Och-Ziff Assets, Earnings Rise In Q3

Nov 3 2010 | 2:56am ET

Och-Ziff Capital Management said its third-quarter profit jumped more than 50% thanks to continuing inflows into its hedge funds.

Distributable earnings at the New York-based firm were $52.1 million, up from $34.2 million a year earlier. Och-Ziff actually took a book loss of $93.5 million after taking into account charges largely stemming from its initial public offering three years ago.

Revenue was up 24% to $114 million.

The hedge fund said that its assets under management were up 19% since the third quarter of last year to $26.5 billion, pushing management fee income up 22%. Most of the increase in assets came from inflows, which totaled $2.4 billion, with the balance coming from performance gains totaling $1.7 billion.

Och-Ziff added that it is currently managing $27.2 billion, 2.6% more than at the end of the third quarter.

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