Wednesday, 6 May 2015
Last updated 13 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.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…