Wednesday, 1 October 2014
Last updated 13 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.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
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