Beyond hyperinvariance for compact operators

We introduce a new class of operator algebras on Hilbert space. To each bounded linear operator a spectral algebra is associated. These algebras are quite substantial, each containing the commutant of the associated operator, frequently as a proper subalgebra. We establish several sufficient conditions for a spectral algebra to have a nontrivial invariant subspace. When the associated operator is compact this leads to a generalization of Lomonosov's theorem.