"The opportunity for favorable risk adjusted returns in preferred securities can be quite compelling, especially in light of the global product evolution underway..." - Phil Jacoby, CIO
Spectrum Asset Management is a world-leading manager of preferred securities, with over US$17.6 billion in assets under management as of December 31, 2014. 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 eighteen 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 CommentariesMarch 16, 2015
US Banks Pass Fed Comprehensive Capital Analysis and Review

March 6, 2015
Ongoing Bank Litigation: A Manageable Risk

January 26, 2015
Greece's Government Changes Hands, As Expected

January 26, 2015
European QE: Implications For Banks

January 23, 2015
ECB's QE Program Better Late Than Never

December 8, 2014
Oil Price Drop: No Major Fundamental Concerns for Banks

October 27, 2014
ECB's Bank Stress Test: No Major Fundamental Concerns

September 30, 2014
S&P Bank Hybrid Ratings Revisions - Not a Credit Event

September 4, 2014
Latest ECB Policy Decisions

September 4, 2014
Scottish Referendum

July 2, 2014
BNP Paribas Settles With US Authorities

June 11, 2014
US SIFI Insurance Regulatory Developments

June 9, 2014
Bermuda Reinsurance Field Trip Notes

May 21, 2014
European Economic Update

April 4, 2014
Important Developments in UK Insurance

March 27, 2014
Commentary on the Fed's Stress Test and CCAR Results

March 10, 2014
European Economic Growth On Pace

December 23, 2013
Final Volcker Rule Is Manageable For US Banks

September 23, 2013
Eurozone Takes First Step Toward Banking Union

September 5, 2013
Verizon Agrees to Purchase Remaining Verizon Wireless Stake

August 29, 2013
Is The European Recession Over?

August 26, 2013
Resilient Credit Fundamentals Support Preferred Securities

July 3, 2013
S&P Downgrades Investment Banks

June 3, 2013
Fannie Mae and Freddie Mac - Dead GSEs Walking?

April 18, 2013
Latest Rating Agency Changes Have Immaterial Impact On Preferreds

March 18, 2013
Cyprus Bailout: Unique But A Precedent Nonetheless

March 18, 2013
US Bank Stress Tests: Good News

March 14, 2013
The Netherlands

March 12, 2013
Italian Uncertainty

January 8, 2013
Basel 3 Liquidity Rules Changes - Positive For Banks

November 29, 2012
British Banks Encouraged to Further Boost Capital

November 9, 2012
US Regulators Delay Basel III Global Bank Capital Rules

November 6, 2012
Hurricane Sandy is Manageable for Insurance Industry

October 26, 2012
Spectrum's Comments in Support of the REIT Structure as Tier 1 Capital for US Banking Entities

October 25, 2012
EU to Consider a Delay in Basel III Capital Regulation

October 10, 2012
French Bank Update

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, World Academy of Science, Engineering and Technology 61 2012, Manu Krishnan and Phil Jacoby