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Daniel S. Och From Kirsten Bischoff, Opalesque New York:
During the Och Ziff quarterly call with analysts on Tuesday, Daniel S Och, Chairman and CEO, pointed to a longer due diligence period within the hedge fund industry, when speaking about asset raising trends. The criteria for manager selection has become longer, as investors have become more careful in their portfolio building, he explained. The public hedge fund firm grew assets by 5% (to $29.5bn) during the first quarter of 2011. Of that growth, much was driven by performance ($1.1bn).
Through April 31, 2011 the funds have delivered:
OZ Master Fund +4.1%
OZ Europe Master Fund +4.0%
OZ Asia Master Fund +2.4%
OZ Global Special Investments Master Fund +5.5%
Och's general outlook was optimistic, he pointed to investors such as pensions and sovereign wealth funds as having larger dollars amounts available for allocations, but said that growth was slow moving due to increased focus on the manager selection process. "We think it is a good thing the focus on manager selection is more important than ever. It is not just about returns, it is about risk adjusted returns, it is about longevity, understanding our teams, and things that play to our advantage."
Currently the firm's largest investors are pensions (24% of assets), followed by fund of funds (21%) and foundations and endowments (15%). Family offices make up only 8% of the firm's asset base. Looking forward, Och expects to ...................... To view our full article Click here
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