Morningstar UK, a subsidiary of the Chicago-headquartered investment research firm, has acquired Old Broad Street Research for £11.95 million (around $18.3 million), subject to post-closing adjustments.

Don Phillips, president of fund research for Morningstar, said in a statement that the acquisition of OBSR is intended to strengthen Morningstar’s research capabilities in what the firm regards as a key global market and to complement its existing fund research team in London.

“The addition of OBSR will also help us expand our investment consulting presence in the UK, where we already provide asset allocation, manager selection, and portfolio construction services to institutions and intermediaries. OBSR’s expertise in research and analysis, along with its complementary investment consulting capabilities, will allow us to better serve our clients,” he said.

For his part, Richard Downs, managing director of OBSR, added that Morningstar was a good cultural fit and that joining a global company would provide OBSR with enhanced resources, allowing it to leverage Morningstar’s skills in research, design, technology, and data.