Saturday, 4 July 2015
Last updated 19 hours ago
Feb 10 2011 | 12:22pm ET
Och-Ziff Capital Management said today its distributable earnings for the fourth quarter rose about 8%, besting analysts' estimates.
The New York-based hedge fund, which manages $28.4 billion, took in $303.1 million in such earnings during the final three months of 2010. In the year-earlier period, it earned $281.4 million.
The distributable earnings figure excludes some charges, including those related to Och-Ziff's initial public offering in 2007. Including those charges, the firm took a $22.8 million net loss for the quarter, down from $47.2 million a year earlier. For the full year, the net loss was $294.4 million, almost identical to 2009's $297.4 million.
Higher fee income helped boost the firm's profits during the quarter. Och-Ziff's hedge funds enjoyed broadly positive returns last year, in line with industry indices. It's flagship OZ Master Fund rose 8.5%, while its other funds returned between 7.5% and 13.4%.
"Last year was a strong year for us, both in terms of our investment performance and the growth in our assets under management," CEO Daniel Och said in a statement.
May 27 2015 | 2:15pm ET
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