Wednesday, 23 July 2014
Last updated 1 hour 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.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…