Morningstar has announced a $10 million acquisition designed to bulk up its research database of hedge funds and separate accounts.
   The Chicago-based company announced it has entered into a definitive agreement to purchase the institutional hedge fund and separate account database division of InvestorForce Inc., a Wayne, Pa.-based financial software and integration company.
The cash acquisition is scheduled to be completed in August, according to Morningstar.
   The purchase includes InvestorForce's Altvest database, described by Morningstar as one of the first and largest online databases covering active hedge funds, managers and data, and InvestorForce's institutional separate account database.
   The acquired data will be combined with Morningstar's existing research database-increasing Morningstar's hedge fund coverage from more than 3,000 active funds to about 6,000, according to the company. The separate account data acquisition will add 1,500 separate accounts to Morningstar's database, bringing it to a total of 6,000.
   As part of the agreement, InvestorForce will license Morningstar's hedge fund, mutual fund and separate account data for InvestorForce's Web-based enterprise platform, which is used by pension consultants to manage the positions, transactions, analysis and reporting or their plan sponsor clients.