Och-Ziff Tops Estimates With Lower Earnings

Aug 2 2012 | 11:43am ET

Och-Ziff Capital Management reported a wider net loss and slightly lower distributable earnings for the second quarter—but things could have been worse.

The hedge fund giant's $67.2 million in distributable earnings, which exclude closts related to its initial public offering, was $500,000 less than the year-earlier period. But it was good enough to top analysts' estimates for what founder Daniel Och called a "difficult and often volatile market."

Och-Ziff's net loss according to generally accepted accounting principles was $116.2 million, up from $93.4 million. The firm's assets were flat year-on-year, but rose by $1 billion to $30.3 billion over the last month.

Och-Ziff also said it would pay a 14 cent dividend. In the first quarter, it paid 10 cents.

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    One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…