Thursday, 31 July 2014
Last updated 16 hours ago
Aug 3 2010 | 12:47pm ET
Och-Ziff Capital Management said that its second-quarter loss widened slightly, but that its distributable profits increased more than fourfold as assets under management rose.
The New York-based hedge fund giant’s quarterly loss was $89.4 million, up from $88.3 million a year earlier. But the firm took charges of $411.8 million related to its initial public offering three years ago, so its distributable earnings—which exclude those charges—rose to $57 million from $12.6 million, easily topping analysts’ expectations.
The firm said that client inflows totaled $1 billion during the quarter; performance losses—the firm’s flagship OZ Master Fund dropped 1.37% during the quarter—were $388.2 million, leaving the firm with $25.3 billion in assets at the beginning of July. Since then, the firm’s assets have grown a further $400 million, thanks in part to a 1.46% return in the Master fund.
Through July, the Master fund is up 2.8%, while Och-Ziff’s Global Special Investments fund is up 5%, its Asia fund 3.6% and its Europe fund 2.6%.
“We remain confident that the long-term, secular growth drivers of assets under management remain intact for the hedge fund industry,” firm founder Daniel Och said.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…