Tuesday, 5 May 2015
Last updated 7 hours ago
Oct 23 2007 | 7:38am ET
Och-Ziff Capital Management reported an increase in assets under management in advance of its planned initial public offering.
The New York-based hedge fund said its assets under management rose 3.4% to $30.1 billion, as net inflows offset a decline in the value of its funds. In the third quarter, investors added $1.2 billion to funds, as the markets knocked off $146.5 million. In spite of the negative performance, Och-Ziff said that recent market troubles did not substantially hurt its funds.
The firm, one of the largest hedge funds in the U.S., plans to list on the New York Stock Exchange next month. It hopes to raise $1.1 billion in the share sale.
While investors continue to flock to the firm, increasing compensation costs may raise eyebrows: The firm posted a $140.5 million net loss in the first nine months of the year, compared to a $135 million profit in the same period last year. Still, revenues rose 11% to $731.8 million.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…