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Och Ziff assets under management rise, funds' performance trails markets

Tuesday, August 03, 2010
Opalesque Industry Update - Och-Ziff Capital Management Group LLC (NYSE: OZM) (the "Company" or "Och-Ziff") reported a GAAP Net Loss(1) of $89.4 million, or $1.05 per basic and diluted Class A Share, for the second quarter ended June 30, 2010. The Company also declared a $0.11 per share 2010 second quarter cash dividend on its Class A Shares.

Summary Highlights

Distributable Earnings of $57.0 million, or $0.14 per Adjusted Class A Share, for the 2010 second quarter compared to $12.6 million, or $0.03 per Adjusted Class A Share, for the 2009 second quarter

Assets under management of $25.3 billion as of July 1, 2010, unchanged from April 1, 2010 and up from $20.7 billion as of July 1, 2009

Estimated assets under management of $25.9 billion on August 1, 2010, reflecting year-to-date capital net inflows of $2.2 billion and performance-related appreciation of $600 million

Year-to-date estimated net returns through July 31, 2010 of the OZ Master Fund of 2.8%, the OZ Europe Master Fund of 2.6%, the OZ Asia Master Fund of 3.6% and the OZ Global Special Investments Master Fund of 5.0%

"The value of our investment process, our multi-strategy model and our international capabilities was again readily apparent as we generated strong risk-adjusted returns for our fund investors during the second quarter and in July," said Daniel Och, Chairman and Chief Executive Officer of Och-Ziff. "Our performance demonstrates the benefits of our active risk management process, investment portfolio diversity and consistently low use of leverage.

"We remain confident that the long-term, secular growth drivers of assets under management remain intact for the hedge fund industry. Despite recent market volatility, we believe the capital allocation cycle is underway and confidence among institutional investors in this sector remains strong. We believe that our investment track record and the institutional structure of our business continue to differentiate us in the marketplace, increasing our ability to gain market share and grow assets under management over time." Full press release: Source

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