Och-Ziff Profit Down; Performance, Assets Up

May 2 2012 | 9:27am ET

Och-Ziff Capital Management's first-quarter income declined on higher taxes, but the firm's other results were universally positive.

The publicly-traded New York hedge fund said its distributable earnings for the first three months of the year were $57.3 million, down from $65.2 million in the year-earlier period. But the lower earnings met analysts' expectations and came on increased revenue, which rose from $138.4 million to $140.9 million.

Och-Ziff blamed the lower earnings on taxes: It's income taxes have increased and a tax distribution taken in the first quarter of last year did not recur. Based on generally accepted accounting principles, Och-Ziff's quarterly loss grew to $122.7 million from $95.5 million, due to expenses stemming from its initial public offering six years ago. Its dividend will be 10 cents per share, down from 13 cents last year but up from 4 cents in the fourth quarter.

Otherwise, everything is sunny at Och-Ziff. All four of its hedge funds were up in the first quarter, as were assets under management, which rose by $300 million in May.

"We generated consistent, positive, absolute returns with low volatility, and the strength of our performance reflects our intense focus on generating returns for our fund investors," CEO Daniel Och said.


In Depth

Hedge Fund Veteran Peter Borish Talks Trading

Dec 17 2014 | 9:32am ET

Peter Borish says 2014 was “tricky” from a trading perspective. “The best...

Lifestyle

Cohen Donates $1.5M To GOP Governors Association

Dec 10 2014 | 7:13am ET

The Republican Governors Association raised close to $25 million from October 1...

Guest Contributor

Q&A With Daniel Gallancy: Institutional Interest In Bitcoin Is Growing Steadily

Dec 12 2014 | 7:54am ET

Daniel Gallancy is founder and CEO of SolidX, a provider of total return swaps for...

 

Sponsored Content

Editor's Note

    Guidelines for Guest Articles

    Oct 22 2014 | 9:46am ET

    We are always looking for guest articles from hedge fund managers and buy-side firms.

    If you are interested in submitting a contributed piece for possible publication on FINalternatives, please take a look at the specs. Read more…

 

Futures Magazine

December 2014 Cover

Futures 2014 person of the year

Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.