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Morgan Stanley Investment Management
1585 Broadway,
New York, NY 10036
Joel Cramer, CFA
Managing Director, Head of North American Insurance Solutions
joel.cramer@morganstanley.com
Office: 312 706 4216
Mobile: 630 222 6765
About Morgan Stanley
Morgan Stanley Investment Management’s Insurance Solutions team proudly supports our insurance clients with bespoke investment solutions and a comprehensive range of strategies that align well with insurers’ investment objectives and risk tolerances. We provide risk-based capital efficient solutions across public and private market strategies, and add value through thought leadership across insurance research, portfolio management, strategic asset allocation, reporting, risk management, and rating agency/regulatory considerations.
PLATINUM MEMBER
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Morgan Stanley Investment Management | 12/22/25
Floating-Rate Loan Market Monitor – Q3 2025
Insight on loan market fundamentals and the role of floating-rate loans within portfolios.
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Morgan Stanley Investment Management | 12/22/25
High Yield Market Monitor – Q3 2025
An in-depth review of the US and European High Yield markets.
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Morgan Stanley Investment Management | 12/19/25
Municipal Bond Market Monitor – Q3 2025
Overview of the trends and developments in the muni bond markets.
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Morgan Stanley Investment Management | 12/19/25
Equity Market Monitor – Q3 2025
Overview of the current landscape across equity markets.
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Morgan Stanley Investment Management | 12/18/25
Real Estate 2026 Outlook
The balance of real estate risks and opportunities is shifting from broad macroeconomic factors—such as trade uncertainties, interest rates, and fiscal stimulus—to more granular, sector-specific, market-driven, and asset-level dynamics that will shape performance over the next 12 to 24 months.
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Morgan Stanley Investment Management | 12/18/25
Infrastructure 2026 Outlook
Despite geopolitical and economic uncertainty, infrastructure’s essential nature allows for better resilience across market cycles.
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Morgan Stanley Investment Management | 12/16/25
Taking It Easy
Global bond markets recalibrated in November as investors processed familiar late-cycle signals and the Federal Reserve's evolving policy expectations shaped yields.
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Morgan Stanley Investment Management | 12/16/25
Private Credit 2026 Outlook
Private credit continues to attract capital at a healthy clip, especially among individual investors who have gained access to the strategy for the first time. Semi-liquid vehicles for the wealth channel now command almost a third of the $1 trillion US direct lending market.
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Morgan Stanley Investment Management | 12/16/25
Private Equity 2026 Outlook
As we enter 2026, private equity is at a key inflection point as it adapts to lessons learned and rapid pace of change in the last 12 months. One lesson re-learned is how resilient the asset class can be during tumultuous times. A new dynamic is the K-shaped nature of the economic recovery, including PE’s own industry recovery.
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Morgan Stanley Investment Management | 12/12/25
AI Might Not Fry the Grid
The accelerating demand for power driven by Artificial Intelligence (AI) has become a dominant narrative in energy markets. Current International Energy Agency (IEA) forecasts now suggest that by 2030 the power needed to run both new and existing AI data centres could surpass 945 Terawatt-hours (TWh), more than the annual consumption of Japan. That sounds staggering and before we accept such projections, it’s worth remembering how often similar predictions have missed the mark.
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Morgan Stanley Investment Management | 12/12/25
AI Funding: The Bull and Bear Investment Cases
In recent months, concerns have intensified that the rapid growth in artificial intelligence (AI) investment is becoming a “bubble.” This has coincided with a flurry of massive deals among the largest U.S. technology companies. The proliferation and potential implications of these deals for investors prompted the Eaton Vance (EV) equity department to conduct a “Bull vs. Bear” debate over AI funding.
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Morgan Stanley Investment Management | 12/11/25
Agency MBS & Housing Market Monitor – Q3 2025
Overview of the trends and developments in the Agency MBS and Housing Markets.
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Morgan Stanley Investment Management | 12/11/25
India’s Private Market: A Story of Growth and Opportunity in Asia's Economic Landscape
Private markets in India have become increasingly well-established, offering investors diverse opportunities to engage with the country's impressive growth trajectory. In 2024, India accounted for 20% of all private equity and venture capital investments in Asia, ranking just behind China.
