Och-Ziff Profit Drops 94% as Fund Performance Fees Decline
This article is for subscribers only.
Och-Ziff Capital Management Group LLC, the hedge fund run by Daniel Och, reported a 94 percent drop in fourth-quarter profit on lower performance fees as most of the firm’s funds lost money in 2011.
Distributable profit, a measure excluding costs related to Och-Ziff’s 2007 initial public offering, fell to $16.8 million, or 4 cents a share, from $303.1 million, or 74 cents, a year earlier, the New York-based company said today in a statement. Earnings beat the 2-cent average estimate of eight analysts in a Bloomberg survey.