Morningstar Asset Management - What's Next?

Ibbitson Associates was part of Morningstar at the time. Now it's all kind of folded together. What we do is we have our own mutual funds that we use within our model portfolios. And then we have model portfolios that rely on ETFs from third parties. It's kind of an active, passive approach. Our fixed income exposure right now is through third parties. So we'll buyETFs or we will use sub-advisors. I want to say 2019, something like that. But really, it's much more than a research firm. That's right. There are four CIOs in the business. One for each region.