Och-Ziff Capital Management Group's assets under management fell 2.1% in the quarter and dropped 20.8% in the year ended June 30 to $33.2 billion, the firm's earnings report released Wednesday showed.
During the year ended June 30, net outflows totaled $11.6 billion, fund distributions totaled $600 million and investment gains were $3.5 billion for a net asset decline of $8.7 billion. By comparison, Och-Ziff's net asset decline was $9.3 billion in the year ended March 31.
Net outflows in the quarter ended June 30 totaled $1.376 billion, fund distributions were $31 million and investment gains were $687 million for a net decline in assets of $722 million, less than the $3.9 billion asset decline in the quarter ended March 31.
Och-Ziff's assets as of June 30 were down $15.1 billion or 31.3% compared to the firm's AUM peak of $48.3 billion as of March 31, 2015.
Assets managed in the firm's multistrategy hedge funds fell $10 billion or 38.3% to $16 billion in the year ended June 30.
By contrast, assets in other Och-Ziff strategies rose during the year: opportunistic credit funds grew 1.9% to %5.3 billion; institutional credit funds rose 18.1% to $8.5 billion; and real estate funds increased 18.2% to $2.6 billion.
As of Aug. 1, Och-Ziff reported estimated aggregate firmwide assets of $32 billion, down 3.6% in July and down 15.6% from Dec. 31.
"Our strong results this quarter demonstrate solid execution across the firm. We posted another quarter of positive, broad-based performance, saw a step down in expenses as our savings initiatives bear fruit and saw a normalization of outflows while actively engaging clients in fundraising discussions," said Daniel S. Och, chairman and CEO, in the earnings report.
