Black will be responsible for leading the investment team along with founder John Calamos, replacing Nick Calamos. He will oversee portfolio management, research, trading and risk management. Concurrent with his appointment, Calamos Investments is adding a long/short equity capability through the acquisition.

Before founding Black Capital, Black served as chief executive of Janus Capital Group from January 2006 through July 2009, and as president and chief investment officer from April 2004 to January 2006.

Meanwhile, Nick Calamos, president of investments and global co-chief investment officer, is stepping back from his day-to-day role at the business while remaining on its board of directors. He will spend more time on personal interests, the firm said.

John Calamos’s role is chief executive and global co-chief investment officer.