Editors’ Note

John Koudounis joined Calamos Investments in April 2016. Previously, he was President and Chief Executive Officer, Mizuho Securities USA Inc.; Managing Director, ABN AMRO Inc; and Vice President, Merrill Lynch. He graduated from Brown University with a degree in international diplomacy, foreign affairs, and economics.

Firm Brief

Calamos Investments (calamos.com) is a diversified global investment firm offering innovative investment strategies including alternatives, multi-asset, convertible, fixed income, and equity. The firm offers strategies through ETFs, mutual funds, closed-end funds, interval funds, and UCITS funds and separately managed portfolios. Clients include financial advisors, wealth management platforms, pension funds, foundations and endowments, and individuals, globally. Headquartered in the Chicago metropolitan area, the firm also has offices in New York, San Francisco, Milwaukee, Portland, and the Miami area.

How do you define Calamos’ mission and purpose?

Our mission is clear: to provide investors with sophisticated, risk-managed investment strategies that help them build and preserve wealth over time. That has been in our DNA since John P. Calamos founded the firm in 1977. John was an Air Force pilot, and he always said you’d better know what you’re doing before you get in the air. That philosophy of preparation and risk management runs through everything we do. When I joined in 2016 as the first CEO hired as part of our founder’s succession plan, my role was to take that foundation and expand it for today’s markets.

We’re not in the business of speculation; we’re about understanding risk, managing it intelligently, and creating products that deliver returns while protecting what people have worked hard to build. Democratization with discipline: we’re giving everyday investors access to institutional-quality strategies that had previously been out of reach.

What have been the keys to Calamos’ industry leadership?

The keys to our industry leadership are simple: smart innovation, relentless execution, and a deep commitment to risk management, all powered by our people. We’ve invested heavily in broadening our product range and building a culture that attracts top talent across the firm. Our team, from investments and trading to operations, technology, and distribution, operate with discipline and agility, allowing us to launch market-leading products and adapt quickly as the industry evolves.

Our growth is a direct reflection of the collective expertise and dedication of our associates. We’re not just keeping pace with change; we’re setting the pace, always focused on delivering innovation, service, and performance for our clients. That’s what sets us apart, and it’s why I’m confident our best days are still ahead.

Will you highlight Calamos’ focus on entering new asset classes and launching new products?

We’re expanding with purpose. At Calamos, we build where capital is going. Our platform now spans alternatives, private markets, sustainable equities, structured protection, and digital assets such as Bitcoin. The goal is simple: to give investors tools that meet today’s realities and tomorrow’s opportunities. We’ve launched private equity and alternatives funds, sustainable equity strategies, and protected Bitcoin ETFs, purpose-built to deliver diversification and access to emerging themes. This isn’t incremental – it’s intentional scaling.

Our recent innovations, including our Laddered Bitcoin Structured Alt Protection ETFs and our Autocallable Income ETFs (CAIE and CAIQ), are milestone offerings. They give investors new ways to seek tax-efficient income and manage risk with greater discipline. We seed, support, and refine products until they can anchor more efficient, risk-diversified portfolios.

We don’t chase trends; we set the pace. Calamos will continue to lead with innovation, precision, and accountability, positioning clients to navigate volatility, compound intelligently, and stay ahead of a dynamic global market.

How ingrained are innovation and risk management in Calamos’ DNA?

Innovation and risk management are inseparable in our culture. We protect first, then pursue. From our earliest work in risk-managed strategies to how we build portfolios today, we start with investor outcomes and design from the downside up. That means rigorous research, scenario analysis, and hard guardrails around portfolio construction, so we can pursue new ideas with conviction while maintaining the discipline our clients expect through every market cycle.

How is Calamos addressing investor demand for defined-outcome strategies in volatile markets?

We’re seeing tremendous demand for defined-outcome strategies, and it’s easy to understand why. Investors want to stay invested and participate in the markets, but they also want clarity and discipline, especially when volatility rises. At Calamos, we design solutions that give clients clear parameters before they allocate a dollar, so they know their risk, their potential participation, and the role each position plays. Our structured protection ETFs, for example, are designed to provide defined upside participation with full downside protection over a specified outcome period, giving investors essential clarity when markets are anything but calm. We’ve built diversified lineups across key market exposures like the S&P 500, NASDAQ, and Russell 2000, with features that address real-world needs: laddered series, rolling outcome windows, daily transparency, and tax-aware design.

We’re democratizing access to sophisticated risk management. These strategies are no longer limited to institutions – they’re available to every investor seeking precision, protection, and discipline. The result is straightforward: defined-outcome solutions that help investors remain confident, invested, and focused on long-term growth, even when volatility runs high.

What impact is AI having on Calamos’ business?

AI is transformative, but it’s not replacing people, it’s changing the type of work people do. There will always be a need for humans to work with advanced technologies. Yes, job categories may evolve, but markets adjust, technology evolves, and those who adapt will thrive. We’re using AI to enhance research, strengthen risk models, and improve client service. But at the end of the day, judgment, experience, and relationships still matter.

You are active in philanthropy and civic engagement. How do you balance business success with societal impact?

Business success and societal impact aren’t separate – they’re connected. When we democratize access to institutional-quality investments, we’re creating economic opportunity. When we manage risk responsibly, we’re helping protect families’ futures. That’s not just good business, it’s a responsibility.

My Greek heritage taught me the importance of hard work, honor, integrity, and philotimo, the spirit of giving back. I co-founded The Hellenic Initiative because Greeks helping Greeks matters. I serve on the board of the National Hellenic Museum to ensure our stories are preserved and shared. As Chairman of the Investment Committee of the Ecumenical Patriarch Bartholomew Foundation and President of the Metropolis of Chicago Foundation, I work to support our faith community.

During the pandemic, I founded the Chicago CEO COVID-19 Coalition to unite business leaders when the city needed it most. We distributed more than $1.5 million in relief for food, shelter, counseling services, and PPE. I also serve on the boards of World Business Chicago, the Leadership Council at Concordia, and the Bretton Woods Committee. These aren’t just titles – they’re commitments to using your platform to make things better.

Philanthropy is an extension of the same principle that drives our business: use your resources to create opportunity and protect what matters.

What is your philosophy on leadership and building a successful organization?

You can’t win on your own – you need exceptional people around you. I surround myself with top-tier executives because that’s the only way to build something that lasts. If I’m the smartest person in the room, I need to find a different room.

I love to learn, and the best way to keep learning is by listening. Listening is one of the most powerful tools a leader has – that’s how you grow and how an organization stays ahead.

My leadership style is about setting a clear vision and ensuring every leader understands their long-term goals and the steps needed to achieve them. That creates a culture where innovation and creativity happen at every level. I believe deeply in the power of diverse perspectives and collaboration. When you bring different viewpoints together, you solve challenges more effectively and make better decisions. That’s how we’ve built one of the leading platforms in the industry.

You joined Calamos in 2016. As you reflect on the past ten years, what are you most proud of?

I’m most proud of how we’ve expanded access while staying true to our roots. When I joined, the firm had a strong foundation. Today, we’ve built one of the leading platforms in the industry, top three globally in liquid alts, a growing presence in private markets, and a recognized innovator in structured protection and Bitcoin products. We’ve nearly tripled and diversified our assets under management to over $47 billion, and significantly increased firm profitability. But what matters most is that we’ve done it the right way – with discipline, with innovation, and with a relentless focus on helping investors succeed. That’s what the next 50 years will be about.