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Morgan Stanley Investment Management | 12/11/25
Longevity's Impact on Real Estate: Adapting to an Aging Population
With so much uncertainty in markets and the political realm, one thing we can be relatively sure about is that people are getting older. We can forecast with considerable confidence approximately how many 80+ year olds there will be over the next decade, and we know how much wealth they currently control.
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Morgan Stanley Investment Management | 12/11/25
Equity Market Commentary - November 2025
The following views and perspectives are formed by the work of the Applied Equity Team in managing assets for investors.
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Morgan Stanley Investment Management | 12/11/25
Uncovering Growth Credit: An Emerging Opportunity in Private Credit
Private credit has enjoyed widespread adoption by institutional and individual investors in recent years, with direct lending franchises leading the charge. Yet, within the broader private credit space lies an underexplored but increasingly relevant strategy: growth credit.
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Morgan Stanley Investment Management | 12/11/25
When Every Data Business Looks Like a Target – Separating Signal From Noise in Financial Information Services
In recent months, investors have become preoccupied with the question: will advanced artificial intelligence (AI), be it generative (GenAI) or agentic, disrupt the data-rich industries that underpin our modern world? From software through consulting to information services, credit bureaux, exchanges and insurance brokers, few data-rich industries have escaped the market’s blanket derating.
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Morgan Stanley Investment Management | 12/11/25
Emerging Markets Debt Monitor – Q3 2025
In-depth review of fundamentals and valuations across emerging markets debt.
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Morgan Stanley Investment Management | 12/08/25
Video: The First Cut is (Still) the Deepest
We highlight a landscape of cautious optimism in fixed income sectors, driven by central bank policies and market dynamics. While opportunities exist, particularly in emerging markets and corporate credit, investors must navigate a complex environment marked by macroeconomic uncertainties and policy divergences. Watch this video to find out more.
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Morgan Stanley Investment Management | 12/08/25
2025 Fixed Income Engagement Report
Over the past twelve months, the MSIM Fixed Income team continued to leverage our US$220 billion AUM platform to have meaningful dialogues with bond issuers on ESG topics that we believe are most relevant to their business and financing activities.
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Morgan Stanley Investment Management | 11/25/25
Shaking Up US Infrastructure Investing
In this insightful roundtable originally published by Infrastructure Investors, Chris Ortega, Managing Director and Head of Americas, discusses how the Big Beautiful Bill Act is impacting every sector, from power to transportation, creating challenges but also opportunities.
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Morgan Stanley Investment Management | 11/25/25
GLP-1 Medications and Shifting Consumer Behavior
Amid a rapidly evolving landscape in health and wellness, GLP-1s are redefining the way millions approach weight loss, diet and even alcohol use. Initially used for diabetes treatment, these innovative therapies are now at the forefront of obesity care—capturing headlines and sparking debate across medical and consumer circles.
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Morgan Stanley Investment Management | 11/24/25
Are the U.S. and Emerging Markets Converging?
U.S. stocks have dominated global financial markets for the last decade and a half, driven by robust earnings, a market rerating and the gravitational pull of a strong U.S. dollar (USD).
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Morgan Stanley Investment Management | 11/24/25
The Tug of War
We see a tug of war within markets, between the bull argument that AI will be visibly transformational to corporate profitability in the near term and/or the U.S. economy sharply accelerates, and the bear argument where these high expectations are not met.
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Morgan Stanley Investment Management | 11/18/25
Weighing in on Direct Lending
Today, the case for investing in direct lending is not only strong on a structural basis but especially timely, reinforced by interest rate dynamics, recovering deal activity, M&A demand, and the potential risk of a pick-up in public market volatility. Taken together, we believe these forces present a potentially compelling moment for capital allocation to direct lending.
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Morgan Stanley Investment Management | 11/18/25
Tariffs: Illusion Versus Reality
Advocates of tariffs insist that higher barriers will bring jobs home, yet U.S. manufacturing remains structurally uncompetitive. While China’s share of U.S. imports may have declined, its grip on critical goods, from rare minerals to electric-vehicle batteries, remains firm.
