Monday, 3 August 2015
Last updated 2 days ago
Aug 2 2011 | 12:48pm ET
Och-Ziff Capital Management's second-quarter distributable earnings jumped 19% as revenue from higher fee income rose 13%.
The New York-based hedge fund actually posted a loss of $93.4 million, 4.4% higher than a year earlier, due to charges from its initial public offering four years ago. But distributable earnings increased from $57 million to $67.7 million, topping analysts' estimates, on $128 million in revenue.
Assets under management at the firm were up $900 million between the end of the first quarter and Aug. 1 at $29.9 billion, a 17% jump from a year earlier.
"Investors continue to actively seek access to investment managers that generate risk-adjusted returns which have a low correlation to the equity markets and consistently protect capital," founder Daniel Och said. "We believe that this focus has led to increased allocations to the hedge fund industry in the first half of this year, and that this acceleration will continue."
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…