Och-Ziff Funds Post Big October Losses

Nov 5 2008 | 3:08am ET

Hours after putting out some good news, Och-Ziff Capital Management came back with a whole slew of bad.

The New York-based hedge fund said its four major funds also posted losses last month, as it shed assets under management. The firm aid its assets stood at $28.3 billion on Nov. 1, down 7.2%.

It also said that its flagship hedge OZ Master Fund lost 6.63% last month, doubling its year-to-date loss, which now stands at 12.04%. Its OZ Asia Master Fund plummeted 11.8% in October (down 26.7% YTD), while its OZ Europe Master Fund shed 5.14% (down 13.13% YTD). Its OZ Global Special Investments Master Fund lost 2.5% (down 5.42% YTD).

Despite the poor performance and decline in assets, Och-Ziff said its management fees rose 13% to $149 million.

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