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Rating:UPDATED | Nick Calamos Has Three Weeks Left as co-CIO Not Rated 2.0 Email Routing List Email & Route  Print Print
Tuesday, August 28, 2012

UPDATED | Nick Calamos Has Three Weeks Left as co-CIO

Reported by Sean Hanna, Editor in Chief

Nick Calamos will be leaving his leadership positions within his uncle's firm within a month. A filing with the SEC this week discloses that Nick Calamos will formally give up his day jobs as president and co-chief investment officer no later than September 15. The agreement was signed by Jim Boyne, Calamos' chief operating officer. [SEC filing][amendment]

His departure from Calamos Asset Management comes a week after the mutual fund firm purchased Black Capital Management. That deal brought former Janus CEO and Goldman Sachs Asset Management distribution chief Gary Black to Calamos. Black appears to be stepping into Nick Calamos' shoes. Black will be co-CIO and president of Investments. He is also a logical successor to Calamos founder John Calamos.

Nick Calamos will remain at the mutual fund shop as a director, according to the filing. His annual base salary will be $177,632, but he will not be eligible for a bonus or equity awards. That salary is in-line with that paid to outside directors.

The company is also cancelling "all of the unvested stock options and restricted stock units" held by Nick Calamos. That treatment is "consistent" with how unvested options are treated for other employees on their departure, said a source with knowledge of the matter.

He will continue as an advisor to Calamos and retains a "significant equity interest" in Calamos, according to the source. 

Correction: An earlier version of this story mischaracterized Nick Calamos' compensation going forward and gave an incorrect first name for Calamos' COO. His full name is Jim Boyne.

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