Tough market conditions sting Och-Ziff earnings

• Q3 distributable earnings of $66.1M or $0.13 per share vs. $116.7M and $0.23 one year ago.
• AUM of $44.6B as of Sept. 30 down 5% Y/Y, with net outflows of $1.7B and depreciation of $1.1B.
• Compensation and benefits of $35.9M down 15% Y/Y, with salaries and benefits up 10% and bonuses down more than 50%. Non-comp expenses of $54.8M up 76% Y/Y, driven by higher professional fees due to increase legal expenses over certain regulatory and legal matters.
• Conference call at 8:30 ET
• Previously: Och-Ziff Capital Management misses by $0.02, beats on revenue (Nov. 3)
• OZM flat premarket, but a late fall in yesterday's session left the shares just 5% higher after as much as an 11% gain.