Calamos Asset Management Inc. reported better-than-expected third quarter results late Tuesday with revenues topping $78 million, a 6% increase over the third quarter of 2009.
The company reported net income of $4.7 million, with earnings per share of $0.23, beating analysts' expectations of $0.22, according to Reuters.
"In the third quarter of 2010, Calamos Asset Management maintained its strength in both the overall financial health of the company as well as in the relative performance of our investment strategies," said Chairman and CEO John Calamos, Sr. in a press release.
"The company has displayed stability amid economic uncertainty and continued market volatility," he added.
Assets under management for the third quarter increased 9% over the second quarter to $32.6 billion. The company attributed the increase to $3.1 billion in market appreciation partially offset by $0.4 billion in net redemptions. Investment management fees increased to $57.6 million, driven by an 8% increase in average assets under management to $31 billion.