Tuesday, 23 September 2014
Last updated 10 hours ago
Oct 12 2007 | 11:56am ET
New York hedge fund Och-Ziff Capital Management is setting its sights a little lower for its upcoming initial public offering.
In filings with the Securities and Exchange Commission today detailing the planned IPO, Och-Ziff, which manages almost $30 billion, now says it will raise as much as $1.19 billion; earlier filings indicated it would sell some $2 billion worth of shares.
Under the plan, the hedge fund manager run by former Goldman Sachs trader Daniel Och will sell 36 million shares for between $30 and $33 each, with a 5.4 million share over-allotment. Those Class A shares will represent 9% of the firm, valuing it at as much as $12 billion.
The remaining 91% of Och-Ziff will be in Class B shares, which will be given only to current executives. The 18 partners will reinvest their proceeds in the firm’s funds for five years, and the firm will borrow $750 million to pay Och and the firm’s other owners, notably the Ziff family, in advance of the offering.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitich, CIO of Petty Endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.