Och-Ziff Capital Management Group LLC (NYSE:OZM) said its quarterly profit more than doubled beating Wall Street’s forecasts.

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One of the world’s largest institutional alternative asset managers today reported GAAP Net Income of $26.1 million for the first quarter ended March 31, 2013. It also declared a cash dividend of $0.28 per share on its Class A Shares for the 2013 first quarter.

Och-Ziff Capital Management Group LLC (NYSE:OZM)’s revenue included $101.3 million of incentive income on an Economic Income basis for the 2013 first quarter.  This reflects crystallizations on certain of the company’s credit assets due to the restructuring of terms and expansion of relationship with an existing investor.

Its increase in Distributable Earnings was also due to higher management fees, primarily resulting from growth in assets under management year-on-year. However higher compensation and benefit expenses, non-compensation expenses have partially offset these increases.

Och-Ziff’s estimated assets under management of $35.6 billion at the end of the first quarter reflect cumulative performance-related appreciation of $1.8 billion and capital net inflows of approximately $1.2 billion from December 31, 2012.

Its Chief Executive Officer Daniel S. Och indicated that they continue to allocate capital opportunistically across their strategies and geographies. Their multi-strategy approach and international capabilities are reflected in their last quarter performance. He expressed confidence that the current environment plays to the strength of their investment approach.

However Och-Ziff Capital Management Group LLC (NYSE:OZM)’s GAAP results in the 2013 first quarter were impacted by reorganization expenses of $4.0 million, compared to $398.4 million in the prior-year period. Besides, the GAAP results were impacted by non-cash expenses of $22.7 million for the amortization of equity-based compensation.

The alternative asset management’s average management fee rate was 1.56 percent for the 2013 first quarter, a decline from 1.67 percent  for the 2012 first quarter due primarily to an increase in assets under management in the Company’s dedicated credit platforms and CLOs, which earn lower management fees as is reflective of the market for these products.

The company’s compensation and benefits for the 2013 first quarter totaled $23.5 million, up 13 percent from compensation and benefits of $20.7 million for the 2012 first quarter. Salaries and benefits for the 2013 first quarter totaled $21.4 million, 11 percent higher than salaries and benefits of $19.3 million in the prior-year period. The increase is attributed to enhancement in the company’s worldwide headcount.