University of Chicago selling Center for Research in Security Prices to Morningstar
The University of Chicago is selling its Center for Research in Security Prices to the investment firm Morningstar for $375 million.
The CRSP was created at what is now the U of C's Booth School of Business more than 65 years ago. It provides historical financial market data and investable stock indices.
With the share growing for CRSP's future commercial investment opportunities, the center's board and UChicago agreed it was time to sell. The university said in a news release issued last week.
"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," Madhav Rajan, dean of Chicago Booth and chair of CRSP's Board of Directors, said in a news release. "As researchers continue to build on this body of work, CRSP and Morningstar will embark on a new chapter for data-informed investment."
Following the sale, the U of C will still have access to CRSP's data.
Proceeds from the sale will provide long-term support for research and education, the U of C said.
The deal comes s the university announces layoffs and budget cuts, as it deals with a historic, decade-long budget deficit.
