Principal Capital Management, a member of the Principal Financial Group, has acquired Spectrum Asset Management, a Stamford, Conn.-based investment manager that specializes in preferred securities, an alternative to traditional fixed-income securities, the company announced today.

Spectrum, which has nearly $1 billion in assets under management, will function as an affiliate of Principal Capital, which manages over $100 billion in total affiliated assets. Principal Capital’s current affiliates include BT Funds Management, Invista Capital Management, Principal Capital Income Investors and Principal Capital Real Estate Investors.

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