Saturday, 30 May 2015
Last updated 13 hours ago
Aug 7 2014 | 4:15pm ET
When Och-Ziff Capital Management learned it faced two federal probes into its dealings with Libya’s sovereign wealth fund, the publicly-traded hedge fund manager notified one set of its investors—but not the other.
New York-based Och-Ziff informed its shareholders about the civil and criminal probes, The Wall Street Journal reports. But it did not tell investors in its funds.
Some of those investors called Och-Ziff following the March disclosure to express their displeasure. One even redeemed from the firm, according to the Journal. Still, the lapse doesn’t appear to have unduly harmed Och-Ziff, which reported a record level of assets this week.
Och-Ziff said it was limited in what it could say about the ongoing investigation. “We’re as transparent as we can be” with clients, CFO Joel Frank said in May.
May 27 2015 | 2:15pm ET
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