Calamos Asset Management ( CLMS) 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. Compared with the first quarter, though, assets under management fell 4% due to $2.3 billion in market depreciation, partially offset by $536 million in net purchases. "The stock market's nervous saw-tooth pattern is similar to 1994, when the Fed also repeatedly raised interest rates," Chairman and Chief Executive John Calamos Sr. said in a statement. "This market volatility affected second quarter asset flows for our firm and other asset managers... We continue to believe that when the Fed stops raising interest rates, it will serve as a catalyst for positive stock market action. We have positioned our portfolios accordingly." During the quarter, Calamos firm rolled out its growth, value, and global growth and income funds into one core portfolio called ( CMQAX) Calamos Multi-Fund Blend , which seeks to create a diversified portfolio that can find an upside in any section of the market cycle. "Trying to have perfect market timing especially in this volatile market just doesn't work," Chief Financial Officer and Treasurer Patrick Dudasik said during the conference call.