In this fascinating interview, John Koudounis, CEO of Calamos Investments, shares his approach to leadership which has helped propel the firm to new heights. Since assuming leadership in 2016, John has not only boosted profitability but also expanded product offerings and wealth planning capabilities. He also speaks about his work with philanthropic organizations and what it means to him to make a positive impact beyond the financial world.
When you joined Calamos Investments in 2016 what were your goals and targets for your role as CEO? Having increased the firm’s profitability since you joined, can you tell us if this was an initial aim and how you managed to accomplish this?
When I assumed the role of CEO at Calamos Investments in 2016, my vision was clear: to elevate the firm’s already renowned brand and reputation as a leading alternatives asset manager. Enhancing profitability was the cornerstone of my strategy. Since joining Calamos, we’ve achieved remarkable growth, more than doubling our assets under management from $18 billion to $37 billion as of March 31, 2024. This achievement was no accident. It resulted from strategic decisions like investing in our businesses and making pivotal executive appointments across operations, finance, marketing, and wealth management.
But it hasn’t stopped there. In the last few years, we’ve expanded our investment capabilities, entering into private credit and sustainable investing. We’ve introduced new products that are reshaping the investment landscape today – a private credit closed-end interval fund brought in partnership with Aksia, a global leader in private markets, and a sustainable fund delivered by an innovative partnership with global professional athlete and philanthropist, Giannis Antetokounmpo. 2024 is off to an exciting start with two recently launched ETF products that draw upon the heritage and expertise of our firm, with several more in the pipeline for the year. For our wealth management business, we’ve sharpened our planning capabilities and have made strategic hires to lead the wealth management business. This includes a new Head of Wealth Management, a Chief Investment Officer, and a Chief Wealth Strategist to elevate the way we manage our clients’ investment portfolios and service our clients.
My vision remains unwavering — lead the charge in innovation, deliver excellence to our clients and make Calamos the premier alternative management brand.
How would you describe your leadership approach? After 35+ years of experience in financial services and executive leadership roles, what advice would
you give to someone starting a managing role?
Throughout my 35+ years of experience in financial services and executive leadership roles, my leadership approach blends a mindset of innovation and resilience. Leading with a mindset of innovation means the ability to manage uncertainty and actively invest both time and resources to understand factors of disruption, and to seize on opportunities that come with constant change. It is critical to be able to pivot and invest in your enterprise even when compelling arguments advise otherwise.
As for advice to new managers, build strong relationships with your team members. Understanding their strengths and aspirations helps to build a strong and complementary leadership team. Celebrating wins is important because no achievement is too small, and small achievements add to profound change. Acknowledging milestones and recognizing individual and team contributions serve as great catalysts for a superior work environment and a strong organization. Leadership isn’t just about managing—it’s about inspiring and motivating those around you.
As a leader, you have the power to create a ripple effect that extends far beyond the confines of your role. What is it about supporting and helping investors and businesses to succeed that drew you to the position you hold now, and what motivates you in your role?
Calamos Investments has a legacy of excellence and a rich history spanning nearly five decades that has focused on delivering that excellence to its clients. Our founder, John P. Calamos, Sr., started the firm to achieve this goal and made great leaps in the investment world by pioneering the use of convertible bonds as an asset class to manage risk. His groundbreaking work, along with the two books he authored on convertibles, is still taught in business schools today. That legacy of innovation and commitment to growth resonated with me, and I am driven to uphold this tradition, particularly as Calamos continues to grow and expand.
Can you explain how you and your team assist investors to avoid risk and provide solutions to build long-term success?
In today’s complex environment, risk management is paramount. Our investment strategies are designed to address various market conditions that can impact performance. It starts with thoroughly grasping market dynamics and the impacts of economic factors, all while ensuring we meet the needs and demands of our clients.
Each product is designed with a keen focus on the future. Our team is continuously evaluating its products and taking thoughtful steps to evaluate and manage risk
in our investments, or in the case of Calamos Wealth Management, any risk present in our clients’ investment portfolios.
Lastly, we communicate transparently, explaining complex concepts for our investors to provide a clear understanding of contributors and, where applicable, detractors of performance. Our regular client updates and personalized interactions foster a sense of partnership and enable clients to make informed investment decisions.
