Och-Ziff assets up 4.7%, revenue down on lower management fees
By Timothy Pollard | November 2, 2012 3:53 pm
Och-Ziff Capital Management Group reported assets under management of $31.3 billion as of Sept. 30, up 4.7% from the previous quarter and 8.7% from a year earlier, according to Och-Ziff's third quarter earnings report Friday.
Company officials attributed the year-over-year increase to performance-related appreciation of $2.5 billion. The firm also reported net outflows of $16.4 million for the quarter.
Assets under management for the firm's four funds as of Sept. 30 were: OZ Master Fund, $21.4 billion; OZ Europe Master Fund, $2 billion; OZ Asia Master Fund, $1.4 billion; OZ Global Special Investments Master Fund, $1 billion. The firm also reported $5.5 billion in other assets.
Third-quarter revenue was $130.4 million, down 8.1% from the second quarter, and down 1.9% from a year earlier. The decrease was attributed to a $2.3 million decline in management fees. The firm's average management fee rate decreased to 1.62% in the third quarter from 1.66% in the third quarter of 2011.
The company reported a GAAP net loss of $127.5 million for the third quarter, compared to a net loss of $116.2 million in the second quarter, and a net loss of $93.1 million a year ago.
Net year-to-date returns for the four hedge funds through Sept. 30 were 8.57% for the OZ Master Fund, 6.43% for the OZ Europe Master Fund, 4.23% for the OZ Asia Master Fund and 7.5% for the OZ Global Special Investments Master Fund.