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Gary Black marginalized at Calamos

David_Snowball
edited September 2015 in Fund Discussions
As I've noted before, the guy seems problematic. Mr. Calamos's decision to reconfigure his executive team struck me at the time as unwise (see Gary Black as savior? Really?, September 2012) since he was bringing in a guy around whom lawsuits, controversy, and negative press swirled. Yesterday Calamos filed the following announcement with the SEC:

"Effective immediately, Gary Black will no longer be a member of the investment team managing any of the series of the Calamos Investment Trust other than the Calamos Long/Short Fund where he will remain a Co-Portfolio Manager. Accordingly, all references to Mr. Black’s position of Global Co-CIO and his involvement with all other series of the Calamos Investment Trust except for the Calamos Long/Short Fund shall be deemed deleted from the Summary Prospectuses, Prospectuses, and Statement of Additional Information of the Calamos Investment Trust. "

The Long/Short fund was Black's project before he joined Calamos. The press release merely says that Mr. Black "will transition from the firm by October 31, 2015." His bio now reads:

"Gary D. Black. Gary D. Black serves as a Co-Portfolio Manager as of September 2015. Between August 31, 2012 and September 2015 he was the Executive Vice President and Global Co-CIO of CALAMOS ADVISORS. Mr. Black served as Chief Executive Officer and Chief Investment Officer, and was a Founding Member of Black Capital LLC from July 2009 until August 2012. Prior thereto, Mr. Black served as Chief Executive Officer of Janus Capital Group from January 2006 through July 2009."

His fund, CALSX, seems to offer elevated volatility with average returns.

I've dropped Calamos a note, asking what led to the changes and what happens to CALSX after Halloween. Firm representatives, citing what they believe to be unprofessional behavior in our earlier coverage, are reluctant to provide additional comment now. That's understandable. The official word on the change is available at the Calamos website.

As ever,

David

Comments

  • rjb112
    David, thanks for keeping us posted on Calamos.
  • [Deleted User]
    The user and all related content has been deleted.
  • heezsafe
    What they mistook as unprofessional behavior was instead free, un-varnished, un-professional (but not un-informed) advice. Perhaps they chose not to take the MFO advice under consideration, because it wasn't consistent with their modus vivendi (i.e. it didn't come with high fees and a big fat load (of corporate-speak)). Well, look who's wearing the sad face now. Indeed.

    And now I shall temporarily "transition from" the MFO board to spend more time with my family.:)
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