Morningstar's sale of ByAllAccounts to Pello Terminated
- 2 days ago
- 1 min read
Southall, B., & Breen, O. (2026, July 8). Morningstar's sale of ByAllAccounts to Pello won't close -- the latest mishap in the 'aggregation' category as Plaid seeks IPO and CFPB mulls plan to allow data fees. RIABiz. https://riabiz.com/a/2026/7/9/morningstars-sale-of-byallaccounts-to-pello-wont-close-the-latest-mishap-in-the-aggregation-category-as-plaid-seeks-ipo-and-cfpb-mulls-plan-to-allow-data-fees
Morningstar's planned sale of its ByAllAccounts account aggregation unit to Salt Lake City startup Pello Companies will not proceed to closing, the company confirmed, ending a transaction first announced in April 2026.
Morningstar informed RIAs of the change by email on June 25, 2026.
Morningstar said ByAllAccounts will continue to operate as a business within the company with consistent levels of operational support, noting that Morningstar is itself an internal client that depends on the service for its Direct Advisory Suite and Morningstar Investor offerings.
Both Morningstar and Pello declined to disclose the reason for the termination, citing confidentiality obligations tied to a non-disclosure agreement.
Morningstar declined to say whether it will seek a new buyer to replace Pello.
The collapse is a setback for the "capital-lite" strategy that Morningstar CEO Kunal Kapoor is executing in the Wealth unit to exit capital-intensive parts of the business.
Proposed CFPB changes that could let banks and brokerages charge fees after a set number of free data pulls would disadvantage smaller aggregators, according to Datos Insights director Will Trout, even as Plaid pursues an IPO at a reduced $8 billion valuation.
Knote: Well, I guess the whole thing ended even more confusingly than it began. We still don't know who actually owns Pello.