Calamos Asset Management posted a $26 million loss in the fourth quarter, compared with net income of $9.2 million in the year-ago period. Revenues fell to $66.9 million from $124.5 million a year ago. Mutual fund AUM totaled $17.49 billion at the end of 2008, down from $34.83 billion in 2007.

"As we close out the year, the largest impact to our business in terms of asset values, fees and market prices occurred during the fourth quarter," said John Calamos, Sr., chairman, chief executive officer and co-chief investment officer.

Earlier this month, Naperville, Illinois-based Calamos announced it was cutting 47 jobs, representing about 12 percent of its workforce. The cuts do not affect the firm's investment team. 

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