Och-Ziff funds gain in June, but assets fall

By Joseph A. Giannone

NEW YORK (Reuters) - Och-Ziff Capital Management Group (OZM.N), a U.S. hedge fund giant banged up by last year's market turmoil, said its funds continued their 2009 revival with June gains, although assets under management slipped once again.

The New York firm estimated total assets fell by $800 million in June to $20.7 billion, continuing the contraction of a firm that managed nearly $34 billion last August.

Still, the value of its flagship Och-Ziff Master Fund rose 2.2 percent last month, bringing the rise for the first half to 12.3 percent, Also performing well so far this year were its Europe fund, up 6.9 percent, and its Asia fund, up 13.3 percent.

(Reporting by Joseph A. Giannone; editing by John Wallace)