Och-Ziff Capital Management
Encyclopedia
Och-Ziff Capital Management Group is an American hedge fund
manager and global alternative asset management firm. In early 2011, the firm had more than $28 billion in assets under management
.
The firm operates multiple investment strategies, including merger arbitrage, convertible arbitrage
, equity restructuring
, credit and distressed investments
, private investments, and real estate
. It has 400 employees worldwide including offices in New York
, London
, Hong Kong
, Mumbai
, and Beijing
.
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 a vice president at Goldman Sachs
.
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 fund
s and private equity
companies that completed IPOs before the market downturn of 2007. The company's stock has declined significantly since the IPO, reaching a 2008 year-to-date low of $4.02. On September 30, 2010, the stock was trading at $14.90.
The firm is reported to have avoided large losses during the financial crisis of 2008 and institutional capital continued to allocate funds to the company through 2010.
Hedge fund
A hedge fund is a private pool of capital actively managed by an investment adviser. Hedge funds are only open for investment to a limited number of accredited or qualified investors who meet criteria set by regulators. These investors can be institutions, such as pension funds, university...
manager and global alternative asset management firm. In early 2011, the firm had more than $28 billion in assets under management
Assets under management
Assets under management is a financial term used denote the market value of funds being managed by a financial instutition on behalf of its clients, investors, depositors, etc. This metric is a sign of size and success against competition...
.
The firm operates multiple investment strategies, including merger arbitrage, convertible arbitrage
Convertible arbitrage
Convertible arbitrage is a market-neutral investment strategy often employed by hedge funds. It involves the simultaneous purchase of convertible securities and the short sale of the same issuer's common stock....
, equity restructuring
Restructuring
Restructuring is the corporate management term for the act of reorganizing the legal, ownership, operational, or other structures of a company for the purpose of making it more profitable, or better organized for its present needs...
, credit and distressed investments
Distressed securities
Distressed securities are securities of companies or government entities that are either already in default, under bankruptcy protection, or in distress and heading toward such a condition. The most common distressed securities are bonds and bank debt...
, private investments, and real estate
Real estate
In general use, esp. North American, 'real estate' is taken to mean "Property consisting of land and the buildings on it, along with its natural resources such as crops, minerals, or water; immovable property of this nature; an interest vested in this; an item of real property; buildings or...
. It has 400 employees worldwide including offices in New York
New York
New York is a state in the Northeastern region of the United States. It is the nation's third most populous state. New York is bordered by New Jersey and Pennsylvania to the south, and by Connecticut, Massachusetts and Vermont to the east...
, London
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
, Hong Kong
Hong Kong
Hong Kong is one of two Special Administrative Regions of the People's Republic of China , the other being Macau. A city-state situated on China's south coast and enclosed by the Pearl River Delta and South China Sea, it is renowned for its expansive skyline and deep natural harbour...
, Mumbai
Mumbai
Mumbai , formerly known as Bombay in English, is the capital of the Indian state of Maharashtra. It is the most populous city in India, and the fourth most populous city in the world, with a total metropolitan area population of approximately 20.5 million...
, and Beijing
Beijing
Beijing , also known as Peking , is the capital of the People's Republic of China and one of the most populous cities in the world, with a population of 19,612,368 as of 2010. The city is the country's political, cultural, and educational center, and home to the headquarters for most of China's...
.
History
The firm was founded in 1994 by Daniel OchDaniel Och
Daniel Och is the Chairman and Chief Executive Officer of Och-Ziff Capital Management Group, a global hedge fund and alternative asset management firm....
with financial support from the Ziff family, founders of Ziff Davis Media
Ziff Davis
Ziff Davis Inc. is an American publisher and Internet company. It was founded in 1927 in Chicago by William B. Ziff, Sr. and Bernard G. Davis. Throughout most of its history, it was a publisher of hobbyist magazines, often ones devoted to expensive, advertiser-rich hobbies such as cars,...
. William Ziff's sons Dirk, Robert, and Daniel manage the family's investments through Ziff Brothers Investments. Prior to founding the firm, Och was a vice president at Goldman Sachs
Goldman Sachs
The Goldman Sachs Group, Inc. is an American multinational bulge bracket investment banking and securities firm that engages in global investment banking, securities, investment management, and other financial services primarily with institutional clients...
.
The company completed an initial public offering
Initial public offering
An initial public offering or stock market launch, is the first sale of stock by a private company to the public. It can be used by either small or large companies to raise expansion capital and become publicly traded enterprises...
in 2007, listing its shares on the New York Stock Exchange
New York Stock Exchange
The New York Stock Exchange is a stock exchange located at 11 Wall Street in Lower Manhattan, New York City, USA. It is by far the world's largest stock exchange by market capitalization of its listed companies at 13.39 trillion as of Dec 2010...
at $32. The firm was one of the few hedge fund
Hedge fund
A hedge fund is a private pool of capital actively managed by an investment adviser. Hedge funds are only open for investment to a limited number of accredited or qualified investors who meet criteria set by regulators. These investors can be institutions, such as pension funds, university...
s and private equity
Private equity
Private equity, in finance, is an asset class consisting of equity securities in operating companies that are not publicly traded on a stock exchange....
companies that completed IPOs before the market downturn of 2007. The company's stock has declined significantly since the IPO, reaching a 2008 year-to-date low of $4.02. On September 30, 2010, the stock was trading at $14.90.
The firm is reported to have avoided large losses during the financial crisis of 2008 and institutional capital continued to allocate funds to the company through 2010.
Management
According to company website the managers and directors of the company are:- Daniel OchDaniel OchDaniel Och is the Chairman and Chief Executive Officer of Och-Ziff Capital Management Group, a global hedge fund and alternative asset management firm....
- Chairman of the Board, Chief Executive Officer, Executive Managing Director - David Windreich - Head of U.S. Investing, Director, Executive Managing Director
- Joel Frank - Chief Financial Officer, Director, Executive Managing Director
- Michael Cohen - Head of European Investing, Executive Managing Director
- Zoltan Varga - Head of Asian Investing, Executive Managing Director
- Harold Kelly - Head of Global Convertible and Derivative Arbitrage, Executive Managing Director
- Jeffrey Blockinger - Chief Legal Officer, Chief Compliance Officer, Secretary, Managing Director
- Allan S. Bufferd - Director, Chair of the Compensation Committee
- William C. Cobb - Director
- Jerome P. Kenney - Director, Chair of Nominating Corporate Governance and Conflicts Committee
- Jeffrey R. Leeds - Director, Chair of Audit Committee