NAPERVILLE, Ill., March, 2000 (PRIMEZONE) -- Calamos Asset Management, Inc. has announced its selection to manage $10 million in convertible bonds for the City of Midland at 345 Police and Fire Retirement System of Midland, MI.(1) The System had conducted a manager search with the assistance of consultant Harold Saunders of Salomon Smith Barney.
In the announcement, John P. Calamos, president and chief investment officer for the firm, commented that, "Convertible bonds are especially well-suited to pension funds since they historically have produced a consistent income stream while helping to maintain principal stability along with the opportunity for capital appreciation. Over the long term, convertible bonds have outperformed other pure bond classes, including high-yield ('junk') bonds.(2) Additionally, Calamos' investment discipline focuses on managing the risk/reward tradeoff, which is especially important when the market is highly volatile."
Calamos Asset Management, Inc., headquartered in Naperville, Illinois, has over 22 years experience in convertible securities investing. The firm manages approximately $4.9 billion for individual investors, institutions, endowments and foundations, pension funds and insurance companies. Approximately 20% of the firm's assets under management can be attributed to Taft-Hartley and pension plans.
Past performance is no guarantee of future results.
(1) Client has given permission for the use of its name. This
is not an endorsement of Calamos or the advisory services
provided.
(2) Convertible bonds outperformed long-term government bonds,
intermediate government bonds, corporate bonds and
municipals during the period from July 1, 1976, to
December 31, 1999, accorded to data provided by Ibbotson
Associates, Inc. Note: Different types of bonds have varying
levels of risk. Unlike convertible bonds, the principal and
interest of government bonds, as well as the principal and
interest of U.S. Treasury bills, are guaranteed by the full
faith and credit of the United States. Municipal bond income
is exempt from U.S. Income Tax.
CONTACT: Marilyn Dale
Vice President of Marketing
800.323.9943
630.245.7258
mdale@calamos.com