Calamos Asset Management, a US firm providing services including wealth management, said yesterday that it swung back into profit last year, making a net income of $12.4 million for 2009, against a net loss of $24.5 million in the previous 12 months.

Revenues fell last year to $281.7 million from $391.6 million, but expenses also fell, to $183.7 million against $232.5 million, the firm said.

Assets under management as of 31 December 2009 were $32.7 billion, representing an increase of $2.2 billion, or 7 per cent, from the previous quarter-end.

"In the fourth quarter, our results benefited from the improving global economy, increasing positive flows, and continued outperformance of many of our investment strategies,” said John Calamos, chairman, chief executive and co-chief investment officer.

"Though flows were relatively flat for the year, net sales for the quarter were a robust $432 million and continue to trend positively into 2010. We benefited throughout the year from asset appreciation that resulted from our strong investment performance. While industry fund flows were predominately in fixed income strategies during 2009, we believe our short and long-term investment performance in our equity and defensive equity strategies positions us well for the future as investor appetite for equities returns,” Mr Calamos continued.

"Increased interest in our defensive equity strategies, especially our global strategies, drove demand and flows in our institutional business during the fourth quarter and into January,” he added.