Spectrum Asset Management, a subsidiary of Principal Global Investors, said Tuesday that it would manage a new Nuveen Investments exchange-traded fund.
The Nuveen Tax-Advantaged Floating Rate Fund, a closed-end, exchange-traded fund, invests in adjustable-rate preferred securities issued by small to midsize banking companies. These securities are eligible to pay dividends consisting primarily of tax-advantaged income.
Spectrum is based in Stamford, Conn., and advises $7.7 billion of assets for Nuveen Investments in six closed-end, exchange-traded funds, including the new one. Nuveen serves institutional clients, financial advisers, and high-net-worth investors.
Principal Global Investors is an asset management company and a member of the Principal Financial Group, a Des Moines insurer with expertise in equities, fixed-income securities, and real estate investments, as well as specialized overlay and advisory services.
