Friday, 31 October 2014
Last updated 4 hours ago
Apr 30 2008 | 7:05am ET
Och-Ziff Capital Management shares have lost more than one-third of their value since the New York hedge fund giant’s November initial public offering. But firm founder Daniel Och is faring rather well.
According to regulatory filings, Och made $484.8 million last year, all but $30 million of it tied to his firm’s floatation. Och, who holds a $1 billion stake in Och-Ziff, enjoyed a $349.7 million payout from a $750 million loan the firm took to distribute to directors, as well as a second payment of $104.4 million tied to his stake. By contrast, he earned just $30.6 million in management fees.
Och-Ziff directors had agreed to keep the proceeds from the IPO in the firm’s funds for five years, but this does not apply to money paid out from the loan.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
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