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Spectrum Asset Management is one of the largest managers of preferred securities in the United States. Founded in 1987, Spectrum is now an independent affiliate of Principal Global Investors and has $17.7 billion in assets under management.1

With five portfolio managers, one trader, two credit analysts, and one portfolio/client reporting analyst, we believe that Spectrum is one of the only firms with the history, expertise, and discipline to successfully manage complex portfolios of preferred securities.

Founder, President, and Chief Executive Officer

Prior to founding Spectrum in 1987, Mr. Lieb was a Founder, Director, and Partner of DBL Preferred Management, Inc., a wholly owned corporate cash management subsidiary of Drexel Burnham Lambert, Inc. Mr. Lieb was instrumental in the formation and development of all aspects of DBL Preferred Management, Inc., including the daily management of preferred stock portfolios for institutional clients, hedging strategies, and marketing strategies. Mr. Lieb's prior employment included the development of the preferred stock trading desk at Mosley Hallgarten & Estabrook. Mr. Lieb holds a B.A. in Economics from Central Connecticut State College and an M.B.A. in Finance from the University of Hartford.

Executive Director and Chief Investment Officer

Mr. Jacoby joined Spectrum in 1995 as a Portfolio Manager and most recently held the position of Managing Director and Senior Portfolio Manager until his appointment as CIO on January 1, 2010, following the planned retirement of his predecessor. Prior to joining Spectrum, Mr. Jacoby was a Senior Investment Officer at USL Capital Corporation (a subsidiary of Ford Motor Corporation) and co-manager of the preferred stock portfolio of its U.S. Corporate Financing Division for six years. Mr. Jacoby began his career in 1981 with the Northern Trust Company, Chicago, and then moved to Los Angeles to join E.F. Hutton & Co. as a Vice President and Institutional Salesman, Generalist Fixed-Income Sales through most of the 1980s. Mr. Jacoby holds a B.S.B.A. in Finance from the Boston University School of Management.

Executive Director and Chief Operating Officer

Mr. Byer joined Spectrum in 2007 and held the position of Senior Vice President with responsibilities for various areas of business and product development, client relations, and asset management, until his appointment as COO on January 1, 2010. Prior to joining Spectrum, Mr. Byer was a Vice President and Director – Investment Banking at A.G. Edwards where he served as a senior member of the Financial Services Group for eight years. Mr. Byer began his career in 1991 as an attorney with Armstrong Teasdale LLP, where his practice included the representation of issuers and underwriters of preferred securities. Mr. Byer holds a B.S. in Mathematics and J.D. from the University of Illinois at Urbana-Champaign, and is a member of the Missouri and Illinois bar.

Vice President and Portfolio Manager

Prior to joining Spectrum in 2000, Mr. Diaz was head of preferred trading at Spear, Leeds & Kellogg and Pershing, a division of DLJ, where he initiated preferred trading operations at both firms. Mr. Diaz also worked at Goldman Sachs as an Analyst in the Investment Banking division and in the Preferred Stock Department as a Trader and Product Analyst.

Vice President and Portfolio Manager

Mr. Giangregorio joined Spectrum in 2003. Previously, he was an intern with the Cayuga MBA Fund LLC, where he covered Utility Sector equities. He also worked for the Ford Motor Company for over eight years as an Engine Design Engineer. Mr. Giangregorio holds a B.S. in Mechanical Engineering from S.U.N.Y. at Stony Brook, an M.S. in Mechanical Engineering from the University of Wisconsin-Madison, and an M.B.A. in Finance with distinction from Cornell University.

Vice President and Portfolio Manager

Prior to joining Spectrum in 2004, Mr. Krishnan was an Operational Analyst with the Strategy and Analysis group at Capital One Financial Corporation. He also worked as a Software Development Engineer with MathWorks, Inc., for three years developing algorithms for control and embedded systems. Mr. Krishnan is a CFA Charterholder and holds an M.B.A. in Finance from Cornell University, an M.S. in Mechanical Engineering from the University of Delaware, a B.S. in Mechanical Engineering from the College of Engineering, Osmania University, India.

Managing Director and Head of Research

Mr. Urciuoli joined Spectrum in 1998 as a Fixed-Income Analyst and most recently held the position of Senior Vice President and Director of Research until his appointment to Managing Director in January 2010. Prior to joining Spectrum, Mr. Urciuoli was an Analyst and Assistant Portfolio Manager in the Investment Division of Presidential Life Insurance, where he was instrumental in reviewing and recommending investment in high-grade corporates, structured products, and preferred securities for the general account. Mr. Urciuoli started his career in 1980 as a leisure time equity analyst for six years at Standard & Poor's, responsible for companies in the gaming, motion picture, lodging, and recreation industries. Mr. Urciuoli also was a generalist in the Securities Division managing IPO and secondary equity issuance seeking listing on the American Stock Exchange, and manager of business valuations at American Appraisal Associates, where he was principally involved in LBO analyses, debt and equity capital valuations, and rendering fairness opinions. Mr. Urciuoli holds a B.A. and M.B.A. in Finance from Long Island University.

Assistant Vice President and Assistant Trader

Prior to joining Spectrum in 1997, Mr. Tunnera was the Assistant Operations Manager for the Stamford, Connecticut, branch of Smith Barney, Inc. Mr. Tunnera holds an A.B. in Finance and Banking from Norwalk Community and Technical College.

Senior Vice President and Credit Analyst

Mr. Kriz joined Spectrum in 2008 as Vice President, and focuses on credit and research coverage for U.S. and non-U.S. banks and REITs. Mr. Kriz came to Spectrum from Moody's where he was Managing Director for its real estate finance rating team. In prior positions at Moody's, he was an analyst for U.S. and foreign banks, securities firms and other financial institutions, and sovereigns. Mr. Kriz holds an M.B.A. from the Kellogg School of Management, an M.A. in Political Science from Northwestern, and a B.A. from St. John's University in Minnesota.

Junior Analyst, Credit

Mr. Stogel joined Spectrum in 2011 as a junior analyst responsible for supporting credit research. Prior to joining Spectrum, Mr. Stogel was an equity trader with Trillium Trading for three years, focusing on economic releases, sell-side research, and real-time corporate and market information. Mr. Stogel holds a B.S. in Finance from the Smeal College of Business at The Pennsylvania State University (University Park), as well as FINRA Series 7 and 55 registrations.

Analyst, Portfolio and Client Reporting

Prior to joining Spectrum in 2012, Mr. Weiner was a Senior Associate at GFG Capital, where he was in charge of attribution, asset allocation, and external manager analysis. He also worked for more than seven years at Putnam Investments, where he was a Fixed-Income Portfolio Construction Specialist and later a Structured Credit Specialist. Mr. Weiner is a CFA Charterholder and he holds a B.S. with honors in Applied Mathematics from Carnegie Mellon University and an M.B.A. from the Stanford University Graduate School of Business.

1 As of December 31, 2014.

Asset allocation and diversification do not ensure a profit or protect against a loss.



To obtain a prospectus, download online or call Sales Support at 1.800.787.1621

While this communication may be used to promote or market a transaction or an idea that is discussed in the publication, it is intended to provide general information about the subject matter covered and is provided with the understanding that The Principal® is not rendering legal, accounting, or tax advice. It is not a marketed opinion and may not be used to avoid penalties under the Internal Revenue Code. You should consult with appropriate counsel or other advisors on all matters pertaining to legal, tax, or accounting obligations and requirements. For more information about our funds, including their full names, please see the Principal Funds, Inc. prospectus or call Sales Support at 1.800.787.1621.

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