Och-Ziff sees profit double

City A.M. Reporter
OCH-ZIFF Capital Management Group said yesterday that its quarterly profit more than doubled and easily beat estimates as it earned much higher fees from more investors putting new money into its hedge fund portfolios.

First-quarter distributable earnings, excluding costs related to its November 2007 initial public offering, reached $136.9m (£87.6m), or 29 cents a share, Och-Ziff said yesterday.

A year ago the company reported $57.3m, or 13 cents a share, in distributable earnings.