(Bloomberg) Dan Och must now try to convince investors to stick with his firm.
As the hedge fund industry suffers outflows from clients frustrated with lackluster returns, Och-Ziff Capital Management Group LLC faces an added burden. It will have to get clients to stay after a five-year probe revealed widespread bribery at one of its units and singled out Och, its chief executive officer, for approving some of the offending investments over the objections of his legal team.
“This is a black mark,” said Michael Rosen, chief investment officer at Angeles Investment Advisors, who has known Och for a decade.
