Morningstar announced Thursday that longtime Morningstar and Ibbotson executive Peng Chen will leave the Chicago-based research and investment firm at the end of June.

Chairman and CEO Joe Mansueto said in a statement that Chen was moving to Asia to be closer to his family.

Thomas Idzorek, 41, who currently oversees the company's investment advisory, retirement and investment management operations in North America, Europe, Asia and Australia, has been named as Chen's replacement. Those holdings have approximately $190 billion in assets under advisement or management, according to the company.

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