Spectrum Asset Management
Spectrum Asset Management is a leading global investment firm specializing in preferred and capital securities. Founded in 1987, the firm has become one of the world’s largest money managers dedicated to this niche market. Spectrum focuses on managing diversified preferred security portfolios for a broad range of institutional and individual investors, including corporations, pension funds, insurance companies, endowments, and open-end mutual funds. The firm’s investment strategies emphasize high-quality, global preferred and capital securities, along with other subordinated fixed-income instruments designed to generate consistent income while enhancing portfolio quality.
Associated People
2012 - present
2010 - present
1987 - present
2007 - present
Spectrum Asset Management is a global leader in the management of preferred and capital securities.
For more than 30 years, the firm has delivered active portfolio management and research-driven credit strategies designed to generate attractive, risk-adjusted returns for institutional and individual investors.
Spectrum combines deep expertise in credit research, income generation, and relative-value investing across global markets.
The firm manages over US $18.4 billion in assets under management (AUM) as of June 30, 2025, including $4.6 billion in separately managed account (SMA) advisory assets.
With a long history navigating various credit cycles, interest-rate environments, and regulatory shifts, Spectrum has established itself as one of the world’s most trusted names in preferred and hybrid fixed-income investing.
INVESTMENT PROCESS
Fundamental, Bottom-Up Credit Research – Spectrum's team conducts detailed qualitative and quantitative credit analysis, assessing balance sheets, capital structures, and market positioning to identify long-term value in preferred and subordinated securities.
Relative-Value and Top-Down Security Selection – The firm evaluates opportunities based on structure, sector dynamics, and pricing inefficiencies to construct diversified portfolios that balance income potential and capital preservation.
Institutional Separate Accounts & Sub-Advisory Accounts – Customized portfolios managed for large institutional clients (pension funds, insurers, endowments) and for high-net-worth individuals via broker-dealer-sponsored separate account programs.
Open-end Mutual Funds – Retail funds domiciled in the U.S., as well as Ireland, Japan & Taiwan; ideal for investors looking for daily liquidity and diversified exposure to Spectrum’s preferred securities strategy.
UCITS Funds – European mutual funds adhering to UCITS regulations; Spectrum has launched Euro-denominated capital securities and hybrid UCITS funds aimed at investment-grade and high-quality fixed income investors.
Exchange-Traded Funds (ETFs) – Actively managed ETFs that target preferred securities and capital securities markets, combining liquidity with specialization.
Pooled Institutional Vehicles – Funds or pooled accounts used by institutions for collective investment in preferred/capital securities with Spectrum as manager/sub-advisor.
Separately Managed Account (SMA) / Wrap Accounts – Programs for high net-worth or institutional clients that want customized portfolios, often with direct ownership, flexibility, and tailored risk controls.