Asset manager Calamos Investments has closed two if its Ucits strategies after failing to attract enough assets earlier this month, Citywire Selector's sisters site Citywire Americas can reveal.
The Illinois-based investment firm has shut the Ireland- domiciled Calamos US Growth fund and the Calamos Global High Yield fund, both of which were managed by founder John Calamos when they were closed on February 2.
Despite mirroring the US-domiciled $1.8 billion Calamos Growth Fund, the US growth strategy was not able to garner the same level of assets. Combined the two funds had approximately $21 million in assets under management, most of which came from corporate assets.
A spokesman for the firm confirmed the assets would be redeployed to building new investment vehicles.
He said: ‘The closures were a result of a strategic product assessment and normal product rationalization practices, and corporate assets made up the vast majority of the small AUM bases of the funds.
‘These assets were redeployed toward the development of new products we believe are more attractive to our clients.’
Calamos, with $18.3 billion in assets under management, has reorganized its management several times in the past few years, with John Calamos stepping down as chief executive in March 2016 to give way to successor John Koudounis.
It is in the process of converting from a publicly traded firm to a private company.