BOSTON, Nov 3 (Reuters) - Och-Ziff Capital Management Group reported lower quarterly profit on Tuesday but met Wall Street's estimates as the hedge fund company earned less in management fees.
New York-based Och-Ziff said third quarter distributable earnings dropped 43 percent to $66.1 million, or 13 cents per adjusted Class A share, compared with $116.7 million, or 23 cents a share a year ago.
Total revenue climbed to $325.9 million from $306.7 million but management fees stood at $162.8 million, down from $171.9 million a year earlier.
Distributable earnings, which the company and analysts focus on, exclude costs from Och-Ziff's November 2007 initial public offering. Och-Ziff is one of only a handful of publicly traded hedge funds and like most hedge funds it earns an incentive fee on top of a management fee when its funds perform well.
Results matched the average analysts estimate of 13 cents, according to ThomsonReuters I/B/E/S.
Stockholders will receive a 4-cent-per-share divident, less than the 12 cents for the second quarter and 22 cents for the first quarter of 2015.
Och-Ziff, which manages money for state pension funds, foreign governments and individuals in the United States and abroad, reported assets of $44.4 billion on November 1, down from $44.6 billion at the end of the third quarter. This marked a 5 percent decline from a year earlier when assets stood at $46.8 billion.
Reporting by Svea Herbst-Bayliss; Editing by Chizu Nomiyama