Monday, 28 July 2014
Last updated 2 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.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…