Och-Ziff funds post gains in June but assets drop
Publicly traded hedge fund manager Och-Ziff Capital Management saw gains in all its main funds during June, but investor withdrawals led to an $800m (€571m) decrease in assets under management for the month compared to May.
In a regulatory filing made yesterday, Och-Ziff said its assets under management, which were about $22.1bn at the beginning of this year, are now at $20.7bn.
That is despite a 2.16% gain for the month in its flagship OZ Master Fund, which was up 12.41% for the year.
Och-Ziff's Asia Master Fund was up 13.28% for the year through June, and its Europe Master Fund was up 6.91%. The New York-based company's Oz Global Special Investments Master Fund was up 3.66% through June.
Och-Ziff has been hit hard by redemptions because its funds have been a reliable place for investors to get cash. While many hedge fund managers limited or barred completely investor redemptions, Och-Ziff did not. The company has said that its relatively strong performance hurt it in the short run when it came to redemptions.
Typically, hedge fund managers will see more redemptions at the end of a quarter, as some investors are only allowed to withdraw quarterly. Plus, other investors review their investments at the mid-year point.
Och-Ziff chief executive Dan Och said in May that he saw redemptions slowing during the first quarter, and that he expects the cycle to ease more as the year goes on.
Och-Ziff shares recently traded down 12 cents at $9.03.
An Och-Ziff spokesman declined to comment.
- By Joseph Checkler; 201-938-4297; joseph.checkler@dowjones
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