Calamos Asset Managements third-quarter assets under management fell $8 billion, or 19%, to $33 billion, the company announced today. The company attributed $6.5 billion of the loss to market depreciation and about $1.5 billion to redemptions.
For the nine months ended Sept. 30, assets declined 28%, or $13 billion $11 billion from market depreciation and about $2 billion from redemptions, according to a Calamos news release.
The third quarter of 2008 was unlike any weve ever seen in the financial markets. In these turbulent times for investors, there has been no place to hide. We believe that the unprecedented decline in value of the equity markets, while painful, is temporary, John P. Calamos Sr., chairman and CEO, in the news release.
Calamos experienced a net loss of $800,000 in the third quarter and $2 million for the first nine months of 2008, compared to a net profit of $7 million in the third quarter 2007 and an $18 million gain in the first nine months of 2007. Third-quarter revenue was $102 million this year, compared to $119 million for the same period a year earlier, according to the news release.