Calamos explains the step as part of expense reduction initiative. The reduction will be approximately by 12%.
“After evaluating the impact of the unprecedented deterioration in the global financial markets, these changes were made to help align the company’s cost structure with the current level of assets under management and revenues,” says John P. Calamos, Sr., chairman, chief executive officer and co-chief investment officer.
“We have reduced expenses and staff by more than 40 positions across the company. However, we believe we remain competitive and are well positioned to seek growth opportunities in the marketplace,” continues Calamos.
L.D.