ABSTRACT In this paper we investigate spectral and phase coherence properties of magnetic fluctuations in the vicinity of the spectral transition from large, magnetohydrodynamic to sub-ion scales using in situ measurements of the Wind spacecraft in a fast stream. For the time interval investigated by Leamon et al. (1998) the phase coherence analysis shows the presence of sporadic quasi-parallel Alfvén ion cyclotron (AIC) waves as well as coherent structures in the form of large-amplitude, quasi-perpendicular Alfvén vortex-like structures and current sheets. These waves and structures importantly contribute to the observed power spectrum of magnetic fluctuations around ion scales; AIC waves contribute to the spectrum in a narrow frequency range whereas the coherent structures contribute to the spectrum over a wide frequency band from the inertial range to the sub-ion frequency range. We conclude that a particular combination of waves and coherent structures determines the spectral shape of the magnetic field spectrum around ion scales. This phenomenon provides a possible explanation for a high variability of the magnetic power spectra around ion scales observed in the solar wind.