Saturday, 27 August 2016
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Mar 14 2014 | 10:52am ET
Och-Ziff Capital Management will restate its financials for the past two years after changing the way it accounts for collateralized loan obligations.
The hedge fund giant said that it was consolidating its CLOs, a move that would cause material changes to its financial reports from the third quarter of 2012 through the third quarter of 2013. It warned that previous statements should no longer be relied upon, and promised to issue restatements early next week.
New York-based Och-Ziff said that its income and earnings would not be affected, but that its assets and liabilities would increase.