Nov 2 Och-Ziff Capital Management
reported on Friday a higher quarterly profit which beat Wall
Street's forecasts, as the investment manager paid lower taxes
and cut compensation costs but earned higher performance fees on
its hedge funds.
The company, one of only a handful of publicly traded hedge
fund firms, reported distributable earnings, which exclude costs
related to its November 2007 initial public offering, of $61.7
million, or 14 cents per adjusted Class A share, beating Wall
Street's 13 cent per share forecast. A year before the company
earned $49.9 million, or 12 cents a share.
New York-based Och-Ziff reported a net loss of $127.5
million, or 89 cents per share, largely due to expenses from the
Assets under management stood at $31.3 billion at the end of
the quarter on Sept. 30 and have climbed more in the last weeks
to stand at $31.8 million on Nov. 1.
All four of Och-Ziff's funds are in the black for the year
with most beating the average hedge funds' returns. Steady and
strong returns boosted assets, as did fresh demand, the company
The company will pay a third-quarter dividend of 12 cents a
share, down from the 13 cents a share it paid for the second
quarter, when incentive income was higher.