Och-Ziff Capital Management Group, New York, reported assets under management of $35 billion as of March 31, up 7.4% from the previous quarter and up 16.3% from a year ago.
Estimated assets under management as of May 1 were $35.6 billion, which the company said reflected performance appreciation of $1.8 billion and net inflows of approximately $1.2 billion since Dec. 31.
Daniel S. Och, chairman and CEO, said Thursday during the company's earnings call that “year-to-date net inflows primarily reflect an ongoing level of strong interest in our credit products.”
By fund type, collateralized loan obligation funds saw the highest AUM increase during the first quarter, up 61% to $1.6 billion, followed by credit funds which were up 53% from Dec. 31 to $3.7 billion.
Mr. Och also said “institutional investors remain focused on allocating capital to alternative asset managers who can provide access to various investment strategies and platforms and have proven performance metrics,” and that “our assets under management from pension funds increased, and we believe that our inflows from this source will continue to grow.”
Pension funds accounted for 31% of Och-Ziff's assets as of April 1, up slightly from 30% at the end of 2012.
Net of fees, the firm's OZ Master Fund returned 4% in the first quarter, the OZ Europe Master Fund returned 3.86% and its OZ Asia Master Fund posted a 5.58% return. The Russell 3000 index returned 11.07% during that time and the MSCI ACWI index returned 6.61%.
Och-Ziff reported GAAP net income of $26.1 million during the quarter, compared with net income of $50.7 million during the previous quarter, and a net loss of $122.7 million during the first-quarter of 2012.