(Adds share price, detail)
NEW YORK Aug 6 Hedge fund manager Och-Ziff
Capital Management Group LLC (OZM.N) posted a second-quarter
net loss on Wednesday due to IPO-related costs, but economic
income rose, helped by strong revenue growth.
The New York-based firm said its quarterly net loss was
$60.8 million, or $1.05 per share, compared with a profit of
$114.3 million in the period a year earlier.
Expenses rose to $522.2 million from $321.2 million on
reorganization costs connected with its initial public offering
"We are well positioned to grow assets under management as
we extend our performance track record and make consistent
progress in building our private investment platforms," said
Och-Ziff in a statement.
Economic income, a measure widely used in the hedge fund
industry which represents pretax income that doesn't include
allocations to the company's partners for pre-IPO interests,
rose 15 percent to $93.3 million. Revenue increased 23 percent
to $147.1 million.
Distributable net earnings were 13 cents per share,
matching analysts' average forecast, according to Reuters
Assets under management totaled $33.6 billion at June 30,
flat with the previous quarter. The company declared a
quarterly dividend of 11 cents per share.
Och-Ziff shares rose 11 cents to $17.20 on the New York
(Reporting by Christopher Kaufman and Dane Hamilton; Editing
by Brian Moss and John Wallace)