Monday, 25 May 2015
Last updated 2 days ago
Feb 6 2014 | 12:20pm ET
Och-Ziff Capital Management's strong hedge-fund returns helped it top analysts' expectations in the fourth quarter.
The publicly-listed hedge fund said its distributable earnings in the last three months of 2013 were $559 million, 59% better than the fourth quarter of 2012, when it earned $351.3 million.
"Last year was an outstanding year for us, and demonstrated the strength of our firm globally," firm founder Daniel Och said. "Last year was also reflective of the progress we made towards our strategic goal of becoming a global, multi-product, alternative asset manager. We grew to a record level of assets under management, earned record revenues and distributable earnings, and paid a record full-year dividend. We are extremely pleased with these results. As we begin our seventh year as a public company and our twentieth year in business, we are confident that Och-Ziff is better positioned competitively than it has ever been."
Och Ziff's flagship Master Fund returned 13.87% last year and was up 3.77% in the fourth quarter. Its Asia Master Fund added 13.51% on the year and 3.23% on the quarter, and its Europe Master Fund rose 12.36% on the year and 4.19% on the quarter. All three, funds, however, lost ground last month, falling 0.27%, 3.1% and 0.07%, respectively.
Assets under management stood at $40.2 billion at the end of last year, 23% higher than at the end of 2012. Och-Ziff added a further $1.1 billion in assets in January.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…