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Hedge Funds

Och-Ziff announces retirement of 3 senior executives, promotes 2

Och-Ziff Capital Management Group announced the retirement of three executive managing directors in an internal memo Friday obtained by Pensions & Investments.

David Windreich, who co-founded the hedge fund firm with Chairman Daniel S. Och in 1994, will retire at the end of the year, the memo said. Mr. Windreich is co-chief investment officer of the firm.

Spokesman Jonathan Gasthalter declined to comment on Mr. Windreich's replacement. However, the company memo said James "Jimmy" Levin, the firm's other co-CIO, will continue in his role.

Harold "Hal" A. Kelly, co-head of the firm's convertibles and derivative arbitrage strategy, also will retire at year-end. Ghassan Ayoub, partner, is the other co-head of the strategy and will continue to head the strategy team alone, the memo said.

Zoltan Varga, Hong Kong-based head of Asian investment, will retire July 31. The memo did not provide information about Mr. Varga's replacement, and Mr. Gasthalter declined to comment.

Och-Ziff also "empowered its current generation of partners" through a series of promotions, the memo said.

Jeff Lin was named head of U.S. equities. He was head of the merger arbitrage strategy.

Och-Ziff has "taken steps over the last several years to integrate our fundamental long/short area and our merger arbitrage area. We view this announcement as the final step in this process," the memo said.

The memo did not say whether Mr. Lin is replacing someone in his new role or who is replacing him in his previous job. Mr. Gasthalter declined to comment.

Peter Wallach, managing director, was named head of risk management. He was head of portfolio risk and construction. Neither the memo nor Mr. Gasthalter provided information about Mr. Wallach's predecessor or successor.

Och-Ziff managed $32.7 billion as of March 31, according to its first-quarter earnings report.