  The spectral properties of itinerant 2D systems with (nearly) ferromagnetic
ground state are studied within the spin-fermion and the classical s-d exchange
models. While the former model describes the effect of collective magnetic
excitations on the electronic properties, the latter one considers the effect
of local moments. We use the equation of motion approach combined with the 1/M
and 1/z expansions (M is the number of spin components, z is the coordination
number) to investigate spectral functions. In both the models the spectrum
splitting occurs at low temperatures T in the renormalized classical regime due
to strong magnetic fluctuations. For the interaction J between electronic and
magnetic degrees of freedom comparable to the bandwidth (the
intermediate-coupling regime) the 1/z expansion predicts full splitting of
electronic spectrum below some temperature T_s. At the same time, the spectrum
remains only partly split in the 1/M expansion with the quasiparticle structure
which becomes fully coherent at low T.
