Morningstar CEO gives U of Chicago $35M for urban think tank

CHICAGO (AP) - The CEO of Morningstar and his wife have donated $35 million to the University of Chicago.

The school made the announcement Wednesday, saying Joe Mansueto and his wife Rika's gift will be used to launch the Mansueto Institute for Urban Innovation. University officials said they will soon start searching for a director of the think tank. An opening date and location haven't been set.

The head of the investment research firm said in a statement that the rise in large cities has created "some of society's most difficult problems and most promising opportunities."

The institute will focus on issues like health care, housing and violence. The couple both went to the University of Chicago. They previously donated $25 million to build the Joe and Rika Mansueto Library.