Calamos Asset Management's income swung positive again last quarter. On Thursday the Naperville, Illinois-based asset manager revealed first quarter net income of $23.058 million, of which $3.352 million is "attributable to Calamos Asset Management," company executives said. This compares to a net loss of $9.902 million in Q1 2008 and a net loss of $26 million in Q4 2008.

"Even as we expect continued near-term market turbulence, we remain cautiously optimistic about the investment opportunities in the global markets," stated John Calamos, chairman, CEO and co-chief investment officer of the firm. "The company continues to position itself for future growth by strengthening and diversifying its distribution platform by focusing resources in institutional, retirement platforms, and offshore distributions."

Calamos' mutual fund AUM fell 44 percent year-over-year from $30.658 billion to $17.089 billion on March 31, 2009. 

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