Dan Och Encouraged By Conversations He’s Having With Clients Racing Out The Door

Oh, like EVERY fund isn't dealing with 11 figure withdrawals? Oh, they're not?
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By World Economic Forum [CC BY-SA 2.0], via Wikimedia Commons

By World Economic Forum [CC BY-SA 2.0], via Wikimedia Commons

Och-Ziff had a somewhat less-than-enjoyable 2016, during which it lost a whole bunch of money, had to cut fees and then pay $400 million to settle bribery allegations, which (presumably in conjunction with the aforementioned losses) had investors marauding for the exits and had OZ selling its brand-new private jet. This annoying habit of theirs has bled into 2017, with $4.8 billion more in outflows during the same month that saw two ex-Och-Ziff money managers indicted for, you guessed it, bribery. But Dan Och? Well, he’s not going to let a little thing like managing $15 billion less than he was two years ago get him down, not when all of the non-redemption indicators are looking so good.

“We have come through a challenging year,” Och said Wednesday on a conference call. “The investigation and resulting settlement obviously had an impact on outflows, but we believe the worst quarter is behind us. That is not to say we won’t experience additional outflows, however, the tone of investor conversations over the past few months has changed for the better. Investors are pleased with our recent performance and to have the investigation behind us.”

Och-Ziff Suffered $13 Billion in Withdrawals as Clients Fled [Bloomberg]

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