8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934

DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): August 7, 2007

Calamos Asset Management, Inc.

(Exact Name of Registrant as Specified in Charter)

Delaware
(State or Other Jurisdiction
of Incorporation) 0-51003
(Commission File Number) 32-0122554
(I.R.S. Employer
Identification No.)

2020 Calamos Court
Naperville, Illinois
(Address of Principal Executive Offices)
60563
(Zip Code)

REGISTRANT’S TELEPHONE NUMBER, INCLUDING AREA CODE: (630) 245-7200

Not Applicable
(Former Name and Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

TABLE OF CONTENTS

Press Release

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

     (b) On August 13, 2007, Calamos Asset Management, Inc. (“Corporation”) announced that Patrick H. Dudasik (“Executive”), the Corporation’s Executive Vice President, Chief Operating Officer, Chief Financial Officer and Treasurer, will be retiring from the Corporation. The Corporation and the Executive entered into a Transition Agreement effective August 7, 2007. A copy of the Corporation’s press release announcing Mr. Dudasik’s retirement is filed as Exhibit 99.1 to this Form 8-K and incorporated herein.

     (e) As described in the press release, Mr. Dudasik has agreed to stay on beyond year-end 2007 to assist the Corporation in an orderly transition of his duties and responsibilities. Pursuant to the Transition Agreement, Mr. Dudasik has agreed to continue his duties and responsibilities for a transition period through March 10, 2008, or such shorter period of time as the Executive and the Corporation’s Chief Executive Officer may mutually agree or as the Corporation may determine. Mr. Dudasik’s base salary, annual bonus and other compensation will generally continue unchanged during the transition period. He will not receive any additional grants under the Corporation’s long-term incentive program, and all of his unvested equity awards are cancelled. Provided Mr. Dudasik performs his duties through the end of the transition period, he will be entitled to a lump sum retirement payment equal to $2.71 million.

     The foregoing description of the Transition Agreement does not purport to be complete and is qualified in its entirety by the terms and conditions of the Transition Agreement, a copy of which will be filed as an exhibit to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2007.

Item 9.01. Financial Statements and Exhibits.

     (c) Exhibits

          99.1 Press Release of Calamos Asset Management issued August 13, 2007, announcing Patrick H. Dudasik’s decision to retire.

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SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	CALAMOS ASSET MANAGEMENT, INC.
Date: August 13, 2007	By:	/s/ Scott Craven Jones
		Scott Craven Jones
		Executive Vice President and Chief Administrative Officer

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Exhibit Index

Exhibit Number	Description
99.1	Press release dated August 13, 2007 issued by the Corporation announcing Patrick H. Dudasik’s decision to retire.

EX-99.1

Exhibit 99.1

FOR IMMEDIATE RELEASE

Contact:
Maryellen Thielen
Calamos Asset Management, Inc.
630.955.4830

Calamos Asset Management, Inc. Announces COO and CFO Patrick H. Dudasik to Retire in 2008

     NAPERVILLE, Ill., Aug. 13, 2007 — Calamos Asset Management, Inc. (NASDAQ: CLMS) today announced that Patrick H. Dudasik, chief operating officer and chief financial officer, intends to retire after a distinguished career with Calamos. Dudasik has been the company’s chief financial officer since 2001.

     John Calamos, Sr., chief executive officer and co-chief investment officer of Calamos, said, “It is with mixed emotions that we announce Pat’s decision to retire. Over the past six years, Pat has made tremendous contributions to the operational and financial side of the business, especially as we transitioned to a public company in 2004. Pat has shown great dedication to improving the company’s financial performance and in helping position the company for continued success. On behalf of our company and our shareholders, I thank Pat for his commitment to our business, and wish him well in the future.”

     Dudasik has agreed to remain with the company beyond the 2007 year-end to ensure a smooth and orderly transition. Calamos said that a search for his successor will be initiated.

     Calamos Asset Management, Inc. (NASDAQ: CLMS) is a diversified investment firm offering equity, fixed-income, convertible and alternative investment strategies, among others. The firm serves institutions and individuals via separately managed accounts and a family of open-end and closed-end funds, offering a risk-managed approach to capital appreciation and income-producing strategies. For more information, visit www.calamos.com.

     From time to time, information or statements provided by us, including those within this news release, may contain certain forward-looking statements relating to future events, future financial performance, strategies, expectations, the competitive environment and regulations. Forward-looking statements are based on information available at the time those statements are made and/or management’s good faith belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. For a discussion concerning some of these and other risks, uncertainties and other important factors that could affect future results, see “Forward-Looking Information” in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and, where applicable, “Risk Factors” in the company’s annual and quarterly reports filed with the U.S. Securities and Exchange Commission.

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