Spectrum Asset Management, an affiliate of Principal Global Investors, announced Wednesday it will manage a new tax-advantaged floating rate fund for Nuveen Investments. The Nuveen Tax-Advantaged Floating Rate Fund, a closed-end, exchange-traded fund, raised more than $300 million in the initial common share public offering and began trading on the New York Stock Exchange March 29 under the ticker JFP.

The fund is invested in adjustable rate preferred securities issued by small- to mid-sized banking companies. These securities are eligible to pay dividends which have tax advantages.

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