Sunday, 24 July 2016
Last updated 1 day ago
Apr 30 2012 | 1:54pm ET
Och-Ziff Capital Management is not closing or cutting back on its Indian activities, denying a report to that effect in the country's Economic Times.
The newspaper said today that the US$30 billion hedge fund has "nearly shut its India desk." According to the Economic Times, which cited four people "familiar with the development," that move led to the departure of Sumit Choudhary, the Och-Ziff managing director who oversaw the firm's Indian activities.
But New York-based Och-Ziff said today that the Economic Times report is "factually inaccurate" and that the hedge fund is not reducing its Indian investments or operations, which include offices in Mumbai and Bangalore. The Times did say that Och-Ziff still has investments in India and staff in both offices.
Och-Ziff did acknowledge that Choudhary, who was based in Hong Kong, had left the firm, but would not say why.
The Economic Times wrote that Och-Ziff was shying away from India due to increased compliance costs and uncertain tax policies in the country. The latter was a reason cited by Macquarie last week when it decided to close its short positions in India.