U.S. money manager Calamos Asset Management Inc. posted better-than-expected quarterly results, helped by a rise in average assets under management. The company posted second-quarter earnings of $4.7 million, or 23 cents a share, compared with $1.8 million, or 9 cents a share, in the year-ago period.

Revenue was up 20 percent at $80.5 million.

Analysts, on average, had expected the company to post earnings of 15 cents a share, on revenue of $77.8 million, according to Thomson Reuters I/B/E/S.

Average assets under management in the second quarter, a key driver of revenue and profit in fund management companies, were at $31.7 billion, compared with $25.9 billion last year.

Shares of the company closed at $9.52 Thursday on Nasdaq.