Absolutely terrible

4 November 2008 By Robert Cyran Follow @rob_cyran

Take OchZiff. The alternative asset manager s funds outperform the indices. Fine, but the results were still terrible. And its assets under management are shrinking. A controlled descent is of no value if it still leads to a crash.

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OchZiff Capital reported declines in assets under management for all its major funds during the third quarter. Total assets under management were $31.2bn at the end of September, a decrease of 7% compared to the end of June. The figure continued to drop in October, to $28.3bn at the end of the month.

The group's largest fund, the OZ Master fund, was down 12% at the end of October. Its second largest fund, the OZ Europe Master fund is down 13%.

The asset manager earned 14 cents of distributable income per share in the quarter.

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