Saturday, 30 July 2016
Last updated 18 hours ago
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.