MSCI

Overview

• MSCI provides research-based data, analytics and indexes supported by advanced technology to help global investors understand risks and opportunities and make informed investment decisions.
• Services cover the full investment lifecycle: defining investment universes, asset allocation, portfolio construction and analysis, risk and performance management, sustainability and climate integration, and regulatory and client reporting.
• Products and services include indexes; portfolio construction and risk management analytics; sustainability and climate solutions; and private asset data and analytics. The company emphasizes AI-enabled data collection and validation, platform flexibility, and integration into client workflows via APIs, data feeds and cloud delivery.

How clients use MSCI offerings

• Define investment universes and construct and analyze portfolios.
• Measure and manage drivers of risk and return and prepare regulatory and client reports.
• Design and manage indexed products such as ETFs and other index-linked products.

Client base and scale

• As of December 31, 2025, MSCI served approximately 6,800 clients in more than 100 countries.
• Client types include:
  • Asset managers (institutional funds/accounts, mutual funds, ETFs, private-market strategies)
  • Banks and brokerages (banks, broker-dealers, custodians, proprietary market makers, fund administrators)
  • Asset owners (pension funds, endowments, foundations, investment consultants, central banks, sovereign wealth funds, single family offices)
  • Hedge fund managers (equity, fixed income, multi-strategy, multi-manager)
  • Wealth managers (RIAs, private banks, multi-family offices, digital wealth platforms)
  • Insurance companies (including reinsurers)
  • Others (exchanges, vendors, real estate professionals, academic institutions, corporates and advisors)
• The largest client by revenue in 2025 was BlackRock, accounting for 10.8% of MSCI’s consolidated operating revenues. About 96.5% of BlackRock’s MSCI-related revenues came from fees based on assets in BlackRock’s ETFs and non-ETF products that are based on MSCI indexes.

Competitive advantages

• Differentiated, research-enhanced content and an extensive global data repository, including market data, proprietary index data, sustainability and climate data, factor models, private asset data and risk algorithms.
• Strong client relationships and global coverage with ongoing engagement to align with client needs and market trends.
• Proprietary content delivered at scale through flexible technology and AI, with open integration into client workflows via APIs, data feeds and cloud delivery.
• Partnerships with global technology firms to accelerate AI capabilities and product development.

Strategy and growth priorities

• Extend leadership in research-enhanced content across asset classes, including private assets, sustainability and climate, factors, fixed income and liquidity.
• Grow strategic client relationships and expand across additional client segments such as hedge funds, wealth managers, banks and broker-dealers, asset owners, insurers, corporates and proprietary market makers.
• Apply AI to accelerate product innovation and data processing.
• Expand client customization capabilities, including custom indexes that reflect specific risk/return preferences and regulatory requirements.
• Lead in sustainability and climate investment integration with data, insights and applications.
• Enhance distribution and content-enabling technology through open, scalable distribution, APIs, third-party distribution and cloud tools.
• Pursue strategic partnerships and acquisitions to acquire differentiated data, content and technology.

Financial model

• Revenue is largely recurring, derived from fixed and variable fee arrangements, supporting predictable revenue and cash flow.
• The company maintains a disciplined capital allocation policy, balancing investments in the business, acquisitions, and shareholder returns through dividends and share repurchases.