Och-Ziff quarterly earnings boosted by strong incentive income
BOSTON Feb 6 (Reuters) - Och-Ziff Capital Management Group LLC reported a sharply higher quarterly profit that beat Wall Street analysts' forecasts when stronger returns at its hedge fund portfolios boosted the company's incentive fee income.
Fourth-quarter distributable earnings, excluding costs related to its November 2007 initial public offering, totaled $559.0 million, or $1.15 per Adjusted Class A share. That beat estimates of 83 cents a share, according to Thomson Reuters I/B/E/S.
A year ago Och-Ziff, one of only a handful of publicly traded hedge fund companies, reported distributable earnings of $351.3 million or 77 cents.
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