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From Kirsten Bischoff, Opalesque New York:
In its earnings report for 3Q09 New York based hedge fund firm Och Ziff reported a loss of $80m or $1.02 per basic and $1.06 per diluted Class A Shares, attributed to redemption losses of $1.1bn during the course of the quarter. Following the earning's release the firm's stock price rose 1.59% over the course of the day, closing at 12.14.
Fund Performance:
OZ Master Fund +21.31% YTD
OZ Europe Master Fund Ltd +15.62% YTD
OZ Asia Master Fund +27.99% YTD
OZ Global Special Investments Master Fund LP +7.16% YTD
Asset flow
The firm assets as of November 1, 2009 stood at $22.6bn, a drop of 29% over the previous year, illustrative of the types of losses suffered across the industry. The staggering $8.9bn that was redeemed from the firm during the course of the past year was attributed to net outflows of $9.3bn but offset by performance related appreciation as the firm's funds delivered strong 2009 performance. "We have now surpassed the high water marks for the majority of our capital,"
Daniel Och, Chairman and Chief Executive Officer said in a statement released with the earnings information.
The Och Ziff funds that saw the greatest redemptions outflows were the Asia Master Fund that lost more than half of its assets (59%) and the Europe Master Fund that saw a 49% de...................... To view our full article Click here
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