Och-Ziff Capital Management Group reported $27.2 billion in assets under management as of Nov. 1, up 5% from three months earlier and 18% higher than at the start of this year.
Investors deposited a net $2.4 billion this year through Nov. 1, helping lift assets under management and the fees from overseeing them. Performance-related appreciation added another $1.7 billion to the hedge fund firm’s AUM, the company announced Tuesday.
Third-quarter profit climbed 52% as the market recovery boosted assets and prompted clients to add new money.
Distributable profit, which excludes costs related to Och-Ziff’s 2007 IPO, rose to $52.1 million from $34.2 million.
Clients across the industry committed a net $19 billion of new capital in the quarter, the most since the end of 2007, as funds returned to peak asset values from before the global financial crisis. Industry assets rose by $120 billion to $1.77 trillion, according to Chicago-based Hedge Fund Research Inc.
Och-Ziff’s distributable earnings don’t comply with generally accepted accounting principles. The firm reported a net loss of $93.5 million, compared with a loss of $80 million. Costs associated with the IPO will cause net losses through 2012, Och-Ziff has said.
Och-Ziff’s biggest fund, the OZ Master Fund, returned 6.7% this year through Oct. 31. The Asia Master Fund advanced 9%, the OZ Europe Master Fund climbed 6% and the OZ Global Special Investments Master Fund gained 10.5%.