PODCASTMorgan Stanley Investment Management | 11/13/25
The Low Rate Environment Could Impact Products and Investment Portfolio Mix
Bob Huang of Morgan Stanley joins the InsuranceAUM.com podcast to discuss how a lower-rate environment could reshape insurance product innovation and portfolio strategy.
PODCASTMorgan Stanley Investment Management | 11/06/25
Lauren Hochfelder on Bloomberg The Close
Lauren Hochfelder, Co-CEO of Morgan Stanley Real Estate Investing, joined Bloomberg The Close to discuss market expectations for real estate, what’s ahead in senior housing and net lease investing. Lauren also addresses the manufacturing build out that is driving increased demand within industrial real estate, another major focus area for Morgan Stanley Real Estate Investing.
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Morgan Stanley Investment Management | 11/06/25
Stablecoins – Modernizing financial infrastructure
Stablecoins have emerged as one of the fastest-growing segments in global finance, blending the stability of fiat currencies— primarily the U.S. dollar—with the efficiency and programmability of blockchain technology. These digital assets have scaled rapidly, acting as foundational scaffolding underpinning a new infrastructure for payments, settlement and value transfer across borders.
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Morgan Stanley Investment Management | 10/29/25
Several bangs and one whimper
The fixed income market was as “summer-y” as it gets this past month. Volatility in yields remained remarkably muted, and spreads continued to compress in a benign fashion—despite a brief spike following the early-month U.S. jobs data.
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Morgan Stanley Investment Management | 10/29/25
Next Order Effects of Increasing GLP-1 Use
Since the launch of Ozempic in 2017-18, GLP-1 drugs have gained social acceptance as an effective way to lose weight quickly. Looking ahead, GLP-1s are expected to become the biggest drug class in history, with annual sales projected to potentially top USD $100 billion over the next five years.
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Morgan Stanley Investment Management | 10/23/25
The Age of Strategic Supply Chains
In today’s environment, where geopolitical tensions threaten the cohesion of the global economy, building more resilient supply chains has become a strategic imperative.
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Morgan Stanley Investment Management | 10/23/25
Fed Cut: So What?
Now that the long-awaited Fed rate cut has arrived – to the tune of 25 bps – bond investors have the right to ask: So what? As managers of bank loans, here’s our answer: we see it as a good occasion to show why loans deserve consideration for a traditional bond portfolio, especially in this environment. Consider:
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Morgan Stanley Investment Management | 10/20/25
The Demographic Barbell
A generational shift is unfolding across the global economy. At one end, millennials and Gen Z are gaining economic influence with their distinct preferences for technology, sustainability and different consumption patterns. At the other, aging populations, particularly Baby Boomers, are increasing their share of healthcare spending, financial assets and political influence.
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Morgan Stanley Investment Management | 10/20/25
Understanding Fee Netting; Does It Always Pay Off?
In the realm of private investments, the concept of performance fee netting has long been considered a beneficial strategy for investors. However, recent research challenges this conventional wisdom, suggesting that the benefits of fee netting are not as clear-cut as previously thought. This article delves into the complexities of performance fee netting, highlighting key insights from a comprehensive study that examines its impact on investors.
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Morgan Stanley Investment Management | 10/16/25
The BEAT for October 2025
Use The BEAT as your timely resource for this month’s markets. Each edition gives you ideas and insights that show you how to navigate the current investment environment.
PODCASTMorgan Stanley Investment Management | 09/09/25
The Evolving Role of Fixed Income in Insurance Investment Portfolios – Opportunities and Use-Cases in an Increasingly Multi-Asset World
Jeff Miller and Stephen “Fitz” Fitzsimmons of Morgan Stanley Investment Management discuss the evolving role of fixed income in insurance portfolios, from ALM optimization to opportunities in public and private credit.
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Morgan Stanley Investment Management | 08/27/25
Active Management, Uncertainty May Amplify Opportunities for Securitized Assets
Mortgage-backed securities and securitized assets remain one of our highest conviction investment ideas across our multi-sector fixed income portfolios. Here are some areas where we are finding value, along with some potential risks.
