Back to square one on Och-Ziff performance fees

Och-Ziff's (OZM -5%) OZ Master Fund fell 1.99% in March, the Europe Master Fund fell 1.21% and the Asia Master Fund declined 4.06%, putting the first two funds barely positive YTD and the Asia fund off 6.7%. This "restarts the clock" on performance fees this year, writes Citi's William Katz.

For now, Katz sees this as just a bad month, but a continuation would pressure organic growth trends and the stock.

A bit of good news - the company had net inflows of about $1.1B in March, corresponding to a speedy 31% annualized growth rate.

SEC Form 8-K

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