Calamos Earnings Fall Short

Calamos Asset Management(CLMS Quote) said late Tuesday that second-quarter earnings rose 16% thanks to growth in assets under management, though the company's quarter-to-quarter comparisons were hurt by the recent equity slide.

The asset manager posted net income of $8.1 million, or 34 cents a share, compared with $7 million, or 30 cents a share, a year-ago. The earnings fell 2 cents short of Thomson First Call's average analyst estimate.

Revenue jumped 26% to $124.4 million. Assets under management, the metric that drives management fees, advanced 16% from a year earlier to $45.8 billion at the end of June. Mutual funds assets were up 20% to $33.8 billion from $28.3 billion a year ago, while separately managed account assets grew 7% to $12 billion from $11.2 billion last year. ...