UPDATE 1-Calamos Asset Q1 profit beats Street view

Tue May 4, 2010 4:22pm EDT

* Q1 EPS $0.24 vs est $0.21

* Revenue up 36 pct

* Avg assets under management rose 40 pct

May 4 (Reuters) - U.S. money manager Calamos Asset Management Inc (CLMS.O) posted quarterly profit above market expectations, helped by a 40 percent rise in average assets under management. First-quarter net income attributable to common shareholders was $4.8 million, or 24 cents a share, compared with net profit of $3.4 million, or 17 cents a share, in the year-ago period.

Analysts on average had expected the company to post earnings of 21 cents a share, according to Thomson Reuters I/B/E/S. Revenue for the quarter was up 36 percent at $81.1 million.

Average assets under management in the first quarter, a key driver of revenue and profit in fund management companies, were $32.3 billion, compared with $23.1 billion, last year.

Shares of the company closed at $12.50 Tuesday on Nasdaq. (Reporting by Supantha Mukherjee in Bangalore; Editing by Jarshad Kakkrakandy)

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