Calamos Asset Management Inc. (CLMS, Financial) filed Quarterly Report for the period ended 2009-06-30.
Calamos Asset Management Inc. provides investment advisory services through its subsidiaries to institutions and individuals principally in the United States. The company applies a proprietary investment process centered on risk management across an expanding range of investment strategies within the equity balanced convertible high yield and alternative investment classes. Calamos Asset Management Inc. has a market cap of $251.4 million; its shares were traded at around $12.81 with and P/S ratio of 0.7. The dividend yield of Calamos Asset Management Inc. stocks is 1.7%.
Separate accounts had net redemptions of $167 million and $408 million during the second quarter and year-to-date period ended June 30, 2009, respectively, compared to net purchases of $83 million and $189 million during the prior-year periods due to outflows within our managed accounts where the convertible strategy remains closed to new investments and to the timing of sales in our institutional accounts. Separate accounts were positively impacted by market appreciation of $816 million and $895 million during the three and six months ended June 30, 2009, respectively, compared to market appreciation of $186 million and market depreciation of $1.0 billion in the three and six months ended June 30, 2008, respectively.
Total revenues decreased by $45.2 million, or 40%, to $67.1 million for the three months ended June 30, 2009 from $112.2 million for the prior year. For the six months ended June 30, 2009, total revenues decreased by $96.3 million, or 43%, to $126.6 million from $222.9 million for the prior year. The decrease was primarily due to lower investment management fees and distribution and underwriting fees.
Compared to the prior year, investment management fees decreased 39% in the second quarter of 2009 primarily due to a $17.0 billion decrease in average assets under management across all products. Investment management fees from open-end funds decreased to $29.0 million for the three months ended June 30, 2009 from $48.2 million for the prior-year period, a result of a $10.2 billion decrease in open-end fund average assets under management. Investment management fees from our closed-end funds decreased to $9.0 million for the second quarter of 2009 from $15.3 million for the prior-year quarter, due to a $2.9 billion decrease in closed-end fund average assets under management. Investment management fees from our separately managed accounts decreased to $9.5 million for the three months ended June 30, 2009 from $14.9 million in the prior year again due to a $4.0 billion decrease in average assets under management. Investment management fees as a percentage of average assets under management was 0.74% and 0.73% for the three months ended June 30, 2009 and 2008, respectively.
Compared to the prior year, investment management fees decreased 43% in the first half of 2009 primarily due to a $17.9 billion decrease in average assets under management across all products. Investment management fees from open-end funds decreased to $54.0 million for the six months ended June 30, 2009 from $95.0 million for the prior-year period, a result of a $10.8 billion decrease in open-end fund average assets under management. Investment management fees from our closed-end funds decreased to $17.3 million for the first half of 2009 from $30.7 million for the prior-year quarter, due to a $3.1 billion decrease in closed-end fund average assets under management. Investment management fees from our separately managed accounts decreased to $18.2 million for the six months ended June 30, 2009 from $30.0 million in the prior year again due to a $4.1 billion decrease in average assets under management. Investment management fees as a percentage of average assets under management was 0.74% for the first half of 2009 and 2008.
Operating expenses decreased to $45.7 million and $92.1 for the second quarter and first half of 2009, respectively, from $63.1 million and $129.4 million in the comparable periods of the prior year reflecting our commitment to leveraging our operating expense structure as well as lower assets under management.
Read the The complete ReportCLMS is in the portfolios of John Keeley of Keeley Fund Management.
Calamos Asset Management Inc. provides investment advisory services through its subsidiaries to institutions and individuals principally in the United States. The company applies a proprietary investment process centered on risk management across an expanding range of investment strategies within the equity balanced convertible high yield and alternative investment classes. Calamos Asset Management Inc. has a market cap of $251.4 million; its shares were traded at around $12.81 with and P/S ratio of 0.7. The dividend yield of Calamos Asset Management Inc. stocks is 1.7%.
Highlight of Business Operations:
During the first half of 2009, net purchases in our mutual funds of $74 million represent a favorable change of $806 million from net redemptions of $732 million in the first half of 2008. The improvement in net redemptions, compared to the first half of 2008 was primarily due to an increase of $1.2 billion in net sales of our Convertible Fund, as well as continued net purchases into our High Yield Fund and Total Return Bond Fund. Mutual funds were positively impacted by market appreciation of $2.4 billion during the six months ended June 30, 2009 compared to market depreciation of $3.4 billion during the six months ended June 30, 2008.Separate accounts had net redemptions of $167 million and $408 million during the second quarter and year-to-date period ended June 30, 2009, respectively, compared to net purchases of $83 million and $189 million during the prior-year periods due to outflows within our managed accounts where the convertible strategy remains closed to new investments and to the timing of sales in our institutional accounts. Separate accounts were positively impacted by market appreciation of $816 million and $895 million during the three and six months ended June 30, 2009, respectively, compared to market appreciation of $186 million and market depreciation of $1.0 billion in the three and six months ended June 30, 2008, respectively.
Total revenues decreased by $45.2 million, or 40%, to $67.1 million for the three months ended June 30, 2009 from $112.2 million for the prior year. For the six months ended June 30, 2009, total revenues decreased by $96.3 million, or 43%, to $126.6 million from $222.9 million for the prior year. The decrease was primarily due to lower investment management fees and distribution and underwriting fees.
Compared to the prior year, investment management fees decreased 39% in the second quarter of 2009 primarily due to a $17.0 billion decrease in average assets under management across all products. Investment management fees from open-end funds decreased to $29.0 million for the three months ended June 30, 2009 from $48.2 million for the prior-year period, a result of a $10.2 billion decrease in open-end fund average assets under management. Investment management fees from our closed-end funds decreased to $9.0 million for the second quarter of 2009 from $15.3 million for the prior-year quarter, due to a $2.9 billion decrease in closed-end fund average assets under management. Investment management fees from our separately managed accounts decreased to $9.5 million for the three months ended June 30, 2009 from $14.9 million in the prior year again due to a $4.0 billion decrease in average assets under management. Investment management fees as a percentage of average assets under management was 0.74% and 0.73% for the three months ended June 30, 2009 and 2008, respectively.
Compared to the prior year, investment management fees decreased 43% in the first half of 2009 primarily due to a $17.9 billion decrease in average assets under management across all products. Investment management fees from open-end funds decreased to $54.0 million for the six months ended June 30, 2009 from $95.0 million for the prior-year period, a result of a $10.8 billion decrease in open-end fund average assets under management. Investment management fees from our closed-end funds decreased to $17.3 million for the first half of 2009 from $30.7 million for the prior-year quarter, due to a $3.1 billion decrease in closed-end fund average assets under management. Investment management fees from our separately managed accounts decreased to $18.2 million for the six months ended June 30, 2009 from $30.0 million in the prior year again due to a $4.1 billion decrease in average assets under management. Investment management fees as a percentage of average assets under management was 0.74% for the first half of 2009 and 2008.
Operating expenses decreased to $45.7 million and $92.1 for the second quarter and first half of 2009, respectively, from $63.1 million and $129.4 million in the comparable periods of the prior year reflecting our commitment to leveraging our operating expense structure as well as lower assets under management.
Read the The complete ReportCLMS is in the portfolios of John Keeley of Keeley Fund Management.
