Apollo Global Management and State Street have plans to launch an exchange-traded fund (ETF) that invests in both public and private credit in the latest effort by large investment firms to sell alternative assets to retail investors to fuel their next leg of growth, according to Financial Times.
SSGA, the custody bank’s $4.37 trillion asset-management arm, filed plans to list the ETF with the U.S. Securities and Exchange Commission on Tuesday. The product will hold mostly investment grade debt, including private credit that has been originated by Apollo.