Och-Ziff Capital Management Group and GLG Partners both reported second-quarter losses today.
Och-Ziff lost $61 million for the quarter ended June 30, bringing year-to-date losses to $329 million, according to an earnings statement. Losses were caused primarily by the hedge fund managers non-cash expenses of $426 million for the quarter and $851 million for the first six months of 2008, resulting from the firms IPO in November.
Assets under management in the quarter were $33.6 billion, up 1% from the previous quarter and 16% higher than a year earlier. The OZ Europe Master Fund returned 2.21% in the quarter, while the OZ Master Fund and OZ Global Special Investments Master Fund increased 1.62% and 0.73%, respectively. The OZ Asia Master Fund lost 2.52%.
GLG posted a $94 million second-quarter net loss and a $320 million year-to-date loss, according to an earnings statement. Compensation-related expenses from the November reverse acquisition of GLG by Freedom Acquisitions Holdings accounted for most of the loss.
Assets under management slipped 4% in the quarter to $23.7 billion but were up 27.4% from a year earlier.