Och-Ziff Capital Management Group LLC (NYSE:OZM) today reported GAAP Net Income(1) of $4.9 million, or $0.03 per basic and diluted Class A Share, for the second quarter ended June 30, 2013. The Company also declared a $0.14 per share cash dividend on its Class A Shares for the 2013 second quarter.
Och-Ziff Capital Management Group LLC (NYSE:OZM) Summary Highlights
— Distributable Earnings of $77.5 million, or $0.16 per Adjusted Class A Share, for the 2013 second quarter, 15% higher than $67.2 million, or $0.15 per Adjusted Class A Share, for the 2012 second quarter.
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— Estimated assets under management of $36.7 billion as of August 1, 2013, which reflected cumulative performance-related appreciation of $2.3 billion and capital net inflows of approximately $1.8 billion from December 31, 2012.
ate investment performance of our funds through July 31st continued to be strong,” said Daniel S. Och, Chairman and Chief Executive Officer of Och-Ziff. “We again demonstrated our ability to protect capital through effective asset allocation and exposure management in response to the volatile market environment globally in late May and June. We maintained the returns we generated in the first part of the year, and extended that performance as market conditions became more constructive in July.
“Pension funds remain our largest source of new capital on a year-to-date basis through August 1st, and private banks have also been a substantial contributor to our net inflows. Reception by fund investors to our dedicated credit platforms continues to be strong. We are expanding these platforms by building on the expertise of our global credit team, which is a natural extension of our business. We are taking a similar approach with our real estate and dedicated long/short equity special situations platforms. We believe that each of these strategies has substantial long-term growth potential in terms of assets under management. They are also important sources of product diversification, complementing the growth opportunity we continue to see in our multi-strategy products.”
Bulent Ozcan, CFA, Eric N. Berg, CPA, and Kenneth S. Lee of RBC Capital Markets note in a new report:
Top line growth was stronger than we had estimated. Management fees were to the tune of $134.8 million, versus our estimate of $130.9 million. Likewise, incentive income of $22.9 million was ahead of our estimate.
The company reported net flows of $895 million in the June quarter. We had projected inflows of $700 million.
Och-Ziff’s Board of Directors declared a $0.14 dividend for the second quarter, flat year-over-year.
The company filed its July performance numbers this morning. The OZ Master Fund generated returns of 1.1%, resulting in a year to date performance estimate of 7.6%. Likewise, the Europe Master Fund had another decent month with July performance estimates of 1.6%. Year to date returns are 6.7% for this fund.