Calamos Investments LLC has seen its second leadership change in three years.
The man hired in 2012 to help rebuild assets under management, co-Chief Investment Officer Gary Black, left the firm in September. About 12 other staffers also have left this year, sources said.
While net outflows at the firm have slowed in 2015 as investment performance improved under Mr. Black, Calamos' assets under management still are less than half of what they were before the financial crisis.
Firm founder John Calamos Sr., 75, said he is confident that a reorganization implemented in September will help rebuild assets and improve profits. While Mr. Black had been a key architect of the new approach, Mr. Calamos said he is not concerned that Mr. Black would not be leading it. Mr. Calamos would not go into detail on the departure of Mr. Black or other staffers.
Mr. Black declined to comment for this story.
But Mr. Black's departure already has led one major client to terminate Calamos — the $17.97 billion Illinois State Universities Retirement System.
Mr. Calamos, who serves as the firm's chairman, CEO and global co-CIO, has much to gain from rebuilding assets; it could help raise the money manager's stock price out of its stupor.
The company he controls, Calamos Family Partners Inc., owns almost 80% of the stock in Calamos Investments. The remainder is owned by Calamos Asset Management, the public entity that trades on the Nasdaq exchange.
The stock has traded in the $9 range this month, down from more than $16 four years ago.
Naperville, Ill.-based Calamos' current operating profit margin is 15%, less than half the average of other publicly traded asset managers. Calamos Family Partners received $23 million in distributions from stock in Calamos Investments in the first nine months of 2015, company financial statements show. Calamos' 2015 proxy statement also shows that Mr. Calamos received a compensation package worth more than $4 million in 2014.