West Palm Beach (HedgeCo.Net) – Och-Ziff Capital Management had both good and bad news to give to investors today.
The New York based hedge fund recorded a monstrous $774.6 million loss in its first earnings report since its launch in November. Managers of the fund blamed this solely on the $3.3 billion in costs it incurred during the reorganization associated with its IPO.
However, the rest of the earnings report highlighted all the traits of a premier, up and coming hedge fund. Far exceeding analyst’s expectations, distributable earnings came in at $505.5 million, or $1.27 a share, and assets under management were up 48% to $33.4 billion. This resulted in management fees of $135.1 million.
The firms Oz Master Fund has also posted some good numbers recently, up 11.48% last year in spite of a laggard S & P 500 index. The ability to post returns in spite of market conditions is one of the things that Daniel Och intended to do when he started the company in 1994.
Och explains, "Our focus on delivering consistent, positive risk-adjusted returns throughout market cycles led to strong absolute net returns in our funds despite extremely volatile market conditions in 2007."
Julie Scuderi
Senior Editor for HedgeCo.Net
Email: [email protected]]
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