22.39 0.00 (0.00%)
After hours: 4:17PM EDT
|Bid||22.35 x 800|
|Ask||22.39 x 800|
|Day's Range||22.16 - 22.96|
|52 Week Range||8.60 - 25.49|
|Beta (3Y Monthly)||1.36|
|PE Ratio (TTM)||38.67|
|Earnings Date||Oct 31, 2019 - Nov 4, 2019|
|Forward Dividend & Yield||1.28 (5.68%)|
|1y Target Est||30.00|
(Bloomberg) -- In naming their hedge funds, managers have found inspiration in a childhood neighborhood (Highbridge), favorite ski trails (FrontFour) and even a grandfather (Melvin).At Och-Ziff Capital Management Inc., executives sought out branding professionals and spent tens of thousands of dollars to come up with a new name: Sculptor Capital Management.The $33 billion firm chose Sculptor because it "evokes the dedication, persistence and vision that embody what we strive for daily as stewards of your capital," according to a letter sent Monday to investors.The more practical reason for the change: The New York-based firm decided it needed a reboot to reflect the departure of its founder -- Dan Och. It also helps to distance itself from recent legal troubles that have caused a massive client exodus.The last five years have proved difficult for Och-Ziff. Clients in its flagship hedge fund have pulled $27 billion since the end of 2014, when the company first disclosed it was the target of a multiyear investigation into bribery in Africa. (It paid a $400 million fine in a settlement.) In subsequent years, top executives left and new leadership was put in place. Och, who founded the firm in 1994, retired as chairman in March.Och-Ziff joins an array of companies that have changed their names -- sometimes to comic result. Tribune Publishing Co., owner of the Chicago Tribune and the Baltimore Sun, went with Tronc briefly before going back to the Tribune name last year. Blackwater tried Xe Services before settling on Academi. BB&T Corp. and SunTrust Banks Inc. merged recently into Truist.Rebranding has its downside. "It can be more difficult to get meetings because people don’t recognize the name, and you have to spend time explaining why you decided to make the change," said Don Steinbrugge, head of Agecroft Partners, which helps hedge funds raise money.Name changes don’t come cheap, either. Rebranding companies generally charge anywhere from $40,000 to $400,000, according to industry participants.The firm, which has raised money in the past several years issuing lower-fee collateralized debt obligations, recently hired Louisa Church as head of investor relations in Europe, the Middle East and Africa. Its flagship hedge fund has climbed 11% through July.The new name, Sculptor, goes into effect on Sept. 12.(Updates with industry comment in the 7th paragraph.)\--With assistance from Sridhar Natarajan.To contact the reporters on this story: Nabila Ahmed in New York at firstname.lastname@example.org;Katherine Burton in New York at email@example.comTo contact the editors responsible for this story: Alan Mirabella at firstname.lastname@example.org, Vincent BielskiFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
US hedge fund Och-Ziff has a long position in Intu, a UK retail property group, rather than a short position as incorrectly stated in an article on August 9. Copyright © 2015 The Financial Times Limited. ...
Investment banks and hedge funds are betting on the downfall of UK shopping centres, turning their attention to corporate bonds issued by one of the country’s largest retail landlords. Short interest in Intu’s largest bond, a £485m security held against the Metrocentre in Gateshead, has more than quadrupled in one month, up from near 2.3 per cent on July 1 to more than 13 per cent on August 6, according to data provider IHS Markit. London-based Odey Asset Management has a 3.3 per cent short position against Intu’s equity, data from the Financial Conduct Authority shows.
(Bloomberg) -- Och-Ziff Capital Management Group Inc. posted another quarter of outflows from its multi-strategy hedge fund, a signal that efforts to pull in capital have yet to pay off.The firm’s flagship fund suffered second-quarter withdrawals of $849 million, bringing assets below $10 billion for the first time in years. A portion of those outflows were from former executives.Still, the firm founded by billionaire Dan Och drew in about $1.1 billion in the period due to institutional credit strategies, which invest in collateralized loan obligations. Those lured about $1.5 billion, the company said in a statement Friday.The firm’s shift towards lower-fee products has offset an asset bleed from Och-Ziff’s hedge funds that has persisted since 2014, when the company first disclosed a regulatory probe that triggered an exodus of client cash and a slide in its stock price.In the intervening years, Och-Ziff grappled with the fallout of settling the investigation and as well as changes to its succession plan and executive departures. The firm has focused on shrinking or shuttering non-core businesses while improving the performance of the flagship. It has gained 11% this year through July, beating hedge fund peers.Fee Structure“I know I sound like a broken record on these calls, but the truth is I think it’s an excellent product,” Chief Executive Officer Robert Shafir said on a conference call Friday about the flagship fund. “We are having much more productive conversations with our clients regarding our product offering here. When that crystallizes it’s hard for me to say, but we’re betting on the long term success of that product and I think we’re going to be right.”Total firm assets stood at $33.2 billion as of August 1.Och-Ziff reported distributable earnings of 48 cents a share in the second quarter, beating estimates. That compares with 34 cents a year earlier. The stock rose 2.2% to $23.60 as of 10:11 a.m. in New York.The flagship hedge fund provides the bulk of Och-Ziff’s revenue due to its higher fees. In the first quarter, Och-Ziff charged an average management fee of 1.32% on its multi-strategy fund, while charging 0.47% to manage CLO assets. As a result, the firm’s overall second-quarter income from management and incentive fees was about $92.3 million, 8% lower than a year earlier.Och-Ziff may see a turnaround in the coming months. In June, regulators lifted a punitive sanction that was imposed on the firm three years ago after a multiyear investigation into bribery in Africa. The waiver removed a restriction that inhibited Och-Ziff’s ability to raise money for its hedge funds through a private placement.“While there have still been other channels open and available, this is notable in that most bank platforms have been either unable or unwilling to work around the increased regulatory hurdles,” Jefferies Group LLC analysts led by Gerald O’Hara wrote in a July 2 report. “With strong performance and continued management stability, consultants and gatekeepers should become increasingly positive into year-end.”This year, the firm’s shares have rallied 150% in part by changing the compensation structure for some executives and converting to a corporation from a partnership. That enabled Och-Ziff to be added to the Russell 2000 Growth Index.Also as part of the changes, the firm’s former executives -- including Och -- withdrew their capital from the flagship. About 40% of those outflows in the second quarter were from former managers, the filing showed.(Adds earnings and shares in seventh paragraph.)To contact the reporter on this story: Katia Porzecanski in New York at email@example.comTo contact the editors responsible for this story: Alan Mirabella at firstname.lastname@example.org, Vincent BielskiFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
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Och-Ziff Capital Management Group LLC (NYSE:OZM) files its latest 10-K with SEC for the fiscal year ended on December 31, 2018.