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Och-Ziff Capital Management
Company typePublic company
NYSE: OZM
ISINUS67551U1051 Edit this on Wikidata
IndustryHedge funds
Founded1994
FounderDaniel Och
HeadquartersSolow Building
New York City, New York, United States
Key people
Daniel Och, Chief Executive Officer
David Windreich,Head of U.S. and European Investing
Joel M. Frank, Chief Financial Officer and Senior Chief Operating Officer
Total assets$39.1 Billion as of August 1, 2016
Number of employees
400+
Websitewww.ozcap.com

Och-Ziff Capital Management Group is an American hedge fund manager and global alternative asset management firm.[1] As of August 2016, the firm has more than $39 billion in assets under management.[2][3] It was the 5th largest hedge fund in the world as of the end of 2011.

Additionally, Och-Ziff Capital Management Group was accused of FCPA violations in 2016. On Thursday, September 29, 2016, the company agreed to pay the Department of Justice and the U.S. Securities and Exchange Commission a total of $412 Million for criminal and civil violations.[4]

The firm operates multiple investment strategies, including merger arbitrage, convertible arbitrage, equity restructuring, credit and distressed investments, private investments, and real estate.[5] It has 400 employees worldwide including offices in New York City, London, Hong Kong, Mumbai, and Beijing.[6]

History

The firm was founded in 1994 by Daniel Och with financial support from the Ziff family, founders of Ziff Davis Media. William Ziff's sons Dirk, Robert, and Daniel manage the family's investments through Ziff Brothers Investments. Prior to founding the firm, Och was Head of Proprietary Trading in the Equities division at Goldman Sachs.[7]

The company completed an initial public offering in 2007, listing its shares on the New York Stock Exchange at $32. The firm was one of the few hedge funds and private equity companies that completed IPOs before the market downturn of 2007. Also in 2007 it became a founder member of the Hedge Fund Standards Board which sets a voluntary code of standards of best practice endorsed by its members.[8] The company's stock has declined significantly since the IPO, reaching a 2008 year-to-date low of $4.02.[9] On September 30, 2010, the stock was trading at $14.90.[10]

The firm is reported to have avoided large losses during the financial crisis of 2008[11] and institutional capital continued to allocate funds to the company through 2010.[11]

Structure

According to the company website,[12] Daniel Och is Chairman of the Board, and Chief Executive Officer.

OZ Management is a subsidiary of Och-Ziff Capital Management.[13] In January 2008 OZ Management, Tokyo Sexwale’s Mvelaphanda (Mvela) Holdings and Walter Hennig’s Palladino Holdings announced the creation of a new joint venture, Africa Management Limited.[13] As part of the joint venture, Africa Management Limited established African Global Capital, as a vehicle for investment in both the private and public markets across Africa, focusing on natural resources and related opportunities.[13] Tokyo Sexwale, founder of Mvela, said: "We intend to build on our already strong foothold in African investments in partnership with Och-Ziff. The partnership with Och-Ziff in African Global Capital will help us accelerate in building the leading African investment firm.”[13] Mvela Holdings is a privately owned investment company founded in 1998 by Tokyo Sexwale, Mikki Xayiya and Mark Willcox. Mvela Holdings is the controlling shareholder of Mvelaphanda Group and has a significant interests in Mvelaphanda Resources.[13]

Criticism

In August 2012 the Mail & Guardian reported that Mvelaphanda (Mvela) Holdings, a joint venture between Tokyo Sexwale and OZ Management, was behind a USD100 million loan to the Zimbabwean political party Zanu-PF.[14]

Palladino Holdings and Mvelaphanda Holdings, affiliates of OZ Management, are connected to a $25 million loan that Palladino lent to the state of Guinea in order to start up a state mining company.[15]

See also

References

  1. ^ "Company Profile for Och-Ziff Capital Management Group LLC (OZM)". Bloomberg. Retrieved 3 June 2013.
  2. ^ About Och-Ziff. March 17, 2011
  3. ^ "The 2011 Hedge Fund 100 Ranking". Institutional Investor, Inc. May 12, 2011.
  4. ^ Och-Ziff settles with SEC, DOJ for $412 million
  5. ^ Och-Ziff (company website)
  6. ^ Form 10-Q filing as with the U.S. Securities and Exchange Commission. November 4, 2010
  7. ^ Daniel Och profile
  8. ^ Hedge Fund Standards Board. "HFSB Founders & Core Supporters". Retrieved 27 September 2016.
  9. ^ Och-Ziff Hoovers Company Profile
  10. ^ Yahoo Finance Historical Quotes for OZM
  11. ^ a b Griffiths, Tony (October 6, 2010). "The HFMWeek 50 most influential people in hedge funds". HFMWeek. Retrieved 5 August 2011.
  12. ^ Och-Ziff: Team (company website)
  13. ^ a b c d e Och-Ziff, "Press Releases", Och-Ziff (29 January 2008)
  14. ^ STEFAANS BRÜMMER, CRAIG MCKUNE & OWEN GAGARE, "The investor who saved Mugabe", Mail & Guardian SA (10 August 2012)
  15. ^ Craig McKune, Stefaans Brummer and James Wood (June 29, 2012). "Tokyo-linked company in Guinea row". Mail & Guardian.
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