Wednesday, 23 July 2014
Last updated 15 hours ago
Feb 7 2013 | 11:13am ET
Och-Ziff Capital Management's quarterly profit jumped nearly 20-fold in the fourth quarter, as the firm closed out a strong year for its hedge funds.
The New York-based hedge fund said its distributable earnings, which exclude costs related to its initial public offering five years ago, were $351.3 million, up from $16.8 million in the year-earlier period. Much of the jump was due to a 13-fold increase in performance fee income, which was $568 million.
Och-Ziff's flagship Master Fund rose 11.6% last year, compared to a 0.5% loss in 2011. CEO Daniel Och hailed those "strong" returns and noted a "strong start to 2013."
Och-Ziff's assets under management reached $33.1 billion at the beginning of this month.
The firm said it would pay a 75-cent dividend, easily topping analysts' expectations for a 66-cent payout. In the third quarter, Och-Ziff paid a 12-cent dividend.
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…