Och-Ziff Beats Estimates With $300M Fourth Quarter

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.


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