Och-Ziff Profits Soar

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.


In Depth

GSAM’s Papagiannis on Liquid Alternatives

May 25 2016 | 5:07pm ET

The popularity of liquid alternatives strategies has blossomed in recent years,...

Lifestyle

From Modern Trader: Stephen Curry is a Black Swan

May 18 2016 | 7:43pm ET

What do the rise of the Internet, the sinking of the Titanic, 9/11, and Stephen...

Guest Contributor

LendingClub and the Question of Internal Hedge Funds

May 19 2016 | 8:42pm ET

Peer-to-peer lending platform LendingClub Corp. has been in the news since the firm...