Saturday, 23 August 2014
Last updated 12 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.
Aug 4 2014 | 7:42am ET
By now, U.S. and international subscribers have received their home or office delivery of the special 500th issue of Futures magazine. You can too!—a very special offer follows. The issue is the 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. Read more…
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