Calamos to launch second European office in 2013
US asset manager Calamos Investments is planning to launch a second office in Europe in 2013, as part of a broader strategy to develop its business in key European markets.
Founded in 1977 by chief executive and co-chief investment officer John P. Calamos (pictured), the company launched its London operations in 2009 and it currently has four people on the ground.
A final location for the new office has not been decided yet, but it is understood that Calamos will focus its investments in key European markets such as Italy, Switzerland, Germany and Scandi countries.
Geoffrey Davis, head of intermediary distribution for Europe, Middle East and Africa, confirmed that the company is looking to expand its European business, targeting in particular private banks and wealth managers.
In Europe, Calamos offers five UCITS funds, the latest of which, the Global high income fund, launched on July 2.
The other UCITS funds are: US growth fund, Emerging markets fund, Global equity fund and Global convertible opportunities fund.
“The global equity fund is having the greatest appeal to European investors, followed by the emerging markets fund and by the US fund. We are optimist on the outlook for the US economy, where quantitative easing continues to create stimulus,” he said.
According to Davis, we live in a multiple speed economy, with different speeds within Europe itself, where the outlook for the Southern and Northern regions remains very different.
“We like Northern and Scandi countries, but we still don’t see the light at the end of the tunnel for the eurozone crisis,” he said.
He added that at the moment portfolios don’t have direct exposure to Southern European countries such as Spain and Italy.
“We consider ourselves growth managers. Now macroeconomics is driving investment decisions and we base them on proprietary research produced by our US team. We analyse companies with a buyer’s eye. We look at the global franchise, where revenues are generated, balance sheet, productivity and corporate governance,” he said.
Rather than thinking in terms of risk on/risk off, Calamos defines market sentiment as growth on/growth off.
“We are in a growth off mode now. We are having a serious rollercoaster ride,” Davis said.
Calamos Investments has $36bn under management in about 20 strategies and 340 employees.