Och Ziff tops Wall Street forecasts but assets dip

HEDGE fund firm Och-Ziff Capital Management yesterday said distributable earnings for the third quarter fell 35 per cent on lower assets under management &ndash; but still topped Wall Street forecasts.<br /><br />Och-Ziff, one of only a small number of publicly-traded hedge fund firms, said it earned $34.2m (&pound;21m), or eight cents per distributable share, down from $52.7m, or 13 cents per distributable share, a year earlier. Total revenue was $91m.<br /><br />Analysts had expected four cents per share on revenue of $87.5m, according to Thomson Reuters.<br /><br />Assets under management were $22.6m as of 1 November and $22.3bn as of 30 September, down from $31.2bn on 30 September 2008.<br /><br />Chief executive Daniel Och said higher returns in its funds mean most have surpassed their high-water marks. He added: &ldquo;We believe that redemptions have now normalised.&rdquo;