Och-Ziff Capital Management Group on Thursday reported assets under management of $28.8 billion as of Dec. 31, unchanged from three months earlier but 3% higher than the end of 2010.
The year-end asset total reflects net investor redemptions of $38 million, according to an earnings statement from the company.
Estimated assets under management as of Feb. 1 totaled $29 billion, in part because of $500 million in performance-related appreciation in January.
Och-Ziff's profit in the fourth quarter fell 94% on lower performance fees as most of the firm's funds lost money in 2011.
Performance fees shrank by 90% as Europe's sovereign-debt crisis roiled markets. Three of the firm's four funds declined last year, led by a 4.9% loss for the European fund. Market gains since the start of the year helped offset $300 million in redemptions, the firm said.
The OZ Master Fund, the firm's biggest, gained 0.1% last quarter and the OZ Global Special Investments Master Fund increased 0.5%, while the OZ Europe Master Fund fell 1.5% and the OZ Asia Master Fund declined 0.2%.
The firm's four funds all gained in January, with the OZ Master Fund up an estimated 1.6%, the OZ Europe Master Fund climbing 1.9%, the OZ Asia Master Fund advancing 2.6% and the OZ Special Investments Master Fund increasing 1.3%.
Och-Ziff's distributable earnings don't comply with generally accepted accounting principles. The firm reported a net loss of $137 million, or $1.17 a share, compared with a loss of $22.8 million, or 24 cents, a year earlier. Och-Ziff has said costs associated with its IPO will cause net losses through 2012.
News Editor Rick Baert contributed to this story.