Morningstar announced Thursday that longtime Morningstar and Ibbotson executive Peng Chen will leave the Chicago-based research and investment firm at the end of June.
Chairman and CEO Joe Mansueto said in a statement that Chen was moving to Asia to be closer to his family.
Thomas Idzorek, 41, who currently oversees the company's investment advisory, retirement and investment management operations in North America, Europe, Asia and Australia, has been named as Chen's replacement.
"Tom joined Morningstar six years ago when we acquired Ibbotson Associates," Mansueto said in a statement. "He has more than a decade of quantitative research experience and is a leading expert on strategic and tactical asset allocation. In his current role he oversees our investment management division's global investment policy committee and serves on our retirement plan committee. I'm delighted that Tom is taking on this key executive role at Morningstar."
Mansueto added, "[Chen] has done an excellent job leading our global investment management team, and we wish him nothing but the best."
Chen, an AdvisorOne contributor, joined Ibbotson Associates in 1997, and played a key role in the development of Ibbotson's investment consulting and 401(k) advice/managed retirement account services. Prior to Morningstar's acquisition in March 2006, Chen served as managing director and chief investment officer for Ibbotson. Chen served as president of Ibbotson Associates, a registered investment advisor and wholly owned subsidiary of Morningstar, from August 2006 until November 2010.
