Gary D. Black joined Calamos Investments as global co-chief investment officer.
In addition, Calamos will acquire Black Capital, the long/short equity money management firm Mr. Black founded after leaving his post as CEO of Janus Capital Group in July 2009. Details of the purchase weren't revealed.
Mr. Black replaces Nick P. Calamos in the co-CIO role, alongside global co-CIO John P. Calamos Sr., the firm's founder and CEO. Nick Calamos is a nephew of John P. Calamos Sr.
According to a Calamos news release issued Thursday, Nick Calamos, “has decided to step back from the day-to-day business of the firm to pursue personal interests,” although he'll continue to serve on the company's board of directors.
In a telephone interview Thursday, the elder Mr. Calamos said Nick Calamos' other position, president of investments, won't be filled, with himself and Mr. Black effectively assuming those responsibilities. The news release said the two executives will lead the firm's investment teams and oversee portfolio management, research, trading and risk management.
In the interview, Mr. Calamos said the addition of Black Capital's New York-based long/short equity team, less than two months after Calamos announced it had added a three-person value equity team, points to a strategic goal of the firm to expand its investment lineup.
With the goal of building an investment structure of “more teams, focused on specific strategies … we're positioning ourselves to take advantage of global growth opportunities,” and Mr. Black's experience will help Calamos get there, Mr. Calamos said.
In the same interview, Mr. Black noted his experience has included overseeing a multiproduct platform of independent investment teams at Janus wedded with “common risk management and common portfolio specialist teams” from the parent company.
Asked if Mr. Black should be considered his heir apparent, Mr. Calamos said the firm's board of directors isn't at the stage where it is focusing on succession.
