Och-Ziff Earnings Up 23%

Nov 2 2012 | 1:56pm ET

Och-Ziff Capital Management enjoyed a stronger-than-expected third quarter, it said today.

The publicly-listed hedge fund giant said its distributable earnings were $61.7 million for the quarter, good enough to beat analysts' estimates by a penny per share. Och-Ziff will pay a 12 cent dividend, down a penny from the second quarter.

The distributable earnings were 23% better than in the third quarter of last year, while revenues rose 12.4% to $167.97 million. Och-Ziff's quarterly loss, which includes charges related to its 2007 initial public offering, grew from $93.1 million in the third quarter to $127.5 million last quarter.

While the news, like that about the dividend, was not all good, it was certainly much more good than bad. The firm's four hedge funds are all in the black, led by its flagship OZ Master Fund, which is up 9.45% through three quarters.

Assets under management are also up, to $31.8 billion, thanks to strong returns and demand from clients. Performance fees rose and taxes fell to further buoy the bottom line.


In Depth

Bob Doll's Ten Market Predictions For 2016

Jan 7 2016 | 9:37pm ET

Well-known market strategist Robert Doll has published his annual list of ten predictions...

Lifestyle

Citadel's Ken Griffin Donates $40M To New York's Museum of Modern Art

Dec 22 2015 | 9:23pm ET

Citadel founder Ken Griffin has donated $40 million to New York’s Museum of Modern...

Guest Contributor

Hedge Fund Marketing - Making the Most of Your Salesperson

Jan 20 2016 | 8:11pm ET

In this contributed article, Bruce Frumerman of Frumerman & Nemeth takes a close...