Och-Ziff Capital misses by $0.01, beats on revs; Appoints William P. Barr to Board of Directors
- Reports Q2 (Jun) economic net income of $0.06 per share, $0.01 worse than the Capital IQ Consensus of $0.07; revenues fell 52.5% year/year to $152.55 mln vs the $144.4 mln Capital IQ Consensus.
- As of June 30, 2016, assets under management totaled $42.0 bln, a decrease of $6.0 bln, or 12%, from June 30, 2015, which was driven by capital net outflows of $3.1 bln and $637.5 mln of distributions to investors and other reductions in the Company's closed-end opportunistic credit and real estate funds. Also contributing to the decline was performance-related depreciation of $2.2 bln. During the month of June, the Company had approximately $127.0 mln of intra-month capital net outflows, which are included in the $42.0 bln of assets under management as of June 30, 2016.
- Assets under management decreased to an estimated $39.1 bln as of August 1, 2016. This decrease reflected estimated performance-related appreciation of approximately $214.0 mln in July and capital net outflowsof approximately $3.0 bln, which was comprised of approximately $2.8 bln of capital net outflows on July 1, 2016 and approximately $277.0 mln of capital net outflows from July 2, 2016 to August 1, 2016.
- Och-Ziff Capital Management Group announced that it has appointed William P. Barr to its Board of Directors. The addition of Mr. Barr expands Och-Ziff's Board to eight directors