* 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)