Fri, 03/05/2013 - 12:05
Och-Ziff Capital Management Group has reported GAAP net income of USD26.1m, or USD0.17 per basic and diluted class A share, for the first quarter ended 31 March 2013.
The company also declared a USD0.28 per share cash dividend on its Class A Shares for the 2013 first quarter.
Distributable earnings totalled USD136.9m, or USD0.29 per adjusted Class A Share, for the 2013 first quarter, 139 per cent higher than USD57.3m, or USD0.13 per adjusted Class A Share, for the 2012 first quarter.
Revenues included USD101.3m of incentive income on an Economic Income basis for the 2013 first quarter. This amount reflected crystallizations on certain credit assets due to the restructuring of terms and expansion of a relationship with an existing investor, as well as on certain longer-term, multi-strategy assets under management.
Estimated assets under management totalled USD35.6bn as of 1 May 2013, which reflected cumulative performance-related appreciation of USD1.8bn and capital net inflows of approximately USD1.2bn from 31 December 2012.
Estimated year-to-date net returns through 30 April 2013 of the OZ Master Fund were 5.4 per cent, the OZ Europe Master Fund 3.5 per cent and the OZ Asia Master Fund 10.7 per cent.
"The year-to-date performance of our funds through 30 April was strong," says Daniel S Och, chairman and chief executive officer of Och-Ziff. "As we begin our 19th year in business, we remain intensely focused on delivering consistent, positive, absolute returns with low volatility to our fund investors. We continued to allocate capital opportunistically across our strategies and geographies, which was central to the returns that we have generated this year. Our performance reflected the value of the flexibility that our multi-strategy approach and international capabilities provide. These attributes enabled us to respond quickly as market conditions changed, and to capitalise on investment opportunities globally. We continue to believe the current environment plays to the strengths of our investment approach.
"Institutional investors remain focused on allocating capital to alternative asset managers who can provide access to various investment strategies and platforms, and have proven performance metrics. Our year-to-date net inflows reflected an ongoing level of strong interest in our credit products. Our dialog with investors remains very active about both our multi-strategy and credit platforms. Our assets under management from pension funds increased, and we believe that our inflows from this source will continue to grow."
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