Morningstar's independence and integrity are sacrosanct, says CEO Joe Mansueto. The founder of Morningstar made the claim in an interview with MarketWatch at Morningstar's annual investor conference. In the interview, Mansueto also addressed questions raised by recent subpoenas seeking information about its retirement consulting business.

Mansueto points out that the firm's fund rating business and its advisory and managed account business do not share analysts. He adds that the analysts lack any incentive to "talk up" a mutual fund they cover because their analysis cannot change the funds' share price in they way it can change a stock price.

He also sees a "huge need" among retirement plan investors for help with their task. Morningstar currently provides advice and other services to 11 million 401(k) participants, according to Mansueto.  

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