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Things Looking Up At Och-Ziff

By which we mean they are looking less down.
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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

Back in February, Daniel Och struck a somewhat strangely optimistic note for a man whose hedge fund has hemorrhaged $13 billion in outflows in as many months, on account of that whole bribing everyone in Africa scandal. Having just bled a further $4.8 billion the previous month, Och assured that “we believe the worst quarter is behind us” and “the tone of our investor conversations over the past few months has changed for the better.” And he was right! Second-quarter redemptions at Och-Ziff were less than half those suffered in the first.

The firm had net redemptions of $4.8 billion in the first quarter and an additional $2.1 billion from April 1 and May 1, the company said in a statement Tuesday. Assets under management declined to $32 billion as of the beginning of May, a 24 percent drop from a year earlier….

“We’re one quarter away from that impact ending,” Och said. “From that point forward we believe that multi-strategy flows will return to being primarily driven by performance and broader industry trends.”

That’s because, by next quarter, everyone who wants to jump the pirate ship will have had their chance, while the rest will have been bribed to stick around—either byfee breaks, or the fact that the poor performance that prompted the fee breaks is a thing of the past (for now).

The multi-strategy OZ Master Fund rose 4.1 percent in the first quarter, and the OZ Credit Opportunities Fund was up 3.2 percent.

Och-Ziff has $6.9 Billion in Outflows in First Four Months [Bloomberg]


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