Pello buys ByAllAccounts as Morningstar stays customer

Pello Companies has agreed to acquire ByAllAccounts from Morningstar, which will remain a customer of the data aggregation business after the deal closes.

ByAllAccounts will operate as a standalone company under its new owner. Terms were not disclosed, and the acquisition is expected to close in the first half of 2026, subject to customary conditions.

ByAllAccounts provides data aggregation technology used in wealth management applications. Its software supports portfolio management, reporting, compliance, trust accounting, and tax-aware investing.

Pello plans to appoint Cynthia Rojas Sejas as chief executive officer of ByAllAccounts. She brings more than 25 years of senior leadership experience at Moody's and S&P Global, where she worked in financial data and analytics businesses.

The acquisition gives Pello control of a long-established account aggregation provider at a time when access to financial account data remains central to adviser and wealth platform software. ByAllAccounts has operated for more than 25 years and has been part of Morningstar's product offering for advisers and investors.

For Morningstar, the sale aligns with its focus on advisor products and portfolio solutions built around its own data, research, software, and investment management operations. Through Morningstar Wealth and Morningstar Retirement, it oversees about USD $378 billion in assets under management and advisement.

Daniel Needham, President of Morningstar Wealth and Research & Investments, said Morningstar will continue to use ByAllAccounts in products including the Direct Advisory Suite and Morningstar Investor.

In a statement on the transaction, Rojas Sejas outlined Pello's plans for the business.

"ByAllAccounts built a strong and trusted data aggregation platform under Morningstar's ownership. In this next chapter, we are excited to focus capital and execution on accelerating innovation and delivering differentiated, best-in-class solutions in wealth management," Sejas said.

She added, "Our vision is to deliver to advisors, wealth managers, and wealth technology platforms the most comprehensive financial account data, and an expanded set of capabilities that extend beyond pure data aggregation. Through deep relationships, including Morningstar, we are confident about powering the ongoing digital transformation of the wealth management ecosystem."

Strategic shift

The sale marks a shift in emphasis for Morningstar rather than a full exit from ByAllAccounts' services. Its continued role as a customer suggests continuity for adviser and investor tools that already use the aggregation platform.

That ongoing relationship may matter for clients who rely on Morningstar systems and external account data feeds in portfolio and planning workflows. By keeping access to ByAllAccounts as an integrated function, Morningstar can maintain the service while stepping away from direct ownership.

For Pello, the acquisition adds an established open-finance and wealth-technology asset. The firm said its leadership has experience in data aggregation and open finance, and it plans to build on the existing ByAllAccounts team, which includes staff with deep experience in wealth management.

The underlying technology uses artificial intelligence to collect and transform financial account data for delivery to financial platforms. Advisers, wealth managers, and software providers use such tools to gain a consolidated view of client holdings across multiple accounts.

Customer continuity

Needham said ByAllAccounts has played a long-running role in Morningstar's offering. "ByAllAccounts has enabled investors, advisors, and platforms to aggregate trusted account data securely and at scale for more than 25 years," he said.

He added that the business stands to benefit from more focused ownership while continuing to serve Morningstar users. "This transaction allows ByAllAccounts to gain focused expertise and investment to support its next phase of growth, and Morningstar will continue to offer ByAllAccounts as an integrated capability within our products, including the Direct Advisory Suite and Morningstar Investor," Needham said.

Advisers and wealth technology providers have faced rising demand for tools that combine data from held-away accounts and multiple custodians in a single workflow. Providers in this market compete on data coverage, reliability, and integration with planning, reporting, and compliance systems.

ByAllAccounts will enter its next phase as an independent company backed by Pello, while Morningstar remains a customer and continues to embed the service in adviser and investor products.