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

bfinance: Fees Falling Across Asset Classes, Yet Overall Investor Costs Still Climbing

May 16 2017 | 9:53pm ET

Despite unprecedented attention on fees, new research from investment consultancy...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Risk-Based Compliance: Why Oversight Of Outsourcing Is Critical

May 10 2017 | 7:02pm ET

Compliance is notoriously one of the trickiest middle office functions for funds...

 

From the current issue of