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Och-Ziff makes $50m profit
Och-Ziff, the hedge fund manager that went public in 2007, made a Q1 net profit of $50m on the strength of a 30% rise in assets under management. The group last November had the biggest ever hedge fund IPO, selling off 9% of the firm. Its shares have since fallen by 40%. Och-Ziff’s total net loss was $268m because of charges related to its IPO. Such costs would continue until 2012, said the group. Daniel Och, founder and chief executive, took home $484.8m last year from the sale of his interest in the group, according to regulatory filings. Dubai International Capital, controlled by the ruler of the emirate of Dubai, owns 9.9% of Och-Ziff.
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