"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 June 7, 2017
Banco Popular Post Mortem: Implications for the AT1 Market

June 6, 2017
Spanish Banks Are Fundamentally Sound, But Not Banco Popular

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


Press Room and PublicationsApril 25, 2017
Holders of This ETF Saw Their Possible Yield Fall Overnight

September 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].