchase:
"This acquisition expands on The McGraw-Hill Companies' key strategy to build on our leading positions in financial services and global publishing. The addition of Micropal further demonstrates The McGraw-Hill Companies' commitment of its Standard & Poor's brand to meeting the information, rating and analytical needs of the mutual funds marketplace on a global basis with the best and broadest capabilities anywhere. Standard & Poor's and Micropal share a commitment to providing impartial, value- added information that meets the highest standards for quality, independence and objectivity."
The purchase was completed in November 1997, with Micropal becoming a division of Standard & Poor's
Standard & Poor's
Standard & Poor's is a United States-based financial services company. It is a division of The McGraw-Hill Companies that publishes financial research and analysis on stocks and bonds. It is well known for its stock-market indices, the US-based S&P 500, the Australian S&P/ASX 200, the Canadian...
. Christopher Poll, who had been serving as Chairman, retired from the company, and Mark Adorian was appointed to head the new division which was called "S&P Micropal".
Nearly ten years later Standard & Poor's mutual fund data business, including Micropal, was acquired by Morningstar, Inc.
Morningstar, Inc.
Morningstar, Inc. is an independent investment research company based in Chicago, Illinois, USA.-Businesses:Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offers an extensive line of products and services for...
for US$
United States dollar
The United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies....
55 million. The deal was announced on February 22, 2007 and completed on March 16. At the time of the announcement S&P's mutual fund data business covered more than 135,000 mutual funds, hedge fund
Hedge fund
A hedge fund is a private pool of capital actively managed by an investment adviser. Hedge funds are only open for investment to a limited number of accredited or qualified investors who meet criteria set by regulators. These investors can be institutions, such as pension funds, university...
s, offshore fund
Offshore fund
An offshore fund is a collective investment scheme domiciled in an Offshore Financial Centre such as the British Virgin Islands, Luxembourg, or the Cayman Islands; it is typically sold exclusively to 'foreign' investors...
s and exchange-traded fund
Exchange-traded fund
An exchange-traded fund is an investment fund traded on stock exchanges, much like stocks. An ETF holds assets such as stocks, commodities, or bonds, and trades close to its net asset value over the course of the trading day. Most ETFs track an index, such as the S&P 500 or MSCI EAFE...
s in over 30 countries, and had offices in 8 countries. Following completion of the deal it was announced that the US office in Des Moines, Iowa
Iowa
Iowa is a state located in the Midwestern United States, an area often referred to as the "American Heartland". It derives its name from the Ioway people, one of the many American Indian tribes that occupied the state at the time of European exploration. Iowa was a part of the French colony of New...
(formerly Investment Company Data, Inc.) would be closed and its operations moved to Morningstar's offices in Chicago