Och-Ziff Europe doubles revenue
The UK subsidiary of hedge fund manager Och-Ziff Capital Management, which listed on the New York Stock Exchange in November, almost doubled its turnover last year thanks to a jump in investment fee revenue.
Investment fee revenue at Och-Ziff Management Europe rose to £50.4m (€63.4m) from £28.2m, and profits for the year reached £4.94m, up from £1.88m at the end of 2006, a rise of 164%. The figures were published yesterday at Companies House.
Compensation also increased but to a lesser extent than turnover, from £22.8m in 2006 to £37.4m last year, a rise of 64%.
Och-Ziff in Europe is run by Michael Cohen, the head of European merger arbitrage and event-driven investing for the firm. Cohen joined Och-Ziff in 1997, before which he was an equity research analyst at US-based investment specialist Franklin Mutual Advisory, and an investment banking analyst focused on financial companies at Credit Suisse First Boston.
The London-based team is responsible for the $6.2bn (€3.9bn) Och-Ziff Europe Master fund and contributes to the firm's flagship $19.9bn Master fund, according to a spokesman for the firm.
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