Morningstar has found its first taker for its new style-based stock indices. The Chicago-based fund tracker first announced the new indices last December (see: "Morningstar Indices to Launch in 2002, 12/17/01. The firm planned 18 new indices based on its famous style boxes.

UBS Global Asset Management was the first manager to license the indices, according to Morningstar. The Swiss giant will use the indices to create a family of exchange-traded funds for both the United States and European markets.

The manager took the wraps off its first ETFs last November under the FRESCO brand name.

The product development is being headed by Joseph A. La Corte, managing director for UBS Global Asset Management.  

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