Brian Moriarty

Chicago

Principal at Morningstar

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Articles

Fixed Versus Floating: The Great Income Debate

1 month ago | morningstar.com | Brian Moriarty

One of the great dividing lines in the bond market is between fixed-rate and floating-rate debt. This difference has become especially stark since 2022, as the rise in short-term interest rates punished fixed-rate debt and buoyed floating-rate debt. While the outperformance of floating over fixed is unlikely to continue, understanding the differences can help investors get the most out of both. Borrowers prefer to issue fixed-rate debt.
New Private Credit Funds Want Your Money. Here’s Why You Should Be Cautious

1 month ago | morningstar.com | Brian Moriarty

The asset-management industry is tripping over itself to offer private credit funds to regular investors and advisors, and now the competitive landscape is taking shape. Firms have chosen at least four distinct paths: 1) the exchange-traded fund, 2) the interval fund, 3) the exchange-traded product, and 4) the model portfolio. The flagship example in this case is SPDR SSGA IG Public & Private Credit ETF PRIV, which we have written about extensively.
Will the SEC Force Changes in the SSGA Apollo Private Credit ETF?

2 months ago | morningstar.com | Brian Moriarty |Eric Jacobson

The SPDR SSGA Apollo IG Public & Private Credit ETF PRIV is off to a bumpy start. The SEC responded to State Street Global Advisors’ seismic private-credit exchange-traded fund rollout with a strongly worded letter on Feb. 27, 2025. That letter came as a surprise given that the agency didn’t stop the firm from launching the fund a day earlier. There may be no precedent for what’s happening right now.
A Groundbreaking New ETF Arrives

2 months ago | morningstar.com | Brian Moriarty

Regulators allowed State Street and Apollo’s groundbreaking private-credit exchange-traded fund today. The SPDR SSGA Apollo IG Public & Private Credit ETF will trade under the ticker PRIV and charge 0.70%. Initially filed back in September 2024, the proposal attempts to offer private-credit exposure through an ETF. That raised several concerns and questions, such as how the ETF would address the illiquidity and valuation of those private-credit holdings.
Safe and stable housing: the most critical need facing unsheltered New Yorkers

Jan 17, 2025 | cityandstateny.com | Brian Moriarty

By Brian Moriarty January 17, 2025 11:43 AM ET In the last two years, more than 80 individuals experiencing chronic homelessness in New York City—many with untreated mental health needs—have successfully transitioned from living in public spaces directly into an apartment of their own through Street to Home, a pilot program launched by Volunteers of America-Greater New York (VOA-GNY) in partnership with the City of New York.
How IP Diligence Helps Corporate Lawyers Close the Life Sciences Deal

Dec 13, 2024 | businesslawtoday.org | Brian Moriarty

To the uninitiated, the combination of patent and US Food and Drug Administration (FDA) law applicable to life sciences deals may seem needlessly technical and perhaps a subject best glazed over. What could go wrong? A lot. Consider the saga of the heart drug Angiomax. After the product was approved, the owner sought to extend the term of its patent by four years. Two months later, its lawyer prepared and filed the papers—seemingly within the statutory deadline of sixty days from drug approval.
Investors First: The Convergence of Public and Private Markets

Sep 20, 2024 | morningstar.com | Kunal Kapoor |Nizar Tarhuni |Brian Moriarty

Kunal Kapoor: Good morning, everybody, and welcome to the second episode of our LinkedIn Live series where we’re going to talk about the convergence of public and private markets. Now, if you’re like me, I know what you’re thinking: Thank God, this is not another conversation about whether the Fed is going to cut rates by 25 or 50 basis points. We’ll all find that out in an hour or two, and then we can get back to our lives.
Digital Image Creation Using AI Risks Copyright Infringement

Sep 16, 2024 | news.bloomberglaw.com | Brian Moriarty |Timothy Meagher |Daniel Fleisher

Hamilton Brook Smith Reynolds’ attorneys explain the risk of using AI to change original images, and practical steps to take in copyright search to help avoid misuse.
A Closer Look at a Groundbreaking Active ETF Proposal

Sep 12, 2024 | morningstar.com | Brian Moriarty |Ryan Jackson

State Street and Apollo Global Management filed to launch an actively managed exchange-traded fund that invests in public and private credit, the first ETF of its kind. The announcement raised a flurry of questions while the SEC decides whether to approve SPDR SSGA Apollo IG Public and Private Credit ETF. Here’s what you need to know about the filing and what it means for investors and the ETF industry. This fund aims to invest in public and private credit in one ETF portfolio.
Are interval funds worth it? Investors can access strategies otherwise be out of reach

Aug 26, 2024 | irei.com | Brian Moriarty

Capital Group’s plans to partner with KKR in launching two interval funds in 2025 is only the latest sign of interest from two well-known asset managers in this increasingly popular structure. To help investors navigate interval funds’ strengths and weaknesses while considering their role in a portfolio, Morningstar manager research analysts recently published an extensive guide to interval funds. This column draws from that report to help investors make informed decisions about interval funds.