Calamos Asset Management Inc. (CLMS, Financial) filed Quarterly Report for the period ended 2010-03-31.
Calamos Asset Management Inc. has a market cap of $271.4 million; its shares were traded at around $13.64 with a P/E ratio of 20.7 and P/S ratio of 1. The dividend yield of Calamos Asset Management Inc. stocks is 2.2%.CLMS is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Separate accounts, which represent institutional and managed accounts, had net redemptions of $515 million during the first quarter of 2010 compared to net redemptions of $241 million for the comparable prior-year period mainly due to outflows in our managed accounts of $774 million for the first quarter 2010 versus $279 million of outflows in the comparable prior-year period. The net outflows for the quarter were the result of our decision to increase the account minimums for our convertible-based strategies on separately-managed account platforms. In our view, new trading and market dynamics in the convertible securities markets have changed in a way that limits our ability to effectively manage lower-dollar convertible managed accounts in a manner consistent with our investment philosophy and process. As a result, we made
the decision to raise the account minimums for these accounts. This decision to increase the investment minimums resulted in the closure or transfer of approximately $785 million convertible-based managed accounts during the first quarter of 2010 with the remaining affected accounts closing or transferring early in the second quarter 2010. The managed account outflows were partially offset by net inflows of $259 million within our institutional accounts for the three months ended March 31, 2010 compared to $38 million in the comparable prior-year period. Separate accounts were positively impacted by market appreciation of $204 million during the three months ended March 31, 2010 compared to market appreciation of $79 million during the three months ended March 31, 2009.
Investment management fees increased 39% in the first quarter of 2010 primarily due to a $9.2 billion, or 40%, increase in average assets under management across all products for the first quarter 2010 versus 2009. Investment management fees from open-end funds increased to $36.5 million for the three months ended March 31, 2010 from $25.0 million for the prior-year period, a result of a $6.4 billion increase in open-end fund average assets under management. Investment management fees from our closed-end funds increased to $11.0 million for the first quarter of 2010 from $8.3 million for the prior-year quarter, due to a $1.2 billion increase in closed-end fund average assets under management. Investment management fees from our separately managed accounts increased to $10.8 million for the three months ended March 31, 2010 from $8.6 million in the prior year again due to a $1.7 billion increase in average assets under management. Investment management fees as a percentage of average assets under management was 0.73% and 0.74% for the three months ended March 31, 2010 and 2009, respectively.
Distribution and underwriting fees increased by $4.8 million, or 28%, to $21.8 million for the three months ended March 31, 2010 from $17.0 million for the first quarter 2009. The increase was primarily due to a $5.1 million increase in distribution fees as a result of a 49% increase in open-end fund average assets under management.
Non-operating activities increased income by $6.9 million for the three months ended March 31, 2010 and by $12.3 million for the prior-year quarter. Interest expense remained flat year over year as our debt level remained constant. Investment and other income for the period ending March 31, 2010 was $8.8 million compared to $14.1 for the prior-year quarter. Investment income for the three months ended March 31, 2010 was mostly comprised of $10.2 million in realized gains from the sale of securities from our corporate investment portfolio while investment income for the prior years quarter was mostly comprised of net gains of $14.5 million from equity option contracts.
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Calamos Asset Management Inc. has a market cap of $271.4 million; its shares were traded at around $13.64 with a P/E ratio of 20.7 and P/S ratio of 1. The dividend yield of Calamos Asset Management Inc. stocks is 2.2%.CLMS is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
Assets under management increased by $9.5 billion, or 40%, to $33.0 billion at March 31, 2010 from $23.5 billion at March 31, 2009. Our assets under management consisted of 73% mutual funds and 27% separate accounts at March 31, 2010 and 2009.Separate accounts, which represent institutional and managed accounts, had net redemptions of $515 million during the first quarter of 2010 compared to net redemptions of $241 million for the comparable prior-year period mainly due to outflows in our managed accounts of $774 million for the first quarter 2010 versus $279 million of outflows in the comparable prior-year period. The net outflows for the quarter were the result of our decision to increase the account minimums for our convertible-based strategies on separately-managed account platforms. In our view, new trading and market dynamics in the convertible securities markets have changed in a way that limits our ability to effectively manage lower-dollar convertible managed accounts in a manner consistent with our investment philosophy and process. As a result, we made
the decision to raise the account minimums for these accounts. This decision to increase the investment minimums resulted in the closure or transfer of approximately $785 million convertible-based managed accounts during the first quarter of 2010 with the remaining affected accounts closing or transferring early in the second quarter 2010. The managed account outflows were partially offset by net inflows of $259 million within our institutional accounts for the three months ended March 31, 2010 compared to $38 million in the comparable prior-year period. Separate accounts were positively impacted by market appreciation of $204 million during the three months ended March 31, 2010 compared to market appreciation of $79 million during the three months ended March 31, 2009.
Investment management fees increased 39% in the first quarter of 2010 primarily due to a $9.2 billion, or 40%, increase in average assets under management across all products for the first quarter 2010 versus 2009. Investment management fees from open-end funds increased to $36.5 million for the three months ended March 31, 2010 from $25.0 million for the prior-year period, a result of a $6.4 billion increase in open-end fund average assets under management. Investment management fees from our closed-end funds increased to $11.0 million for the first quarter of 2010 from $8.3 million for the prior-year quarter, due to a $1.2 billion increase in closed-end fund average assets under management. Investment management fees from our separately managed accounts increased to $10.8 million for the three months ended March 31, 2010 from $8.6 million in the prior year again due to a $1.7 billion increase in average assets under management. Investment management fees as a percentage of average assets under management was 0.73% and 0.74% for the three months ended March 31, 2010 and 2009, respectively.
Distribution and underwriting fees increased by $4.8 million, or 28%, to $21.8 million for the three months ended March 31, 2010 from $17.0 million for the first quarter 2009. The increase was primarily due to a $5.1 million increase in distribution fees as a result of a 49% increase in open-end fund average assets under management.
Non-operating activities increased income by $6.9 million for the three months ended March 31, 2010 and by $12.3 million for the prior-year quarter. Interest expense remained flat year over year as our debt level remained constant. Investment and other income for the period ending March 31, 2010 was $8.8 million compared to $14.1 for the prior-year quarter. Investment income for the three months ended March 31, 2010 was mostly comprised of $10.2 million in realized gains from the sale of securities from our corporate investment portfolio while investment income for the prior years quarter was mostly comprised of net gains of $14.5 million from equity option contracts.
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