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Morgan Stanley Investment Management | 08/20/25
Waiting for Godot, Fixed Income Edition
June was marked by a continuation of the risk-on sentiment that began earlier in the quarter, supported by resilient economic data, a modest decline in volatility, and easing geopolitical tension following the brief conflict between Israel and Iran.
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Morgan Stanley Investment Management | 08/20/25
2025 Real Estate Mid-Year Outlook
The current macroenvironment is volatile and uncertain with growth expected to moderate and diverge. Within this macro backdrop, real estate looks durable and downside-protected, particularly in sectors that are supported by long-term structural trends.
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Morgan Stanley Investment Management | 08/14/25
Cash Holdings: Data, Theory, and Alternatives
The goal of this report is to discern the proper amount of cash a company should hold, which takes us into key topics around capital allocation and capital structure.
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Morgan Stanley Investment Management | 08/14/25
The BEAT for August 2025
Use The BEAT as your timely resource for this month’s markets. Each edition gives you ideas and insights that show you how to navigate the current investment environment.
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Morgan Stanley Investment Management | 05/28/25
Importance of Improved Water Risk Metrics in Sustainability Reporting
Critical industrial and manufacturing processes depend on the availability and quality of freshwater. As a result, disruptions in freshwater availability may pose financially material risks to investors. However, corporate disclosure and data remain a challenge due to lack of standardization and difficulties collecting data. In light of these limitations, Calvert utilizes a proprietary method to assess water risks at the sector and company level, while encouraging companies to coalesce to develop water reporting protocol similar to the Greenhouse Gas reporting protocol.
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Morgan Stanley Investment Management | 05/27/25
Global Equity Observer: Life After the “Liberation Day” Tariff Announcement
Publishing an outlook in early April 2025 is a hostage to fortune, given the current fluid and fast-moving environment driven by the substantial uncertainties around the path of U.S. economic policy and its effects, not to mention the volatility of equity prices.
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Morgan Stanley Investment Management | 05/20/25
The BEAT for May 2025
Use The BEAT as your timely resource for this month’s markets. Each edition gives you ideas and insights that show you how to navigate the current investment environment.
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Morgan Stanley Investment Management | 05/20/25
EV Growth Accelerating in Emerging Markets
The race for electric vehicle (EV) leadership is shifting gears. In a world increasingly shaped by protectionism and tariffs, the short-term outlook for EVs may seem uncertain. Yet, much like the hum of an electric motor, the EV transition is quietly accelerating in emerging markets (EMs). Driven by policy support, innovation and affordability, EV models from EM manufacturers are offering an increasingly attractive value proposition to consumers, particularly to those in other EMs.
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Morgan Stanley Investment Management | 03/19/25
Evolution of Direct Lending
Direct Lending is a type of Private Credit strategy that makes direct, illiquid loans to middle market companies outside of the traditional banking system. Direct Lending usually refers to first lien loans as well as unitranche loans that combine different debt classes or liens into a single loan.
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Morgan Stanley Investment Management | 03/12/25
The great distortion
We’re in a charged and unpredictable landscape. East-West tensions simmer, the Middle East remains a powder keg, and the Russia-Ukraine war looks set to enter another harsh winter as tensions escalate. Meanwhile, former President Donald Trump is to return to the White House, backed by an emboldened Republican party holding both the House and Senate. All eyes are on the potential economic and societal shifts this new administration may bring.
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Morgan Stanley Investment Management | 03/12/25
Is 2025 (finally) the Year of the Bond?
The U.S. dollar strengthened throughout the month, gaining 2.6% against a basket of other currencies. Notably, it outperformed the New Zealand dollar by 5.4%, the Australian dollar by 5%, and the Japanese yen by 4.7%.
PODCASTMorgan Stanley Investment Management | 03/06/25
How Can BDCs Be Used to Optimize Direct Lending?
Join host Stewart Foley on the InsuranceAUM.com Podcast as we explore how BDC disclosures provide transparency into direct lending, asset quality, and market trends for insurance investors.