Wed, 04/11/2009 - 12:02
Och-Ziff Capital Management made a GAAP net loss of USD80m, or USD1.02 per basic and USD1.06 per diluted class A share, for the third quarter ended 30 September 2009.
This compares to a GAAP Net Loss of USD69.4m, or USD0.94 per basic and USD1.07 per diluted class A share, for the 2008 third quarter. The primary drivers of the year-over-year increase were a decline in management fees due to lower assets under management and higher compensation expenses.
The GAAP net loss in the 2009 third quarter primarily resulted from non-cash expenses of USD417.5m, associated with the Company's reorganisation in connection with its initial public offering in November 2007.
Och-Ziff's assets under management were USD22.3bn as of 30 September 2009, two per cent higher than the USD21.9bn in AUM as of 30 June 2009 and 29 per cent lower than the USD31.2bn in AUM as of 30 September.
The USD8.9bn year-over-year decrease was driven by net outflows of USD9.3bn, partially offset by performance-related appreciation of USD424m during the period. During the 2009 third quarter, the USD358 million increase was driven by performance-related appreciation of approximately USD1.5bn, partially offset by net outflows of approximately USD1.1bn.
Year-to-date net returns through 31 October 2009 of the Oz Master Fund were 21.3 per cent, the Oz Europe Master Fund 15.6 per cent, the Oz Asia Master Fund 28.0 per cent and the Oz Global Special Investments Master Fund 7.2 per cent.
The board declared a 2009 third quarter dividend of USD0.07 per class A share, to be paid on 10 November 2009.
"We continued to generate very strong investment performance across all of our funds during the third quarter and in the month of October," says Daniel Och, chairman and chief executive officer of Och-Ziff. "We have now surpassed the high water marks for the majority of our capital. Our diversified, multi-strategy approach, which adheres to disciplined investment and risk management processes and the limited use of leverage, has driven the consistency and low volatility of our investment returns since our founding in 1994 and this year has been no different.
"We believe that redemptions have now normalized to historical levels for the hedge fund industry as a whole as market conditions have further improved and investor confidence has increased. We remain confident that as investors re-deploy capital to alternative investments, we will be a leading beneficiary of those flows because of our track record, infrastructure, transparency and the consistency of our model."
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