NEW YORK CITY-Och-Ziff Capital Management Group LLC, a locally based institutional asset management firm run by former Goldman Sachs Group Inc. trader Daniel Och, has filed a registration statement with the Securities and Exchange Commission (SEC) for a proposed IPO of its class A shares for up to $2 billion, according to the firm.
The firm intends to apply to list its Class A shares on the New York Stock Exchange under the symbol OZM. Goldman, Sachs & Co. and Lehman Brothers Inc. are serving as co-lead managers for the proposed offering.
Although the number of shares and the price for the offering weren't disclosed, its flagship multi-strategy fund, OZ Master Fund Ltd., which makes up about 65% of funds under management, generated a net annualized return of 12.2% over the last five years, according to its registration statement.
.The company, founded in 1994 with money from the Ziff media empire, follows Fortress Investment Group LLC and Blackstone Group LP, which manage buy-out and hedge funds, in seeking to raise capital and pay off existing owners by issuing shares. Its earnings more than doubled to $588 million in 2006 while client assets have surged 42% a year to $26.8 billion since the end of 2002.
According to an outside spokesperson, the company is not able to provide anyone for interview regarding the proposal.
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