Who Owns MSCI RiskMetrics?

MSCI's origins trace back to 1968, when Capital International, a division of Capital Group, began publishing the Capital International Indices, the first set of global stock market indices for non-U.S. markets. In 1986, Morgan Stanley obtained licensing rights on these indices and formed the MSCI name (Morgan Stanley Capital International). In 1998, the unit was separated into MSCI, Inc. as a distinct entity within Morgan Stanley.

In November 2007, MSCI completed its initial public offering, selling 16.1 million Class A common shares and raising $265 million in net proceeds. Morgan Stanley retained approximately 81% of the economic interest after the IPO. In 2009, Morgan Stanley distributed its remaining stake to its shareholders, making MSCI a fully independent public company. MSCI changed its ticker from MXB to MSCI and reorganized its business around indexes, analytics, and ESG.

The RiskMetrics acquisition in March 2010 was a transformative deal for MSCI. RiskMetrics Group was a standalone risk management company that had itself been spun off from JPMorgan in 1998. RiskMetrics was known for its Value-at-Risk (VaR) models, which were widely used by banks and asset managers to measure market risk exposure. The $1.6 billion acquisition brought RiskMetrics' risk management tools into MSCI's portfolio, creating a comprehensive risk analytics offering.

Also in 2010, MSCI acquired Barra, a provider of factor risk models, from Barclays Global Investors as part of BlackRock's acquisition of BGI. Actually, MSCI had acquired Barra earlier, in 2004, for approximately $833 million. The combination of Barra's factor models and RiskMetrics' VaR tools created a multi-asset class risk analytics platform. BarraOne, a key product, was selected by major institutions including AMP Capital for firm-wide multi-asset class investment risk management.

Throughout the 2010s, MSCI expanded its analytics and ESG capabilities. The company acquired Investment Property Databank (IPD) in 2012, adding real estate performance measurement. MSCI ESG Research became a leading provider of ESG ratings and climate risk analytics. The company's analytics segment grew steadily, driven by demand for factor investing, risk management, and regulatory reporting tools.

In recent years, MSCI has continued to invest in its analytics platform. The company acquired Trove Research in November 2023 for $37.9 million, adding climate data and emissions analytics. MSCI launched new quantitative indexes powered by Barra equity models in 2026, targeting systematic and quantitative strategies. The company's Q2 2026 Analytics revenue reached $189.4 million, up 6.6% year over year, though adjusted EBITDA for the segment declined 5% due to increased operating expenses.

MSCI's risk analytics products, including RiskManager, BarraOne, and Barra factor models, compete directly with BlackRock's Aladdin Risk module. While Aladdin provides an integrated platform that combines portfolio management with risk analytics, MSCI offers risk analytics as a standalone offering that can be integrated with various portfolio management systems. This modular approach appeals to institutions that prefer best-of-breed solutions over a single platform.