Wednesday, 27 July 2016
Last updated 16 hours ago
May 2 2014 | 12:22pm ET
Och-Ziff Capital Management’s first-quarter profit fell 7% on higher compensation costs and lower hedge fund performance, the firm said.
New York-based Och-Ziff's distributable earnings fell to $127.8 million from $136.9 million in the first quarter of last year. Net income dipped to $23.9 million from $30 million.
Och-Ziff’s funds all lost ground in the first four months of the year. Its flagship OZ Master Fund is down 0.93% through April, its OZ Europe Master Fund 1.33% and OZ Asia Master Fund 9.18%. Consequently, incentive fee income fell by 40% on the quarter, to $59 million.
But assets under management continued to grow, with $3.6 billion in inflows through April. Och-Ziff now manages $43.5 billion.
The lower results were still good enough to easily top analysts’ estimates.