You are on the board of various organizations that fuel your philanthropic interest. Why are these important to you, and does this interest ever merge with your position in Calamos Investments?
My involvement in philanthropic organizations is driven by a genuine desire to make a positive impact beyond the financial world. Philanthropy provides a sense of purpose that exceeds profit margins and allows me to contribute to causes that matter, whether it’s education, community development or healthcare, as examples. As a proud Greek American, I work to preserve the heritage of my ancestors and the future prosperity of Greece, serving as a founding board member of The Hellenic Initiative - a global non-profit organization that brings together Diaspora Greeks and Philhellenes to invest in the future of Greece through programs focused on crisis relief, entrepreneurship, and economic development.
My philanthropic pursuits aren’t isolated from my role at Calamos; they enrich it. They remind me that leadership is about balancing impact and empathy to institute a legacy of positive change.
What are some of the features of Calamos Investments’ Calamos Aksia Alternative Credit & Income Fund (CAPIX), and what are the benefits for clients who take this up with your firm?
Calamos Aksia Alternative Credit & Income Fund (CAPIX) is a private credit interval fund that provides investors with access to an institutional-quality portfolio of private credit investments – not just direct lending like many other funds.
Through CAPIX, investors may benefit from attractive risk-adjusted returns and high current income. The fund’s asset raise reinforces the demand for private credit investing, garnering over $150 million in assets.
Has there been a recent initiative you can tell us about where you were able to support your clients? How are they succeeding today with the help from Calamos Investments?
Calamos Investments initially began as a wealth management business, dedicated to managing the complex wealth management needs of high-net-worth individuals and families. This continues to be a growing and thriving business for Calamos, and we’ve actively advanced our wealth planning capabilities to support the needs of existing and future clients. We have the opportunity to manage the hard-earned wealth of our clients and see that responsibility as an honor.
Can you tell us what makes Calamos Investments stand out? How has the firm developed over time, and how have you adapted to changes in the industry?
Calamos’ firm values and relentless focus on innovation have allowed it to differentiate itself over time. We’re not interested in being a firm that offers every investment type or strategy at a low cost. We’re a premium brand specializing in delivering sophisticated liquid alternative investments, convertible securities, and personalized wealth management capabilities that our clients need.
Our status as a private firm contributes powerful benefits to our culture, including the ability to innovate with speed, retain talent, foster loyalty, and maintain a collective, long-term perspective. Calamos has a highly tenured 350+ person associate base with an average of eight years with the firm. It’s not uncommon, however, to find tenures of 20 or 25 years—a testament to our culture and the prioritization of our people.
The Calamos Antetokounmpo Global Sustainable Equities ETF, mentioned earlier, was brought to you by a joint venture between Calamos and Giannis Antetokounmpo. This marks the first time an asset manager and professional athlete team together as 50%/50% co-owners to deliver a suite of sustainable investment funds. This isn’t a sponsorship or endorsement relationship; Giannis is a co-owner and we are committed to delivering positive societal returns by donating up to 10% of our joint venture profits annually to charities that support themes of financial literacy and empowerment. In fact, the ticker “SROI” is an acronym for societal return on investment.
The Fund is managed by our seasoned sustainable equities team who have spent the greater part of 30 years applying their proprietary sustainable investing screening and analyses to uncover what we believe are high-growth opportunities for investment consideration.
These funds create access for investors seeking a sustainable investing approach, while also striving for positive impact. Giannis often speaks about his desire to have started investing early. Through SROI, we’re enabling mass access to a product that advances the theme of financial literacy.
Finally, what should businesses know about Calamos Investments before choosing a firm to work with? Aside from this award, what other accomplishments make you and your team the one to choose?
We view our success and longevity as a reflection of our ability to meet the demands of investors through long-term performance, organic growth, and strategic acquisition. Through that lens, our assets under management have nearly doubled, and we have expanded our presence in New York and Chicago, grown our wealth management capabilities, and reinforced our position as a longstanding and leading liquid alternatives manager.
For more than 45 years, we’ve concepted better ways to serve our clients and investors. Our clients are at the heart of everything we do. Whether through Calamos Wealth Management or Calamos Investments, we remain steadfast in our commitment to put investors first, actively manage risk, and deliver innovation and excellence.
