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Och-Ziff quarterly profit lifted by strong incentive income
May 2 (Reuters) - Och-Ziff Capital Management Group LLC said its quarterly profit more than doubled and easily beat Wall Street's forecasts because it earned much higher fees as more investors, and one existing client, put new money into the hedge fund firm's portfolios.
First-quarter distributable earnings, excluding costs related to its November 2007 initial public offering, reached $136.9 million, or 29 cents a share. Wall Street analysts had expected 16 cents a share, according to Thomson Reuters I/B/E/S. A year ago the company reported $57.3 million, or 13 cents a share, in distributable earnings.
Assets under management stood at $35 billion at the end of the first quarter, 16 percent more than a year before, Och-Ziff said on Thursday, and they have climbed further in the last weeks to reach $35.6 billion at the end of April.
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