Private Credit ETF Trips Up State Street Bid to Be Exciting (1)

The first-ever ETF to bring private assets to the masses was meant to be a milestone this year in Yie-Hsin Hung’s push to shake off State Street Corp.’s reputation for being cautious and boring.

Hung has been tasked with reviving the appetite for innovation at State Street Global Advisors, which revolutionized investing by creating America’s first exchange-traded fund three decades ago. Before her arrival in 2022 as SSGA’s chief executive, the firm had spent years carefully trying to avoid a repeat of its blowups during the Great Financial Crisis. Under Hung, the $4.7 trillion asset-management division of ...