A company owned by the emir of Dubai has acquired more than half of the publicly-traded shares of New York-based hedge fund Och-Ziff Capital Management.
Dubai Holding said Friday that it has bought 51.4% of the class A shares of Och-Ziff, which held an initial public offering on the New York Stock Exchange in November.
Class A shares represent only about 10% of the hedge fund group; the remaining 90% is in class B shares allotted to current executives, including founder Daniel Och, a Goldman Sachs veteran.
Dubai Holding said in a Securities and Exchange Commission filing that it bought more than 38 million shares—worth almost $900 million—pursuant to an Oct. 29 purchase agreement. The firm indicated it bought the stake for investment purposes and does not intend to seek major changes at Och-Ziff.