Calamos Asset Management [see profile] missed earnings estimates in a quarter when the stock markets shook. Today the Naperville, Illinois-based mutual fund firm revealed that its diluted earnings for Q3 2011 were $0.22 per share, down from $0.32 in Q2 and compared with the $0.24 analysts' estimate.

The S&P 500 fell more than 14 percent last quarter, and Calamos' assets fell 15 percent, to $31.8 billion on September 30. The firm suffered $925 million in net outflows and $4.7 billion in performance pain.

"Because Calamos has a significant portion of our AUM in equities, the company experienced a reduction in assets under management driven largely by market depreciation," stated John Calamos, Sr., CEO and co-chief investment officer. "We continued to see positive net flows this quarter into our global growth equity products and from our non-U.S. distribution efforts, while net flows for U.S. mutual funds and institutional separate accounts were negative." 

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