"Evolving structures in hybrids can help investors transcend rate fears with forward floating rates that can rise against inflation and fixed spread payments that can hold the line against deflation – that’s a “technical two-for-one” that can add cushion value to a lot of investment playbooks…" - Phil Jacoby, CIO
Spectrum Asset Management is a world-leading manager of preferred securities, with over US$19.1 billion in assets under management as of September 30, 2015, which includes $1.6 billion in SMA advisory assets. Spectrum was founded in 1987 and has been a wholly owned and independently run affiliate of Principal Global Investors, a member of the Principal Financial Group®, since 2001. Spectrum has a team of twenty one dedicated investment professionals and is based in Stamford, Connecticut.

Spectrum manages portfolios of preferred securities for an international universe of corporate, pension fund, insurance and endowment clients, open-end and closed-end mutual funds domiciled in the United States, Ireland and Japan, and separately managed account programs for high net worth individual investors sponsored by a variety of broker-dealers.

Spectrum has produced a record of strong performance by consistently implementing its fundamental credit-based investment philosophy, leveraging its expertise in capital structure analysis and employing and retaining its experienced team of investment professionals.
Market Commentaries April 29, 2016
Brexit Risks Outweigh Benefits

February 4, 2016
Deutsche Bank: Under Pressure

February 1, 2016
Energy Exposure Manageable For Financial Firms

January 6, 2015
Novo Banco Senior Debt Transfer: Forced Bail-In (Losses)

December 18, 2015
GE Plays Hard But Fair: A New Preferred Stock Exchange is Offered

December 14, 2015
High Yield Bond Market Risks = Preferred Security Opportunites

December 9, 2015
GE Preferred Exchange Adversely Impacts Preferred Share Class

October 13, 2015
Tougher Bank Leverage Rules Are Credit Friendly

September 21, 2015
Greece Bailout Intact Despite Voter Fatigue

August 24, 2015
World War "D": Implication on the Hybrid Preferred Markets

July 16, 2015
Obstacles Remain for Greece’s Euro Inclusion

July 7, 2015
Greece Votes No: What Now?

July 1, 2015
Greek Crisis: Coming to a Head

May 27, 2015
Moody's and Fitch Adjust Global Bank Ratings - Positive for Hybrids

May 14, 2015
Progress in Greek/Euro Talks - Much More Needed

Press Room and PublicationsSeptember 3, 2012
Spectrum CIO Phil Jacoby speaks about Mitigating Risk When Investing in Preferred Securities in The Wall Street Transcript

May 2, 2012
Spectrum CIO Phil Jacoby speaks about Opportunities in Bank Recapitalization at the Milken Institute Global Conference 2012

January 2012
Bail-in Capital: The New Box. Manu Krishnan and Phil Jacoby. Proceedings of the World Finance Conference (Rio de Janeiro), pp 29, 2012. [PDF].