John Calamos

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John P. Calamos, Sr. (born 1940) is a GreekAmerican businessman, mutual fund manager and a self-made billionaire with an estimated net worth of 2.7 billion dollars according to Forbes.[1] He founded Calamos Asset Management in 1977, and won BusinessWeek's best manager for 2003 and 2004 [citation needed]. He is also a veteran of the Vietnam War, in which he served as a fighter pilot in the Air Force. Calamos received a bachelor's degree in business and economics from Illinois Institute of Technology in 1963 and an M.B.A. in 1970, and currently serves on the IIT Board of Trustees.

Calamos Asset Management[edit]

Calamos made his fortune by founding and taking public Naperville, IL based Calamos Asset Management, a mutual-fund company that as of 2007 oversaw nearly $43 billion in assets.[2] By September 2016 assets under management at the firm had declined to 20.2 billion, while the firms stock price had declined to about half of what it was in 2014.[3]

In March 2016 Calamos relinquished the CEO title after struggling for two years to reverse a decline in the company's business and stock price.[4]

Controversy[edit]

Calamos was criticized by activist investors who pushed for greater accountability and higher returns as well as concerns over instances of apparent self-dealing.[2]

In September 2016 it was reported that a former Calamos Investment manager had filed a whistleblower lawsuit against the firm and Calamos personally after sending an email to Calamos and three other executives expressing concerns about "shrinking assets, poor financial results, a high cost structure, conflicts of interest and personnel moves, abilities and turnover."[3]

References[edit]

  1. ^ "John Calamos, The World's Richest People - Forbes.com". www.forbes.com. Retrieved 2017-01-19. 
  2. ^ a b "The Billionaire Next Door". Chicago magazine. Retrieved 2017-01-19. 
  3. ^ a b Yerak, Becky. "Calamos investment firm hit with whistleblower suit". chicagotribune.com. Retrieved 2017-01-19. 
  4. ^ "Calamos Investments patriarch gives up CEO title". Crain's Chicago Business. Retrieved 2017-01-19.