Morningstar Research Inc. is set to acquire the Canadian Investment Awards and Gala from a privately held firm based in Toronto, the companies announced Wednesday.

Terms were not disclosed on the definitive agreement between Morningstar and Canadian Investment Awards Inc. The companies expect to complete the transaction during the first quarter of 2010, subject to customary closing conditions.

The Canadian Investment Awards and Gala, launched in 1994, recognizes excellence in products and firms within the financial services industry. Experts from across the industry, including senior analysts from Morningstar, determine the funds, portfolio managers and sponsors that have distinguished themselves in more than 40 investment categories based on quantitative and qualitative factors. The awards are distributed at a gala attended by more than 600 people each December in Toronto.

The 2009 gala, which marks the 15th annual event, will be held Wednesday night at the Fairmont Royal York in Toronto.

Morningstar has been a long-time platinum sponsor of the awards and its research analysts are heavily involved in the evaluation and selection process. Under terms of the agreement, the awards and gala will be re-branded under the Morningstar name.

Morningstar Research Inc. is a Canadian subsidiary of Chicago-based Morningstar, Inc., a leading provider of independent investment research.

“Morningstar’s research has always focused on helping investors find investments that outperform, so it seems only fitting that Morningstar will become home to the awards program that recognizes the best in the Canadian investment industry,” said Scott Mackenzie, president and chief executive officer of Morningstar Canada.

“It has been gratifying to see the growth of the Canadian Investment Awards since I launched it 15 years ago,” said Sabine Steinbrecher, chief executive officer and founder of Canadian Investment Awards Inc. “It’s a natural time to make this transition, and it makes sense to leave the awards and gala in the capable hands of Morningstar, an organization that has been instrumental in our success over the years, through both its sponsorship and evaluation of our award recipients.”

Canadian Investment Awards launches new French Canada initiative

Canadian Investment Awards also announced on Wednesday that it has recently added a new sponsor for Wednesday’s awards and gala: Locordia Inc., a company specializing in multi-lingual financial translations. This new partnership marks the beginning of a specialized French Canada initiative for the awards.

“The Canadian Investment Awards has for many years sought the ideal partner to roll out an integrated and relevant strategic initiative to French Canada,” said Steinbrecher. “Our goal is to ensure that all Canadians have access to the rigid criteria that the Canadian Investment Awards applies to all categories before bestowing the winner logo. With their customized translation solutions and financial industry expertise, Locordia was the perfect choice to get this message across.”

Locordia Inc. will support the Canadian Investment Awards with French translation of materials and provide the French language portion of its website. The two partners will also create a steering committee that will investigate new French awards and an overall French Canada strategy.

“We are very excited to deliver this critical initiative to French Canada,” said Phillippe Mercier, CEO, Locordia Inc. “Joining the Canadian Investment Awards was a strategic decision to increase our presence in the financial services industry. Our goal is to support French Canadian advisors and investors by providing information in their own language, so that they can stay in close touch with the industry and continue to make investment decisions with confidence.”

IE