Och-Ziff Profit Doubles, Assets Hit Record

Nov 5 2013 | 10:09am ET

Och-Ziff Capital Management's third-quarter profit more than doubled on strong performances from its major hedge funds.

The New York-based firm said its distributable earnings jumped to $130.3 million, easily topping analysts' estimates. Three of Och-Ziff's hedge funds are up double-digits this year, pushing its incentive-fee income up nine-fold on the quarter to $72.3 million.

Och-Ziff also said its assets under management rose to a new record in the quarter, at $37.8 billion, 21% higher than at the end of the third quarter of last year. And it broke that record on Friday, when inflows pushed its asset level to $38.5 billion.

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