Och-Ziff Earnings, Fee Income Rise In Q2

Och-Ziff Capital Management posted a 15% jump in second-quarter profit, as performance fee income helped the firm top analysts' estimates.

The New York-based hedge fund had distributable earnings of $77.5 million in the second quarter, up from $67.2 million.  The figures exclude costs related to its initial public offering six years ago.

Revenue rose 16% to $207.8 million from $178.4 million. Incentive income rose 24% to $22.9 million, management fee income 9% to $139.5 million and assets under management to $36.6 billion in the quarter. In the month since, Och-Ziff has added another $100 million to that figure.