Investment research provider Mornin...

Investment research provider Morningstar Inc. in succession Thursday reported an 18 percent rise in its second-quarter profit in succession stronger demand for its financial advisory services business.

The Chicago-based company reported a profit of $112 million, or 24 cent by share, for the April-June period. income rose 36 percent to $763 million.

"We generated herculean organic revenue growth of 23 percent in the other quarter, driven by several elucidation products -- investment consulting, adviser workstation, licensed data and Morningstar.com," said Chairman and CEO Joe Mansueto.

The acquisition of asset allocation research firm Ibbotson Associates Inc. early this year helped boost reward during the quarter.

income in Morningstar's individual segment was $194 million, a 24 percent increase from last year. The advisory business reported $243 million in income up 30 percent. The company's institutional section posted revenue of $34.3 million, up 49 percent

Morningstar made sum of two units acquisitions since the quarter finised It bought Aspect Huntley, an Australian equity information and research provider, for $22 million and the database division of InvestorForce Inc., an online database that shrouds the hedge fund industry, for $10 million. Shares in Morningstar rose $125 or 33 percent to obstruct at $38.74.

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