Och-Ziff Capital Management Group on Tuesday reported assets under management of $25.9 billion as of Aug. 1, up 10% from the start of the year and 18% higher than a year earlier.
Assets at the hedge fund firm peaked at $33.8 billion in June 2008.
The asset increase helped boost its second-quarter profit. Och-Ziff’s distributable profit, a measure excluding costs related to the firm’s 2007 IPO, rose to $57 million from $12.6 million a year earlier, the company said Tuesday in a statement.
“We remain confident that the long-term, secular growth drivers of assets under management remain intact for the hedge fund industry,” Daniel Och, chairman and CEO, said in the statement. “Despite recent market volatility, we believe the capital allocation cycle is under way and confidence among institutional investors in this sector remains strong.”
Och-Ziff is seeking to add assets and fees to reverse a 55% slump in its share price since it went public in November 2007.
The firm’s distributable earnings don’t comply with generally accepted accounting principles. Och-Ziff reported a net loss of $89.4 million, compared with a loss of $88.3 million a year earlier. Costs associated with the firm’s IPO will cause net losses through 2012, the firm has said.