Tuesday, 24 May 2016
Last updated 18 hours ago
Apr 10 2014 | 9:21am ET
Och-Ziff Capital Management's James Levin has had quite the payday—even better than boss Daniel Och's.
The trader behind a $7.5 billion structured credit bet in 2012 walked away with almost $119 million in stock as a reward (based on the value of the shares at the time they were granted), according to regulatory filings. That's significantly more than the $21 million in shares received by firm founder Och.
The bet—which wagered a quarter of the firm's then assets under management—won big, bringing in almost $2 billion and meant Levin's 14-member credit team generated more than half of Och-Ziff's $3.4 billion trading gains in 2012, according to The Wall Street Journal.
Levin, head of global credit and executive managing director at Och-Ziff, received no other salary or bonus last year.
Och-Ziff had close to $43 billion under management as of the end of Q1.
The payout was reported earlier by Forbes.