OBSR was established in 1999 as a company that helps intermediaries understand investment funds and find products to meet their client needs. In 2002, OBSR launched the UK Fund Ratings service – widely acknowledged to be the leading fund ratings service of its type in the industry.

The company grew organically over the following years launching new services and products and in 2008 OBSR acquired the global research business from Crosby Forsyth. This move was the foundation for the OBSR Global Fund Ratings service, which was set up in 2009.

In April 2010, OBSR was acquired by Morningstar, which further expands the information, skills and services available to OBSR consultancy clients.