Calamos Investments has given State Street a mandate to provide fund accounting and administration services for the Illinois-based entity.
The chores will encompass Calamos’ equity-oriented closed-fund offering, the Calamos Strategic Total Return Fund. Launched in February 2004, the fund has raised more than $2 billion in assets during its offering period, placing it among the largest closed-end fund initial public offerings.
Calamos has $29 billion in assets under management as of March 31, 2004.
“After a thorough review of investment service providers, we selected State Street because of its superior service quality, leading-edge technology solutions and commitment to the servicing business,” said Nimish Bhatt, senior vice president of Calamos. “We are confident that our shareholders will be well served by the level of support that State Street will provide to the fund.”
State Street is the leading provider of fund accounting in the United States, servicing more than 40 percent of the mutual fund industry. In 2003 State Street was named Mutual Fund Administrator of the Year in Global Custodian magazine’s annual survey.
“We are extremely pleased to have been selected by Calamos to service their new Strategic Total Return Fund,” said Alan Greene, executive vice president of State Street. “This mandate demonstrates our ability to deliver flexible and tailored solutions that enable fund managers to focus on their core capabilities. We are delighted to support Calamos’ future growth.”