Och-Ziff Invests In Carbon Emissions Firm

Aug 20 2008 | 1:39pm ET

Hedge fund Och-Ziff Capital Management Group is digging deep to go green.

The New York-based firm has agreed to invest up to $500 million in projects to bury greenhouse gases run by emissions credit company Blue Source. Och-Ziff has also taken a 10% stake in Salt Lake City, Utah-based Blue Source.

“We are excited to be able to jointly build a carbon asset business with Blue Source,” Och-Ziff founder Daniel Och said in a statement. “We consider the firm and its principals to have a unique leadership position in the industry.”

“To us, it’s pretty dramatic,” Blue Source CEO Bill Townsend told Bloomberg News. “We think that this will probably fund us for the next three years of investments.”

Blue Source will put the money into projects that pump greenhouse gases into underground storage facilities, including abandoned oil wells and saltwater aquifers.


In Depth

bfinance: Fees Falling Across Asset Classes, Yet Overall Investor Costs Still Climbing

May 16 2017 | 9:53pm ET

Despite unprecedented attention on fees, new research from investment consultancy...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Risk-Based Compliance: Why Oversight Of Outsourcing Is Critical

May 10 2017 | 7:02pm ET

Compliance is notoriously one of the trickiest middle office functions for funds...

 

From the current issue of