Calamos Asset Management

(CLMS)

reported a 64% jump in its quarterly profit Tuesday, as assets under management rose to $42.2 billion.

The Naperville, Ill., firm earned $7.64 million, or 33 cents a share, for the third quarter, up from $4.67 million, or 20 cents a share, on a pro forma basis in the prior year. Calamos uses pro forma results for the comparisons because of the company's 2004 reorganization and initial public offering. Analysts' mean estimate called for a profit of 30 cents a share, according to Thomson First Call.

Assets under management were $42.2 billion as of Sept. 30, up 27% from $33.2 billion from the prior year, according to Calamos. Revenue rose 33% to $107.7 million from $81.2 million year earlier.

"Positive net flows and market appreciation in the third quarter led to a 7% quarter-over-quarter increase in assets under management despite a challenging equity market," said John Calamos Sr., chairman and chief executive officer of the investment advisory firm.

"Looking forward, we believe the U.S. economy is fundamentally strong despite high energy prices, based on factors ranging from GDP to corporate balance sheets. We also see appealing investment opportunities internationally, in countries like Canada and Japan," Calamos added.

Shares of Calamos finished trading Tuesday down 41 cents, or 1.5%, to $26.34.