Och-Ziff Capital Management Group LLC(OZM)- NYSE
  • Today, 1:07 PM
    • At issue is a federal probe into the funneling of millions of dollars of bribes to African officials, and a guilty plea from Och-Ziff (OZM +4.5%) could come as soon as Thursday, according to the report. The company has already reserved more than $400M for fines and penalties.
    • The now-former head of its London-based investing arm Michael Cohen and others remain under investigation, and could also face charges.
    | Today, 1:07 PM | 2 Comments
  • Mon, Sep. 26, 12:09 PM
    • "2 and 20" is moving towards "0 and 20" at Brevan Howard as the giant hedge fund firm will cut the management fee on its flagship fund to 0%. The 20% performance fee stays.
    • The zero percent applies only to new money from existing clients and to any gains (if they come) to money already invested in the fund.
    • It's a sign of the times for the struggling industry, where investors have pulled cash for three straight quarters for the first time since 2009. For Brevan Howard, its $14.5B Master Fund is on pace to mark its third straight losing year. The $18B firm overall expects about $3B of withdrawals at year-end, according to the WSJ report.
    • In another sign of the times, Bloomberg reports on penny-pinching in the hedge fund capital of Greenwich. It's a sad tale including a $250K Mercedes S-Class gathering dust at the local dealer while $70K models fly out the door, and Barry Sternlicht not being able to unload his $6M mansion, though houses priced at $2M or less are still seeing plenty of interest.
    • Interested party: Och-Ziff Management (OZM -0.3%).
    | Mon, Sep. 26, 12:09 PM | 20 Comments
  • Thu, Aug. 25, 10:48 AM
    • The roughed-up shares of Och-Ziff (NYSE:OZM) had managed about a 25% rally this month, but they're down 4.25% this morning after Citigroup's Willliam Katz downgrades to Sell from Neutral.
    • The price target is cut from $4.25 to $3.40 (current level is $3.85).
    | Thu, Aug. 25, 10:48 AM
  • Wed, Aug. 17, 2:27 PM
    • At issue are government probes into a web of complex oil and mining deals funded by Och-Ziff (OZM +4.9%) in Africa, and whether the company knowingly paid bribes to government officials in the Democratic Republic of Congo and Libya, according to Bloomberg.
    • A Gabonese "fixer" with links to Och-Ziff was arrested yesterday and accused of regularly paying bribes to win mineral rights in Niger, Guinea, and Chad for a joint venture whose partners include a hedge fund (Och-Ziff, according to Bloomberg's sources).
    • According to the report, Och-Ziff is in talks with prosecutors to enter a deferred-prosecution agreement.
    | Wed, Aug. 17, 2:27 PM | 1 Comment
  • Wed, Aug. 17, 1:00 PM
    | Wed, Aug. 17, 1:00 PM | 1 Comment
  • Thu, Aug. 4, 8:27 AM
    • Nearly all of a multi-strategy fund Goldman arranged for employees will liquidate by September 1, reports Bloomberg. Managed by Och-Ziff (NYSE:OZM), the fund fell 6.9% over the past year, with assets dropping to about $350M from $423.6M in March.
    • Och-Ziff has seen clients pull $3.1B from its funds in the 12 months ended in June, and another $3B through August, bringing AUM down to $39.1B.
    | Thu, Aug. 4, 8:27 AM | 2 Comments
  • Tue, Aug. 2, 1:00 PM
    | Tue, Aug. 2, 1:00 PM
  • Tue, Aug. 2, 7:38 AM
    • Och-Ziff Capital Management (NYSE:OZM): Q2 EPS of $0.06 misses by $0.01.
    • Revenue of $152.56M (-52.5% Y/Y)
    • Press Release
    | Tue, Aug. 2, 7:38 AM
  • Mon, Aug. 1, 5:30 PM
  • Tue, Jul. 26, 11:22 AM
    • In the largest monthly withdrawal since eVestment began tracking flows in 2009, investors pulled $20.7B from hedge funds in June. Don't blame the Brexit, as bailing out of hedge funds takes significantly longer than logging into one's E*Trade account to hit the sell button.
    • Outflows are more likely the continuing of a trend out of active management and into passive.
    • There's also performance-chasing: The 10 long/short equity funds with the largest outflows returned an average of -8.27% YTD, while those with the largest inflows returned an average of positive 4.55%.
    • OZM flat on today's session, but down about 70% Y/Y.
    | Tue, Jul. 26, 11:22 AM | 7 Comments
  • Tue, Jul. 12, 10:04 AM
    | Tue, Jul. 12, 10:04 AM | 4 Comments
  • Mon, Jul. 11, 9:41 AM
    • Troubles in hedge-fund land have meant troubles for Fortress Investment (NYSE:FIG) and Och-Ziff Capital (NYSE:OZM). FIG is down 39% Y/Y, and OZM by 72%.
    • KBW moves on, downgrading both to Market Perform from Outperform.
    • FIG is lower by 0.7% today, and OZM by 4.9%.
    | Mon, Jul. 11, 9:41 AM | 1 Comment
  • Tue, Jul. 5, 2:45 PM
    • AUM fell 7.5% to $39.2B in June. For the entire quarter, AUM fell 6.7%, and for all of H1, they fell 12.1%.
    • Performance: All three of Och-Ziff's (OZM -5.3%) flagship funds turned in negative returns in Q2.
    | Tue, Jul. 5, 2:45 PM | 4 Comments
  • Tue, Jun. 28, 10:01 AM
    • The team throws in the towel on Buy calls on WisdomTree (NASDAQ:WETF) and Och-Ziff Capital (NYSE:OZM), with downgrades to Neutral. Artisan Partners Asset Management (NYSE:APAM) is cut to Underperform from Neutral.
    | Tue, Jun. 28, 10:01 AM
  • Thu, May 26, 8:51 AM
    • The $2.9T industry could lose about 25% of its assets in the next year thanks to continuing underperformance, says Blackstone (NYSE:BX) President Tony James.
    • For its part, Blackstone is the world's largest allocator to hedge funds, provides startup money to managers, and takes equity stakes in hedge funds. While performance is a concern within Blackstone, James says results in its hedge fund businesses are topping the industry average.
    • Hedge fund underperformance is likely the result of the sustained bull market, says James, as many hedged funds are just that ... hedged.
    • As for '2 and 20,' it's "hard to justify these days," he says.
    • Interested parties include: OZM, CG, FIG
    | Thu, May 26, 8:51 AM | 20 Comments
  • Tue, May 3, 7:49 AM
    • Q1 distributable earnings, ex-item, of $57.5M or $0.11 per share v.s $126.7M and $0.25 one year ago.
    • AUM of $43.2B falls from $48.3B, with multi-strategy funds AUM of $27.B down from $33.9B. AUM has fallen further to an estimated $42B as of May 1.
    • CEO Dan Och: "The global markets have been challenging to date, but this is not the first time we have navigated an environment like this."
    • Conference call at 8:30 ET
    • Previously: Och-Ziff Capital Management misses by $0.02, misses on revenue (May 3)
    • OZM flat premarket
    | Tue, May 3, 7:49 AM