Monday, 20 October 2014
Last updated 6 hours ago
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.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...