Friday, 22 August 2014
Last updated 1 hour ago
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.
Aug 4 2014 | 7:42am ET
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The July/August 2014 issue is our largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders.
The Alpha Pages Editor's Note