Monday, July 15, 2013

Credit Suisse

  1. Och-Ziff Capital Management Group (OZM)

    • OZM raised a $600M CLO in June:
      OZM raised its fourth CLO in as many quarters with a $600M offering in June. These four CLOs total 2.3B and represent an estimated 79% of OZM's total organic growth over the past four quarters. OZM's non-HF business (RE & Credit) has now grown by an estimated 63% since 2Q12.

    • Core Hedge Fund net flows strong in 2Q13, but may dip in 3Q13:
      Based on OZM's performance/AuM disclosures, our model estimates 2Q13 core multi-strategy HF net flows of +500M, bringing the YTD total to just under 1B. However, we estimate July 1 outflows of approximately 500M and forecast total net flows of under 200M in 3Q13 (see exhibits 7-8 for more color on HF/CLO flow splits). At a recent conference, mgmt noted that they think they will grow their long/short strategy as clients have requested dedicated platforms.

      Credit Suisse Asset Manager Research 

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