"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 US$20.83 billion in assets under management as of March 31, 2017, which includes $2.9 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 dedicated investment professionals and is based in Stamford, Connecticut. BrokerCheck available at http://brokercheck.finra.org

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 24, 2017
Favorites Win First Round of French Presidential Election

March 17, 2017
The Netherlands Rejects Anti-Euro Populism: Will France Follow?

January 11, 2017
European Insurance: Recent Stress Test Shows Resilience Under New Solvency 2 Regulation

January 5, 2017
REITs and Rising Interest Rates: Not a Credit Worry

December 15, 2016
Trump Impact on U.S. Insurance

December 6, 2016
Rejection of Referendum Negative for Italy

November 16, 2016
The TrumParadigm Shift

November 9, 2016
President Donald J. Trump Implication for Preferred Securities

October 11, 2016
P&C Insurers Resilient to Natural Catastrophes

September 27, 2016
Litigation Heightens Deutsche Bank Struggles

August 3, 2016
Italy's Near-term Challenges

August 2, 2016
European Banking Stress Test Results: Positive Overall

June 30, 2016
Fed's DFAST and CCAR Results: Positive for US Banks

June 28, 2016
Brexit Implications for UK and Continental European Banks

June 28, 2016
Brexit Implications for UK and Continental European Insurers

June 24, 2016
Brexit Should Be Manageable for Financials

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].