On December 2, 2024, we completed the sale of customer assets on the US Morningstar Wealth Turnkey Asset Management Platform (TAMP) to AssetMark. Prior to the transition, we charged a platform fee (which covered services offered on the TAMP) and an investment management fee for investing in Morningstar Model Portfolios via the TAMP. We continue to receive the investment management fee but are no longer receiving a platform fee. When assets migrate to AssetMark, we will receive a negotiated strategist fee associated with assets invested in Morningstar Model Portfolios. In addition, at the time of announcement of the transaction, we noted that we expected a roughly $13 million decline in revenue in 2025 related to the transaction, reflecting the net effect of the loss of TAMP-related revenue, offset by the transition service fees, which will be paid by AssetMark to Morningstar through May 2025.
Please see the FAQ updated July 24, 2024 for more detail on the anticipated financial impact of the transaction. It is available at shareholders.morningstar.com.