It was a good year for billionaire hedge fund manager Daniel Och.
Forbes reported that assets under management in Och’s New York-based hedge fund firm Och-Ziff Capital Management increased to $40.6 billion from $31.9 billion about a year ago. The article added that the jump was attributed to generous performance fees, a decrease in reorganization costs and a boost in investor allocations.
Och-Ziff earned $470.6 million in the first nine months of last year, compared to its $881.9 million loss in the first nine months of 2012. In addition, shares of the firm’s stock increase by more than 55% in 2013.
Och, a former Goldman Sachs trader, explained in a November statement that the goal of Och-Ziff is to consistently “generate strong performance with low volatility.”
Founded in 1994, Och-Ziff has additional offices in London, Hong Kong, Mumbai, Beijing and Dubai.