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Bailey McCann, Opalesque New York: Quarterly profits were down slightly for New York-based Och-Ziff in Q1. The company is a publicly traded hedge fund and private equity firm. According to the earnings report taxes cut into the company's overall profit but assets continued to grow. The company reported earnings of $57.3m down from $65.2m at this time last year.

Total revenue increased to $140.9m up from $138.4m. Expenses were also down at $471.6m from $493.7 a year ago. All four of its portfolios had positive performance for the quarter, as of April 1 assets under management were $29.5bn.

"Our investment performance during the 2012 first quarter and year-to-date has been strong," Daniel S. Och, Chairman and Chief Executive Officer of Och-Ziff said in a statement. "We generated consistent, positive, absolute returns with low volatility, and the strength of our performance reflects our intense focus on generating returns for our fund investors. At the same time, we have actively managed our exposures, maintained our diversification and continued to be opportunistic in moving capital to what we viewed as the best investment opportunities. We deployed capital in U.S. structured credit as well as U.S. and Asian long/short equity special situations, and we were fully invested in the OZ Master Fund as of April 1, 2012."

For the 2012 first quarter, Och-Ziff reported a GAAP Net Loss of $122.7m or $0.87 per basic and diluted Class A Share, compared to a GAAP Net Loss o......................

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