Sculptor Capital Management

Sculptor Capital Management (formerly Och-Ziff Capital Management Group) is a global diversified alternative asset management firm.[4][5][6] They are one of the largest institutional alternative asset managers in the world.[5] The firm operates multiple investment strategies, including multi-strategy, credit and real estate.[7] It has nearly 400 employees worldwide including offices in New York City, London, founded in 1998, Hong Kong, founded in 2001, Mumbai, founded in 2005, and Shanghai, founded in 2013.[7][8][9]

Sculptor Capital Management
TypePublic company
NYSE: SCU
Russell 2000 Index component
ISINUS67551U1051 
IndustryHedge funds
Founded1994 (1994)
FounderDaniel Och
HeadquartersSolow Building
New York City, New York, United States
Key people
Robert Shafir, Chief Executive Officer
Jimmy Levin, Co-CIO and Head of Global Credit
Wayne Cohen, President and Chief Operating Officer
Thomas Sipp, Chief Financial Officer
David Levine, Chief Legal Officer[1][2]
AUMUS$ 33.3 billion
(as of September 2019)[3]
Number of employees
350+
Websitewww.sculptor.com

As of September 2019, the firm has $33.3 billion in assets under management.[3]

Structure

According to the company website, Richard G. Ketchum is Chairman of the Board.[10] On February 5, 2018, Robert Shafir replaced Daniel Och as Chief Executive Officer.[11]

The firm is managed by the Partner Management Committee, that consists of seven executives, including Shafir, Jimmy Levin, Chief Investment Officer, Wayne Cohen, President and Chief Operating Officer, Thomas Sipp, Chief Financial Officer, David Levine, Chief Legal Officer, Brett Klein, Head of U.S. Corporate Credit, and Steven Orbuch, Founder and President, Oz Real Estate.[10]

The Company currently manages multi-strategy funds, dedicated credit funds, including opportunistic credit funds and Institutional Credit Strategies products, real estate funds and other alternative investment vehicles. Through Institutional Credit Strategies, the Company’s asset management platform that invests in performing credits, the Company manages collateralized loan obligations (“CLOs”) and other customized solutions for its clients.[6][7][8]

History

The firm was founded in 1994 by Daniel Och with financial support from the Ziff family, founders of Ziff Davis Media. William Bernard Ziff Jr.'s sons Dirk Edward Ziff, Robert D. Ziff, and Daniel Ziff manage the family's investments through Ziff Brothers Investments. Prior to founding the firm, Och was Head of Proprietary Trading in the Equities division at Goldman Sachs.[12]

The company completed an initial public offering in 2007, listing its shares on the New York Stock Exchange at $32. The firm was one of the few hedge funds and private equity companies that completed IPOs before the market downturn of 2007. Also in 2007 it became a founder member of the Hedge Fund Standards Board which sets a voluntary code of standards of best practice endorsed by its members.[13]

The firm is reported to have avoided large losses during the financial crisis of 2008 and institutional capital continued to allocate funds to the company.[14]

Criticism

In September 2016, the firm entered into settlement agreements with the United States Securities and Exchange Commission and Department of Justice, ending a five-year investigation into violations of the Foreign Corrupt Practices Act for allegedly paying bribes to government officials in several African nations. As part of the deferred prosecution agreement that settled civil and criminal charges, the firm agreed to pay a $413 million fine. The African subsidiary of the firm also plead guilty to one count of conspiracy.[15] After the settlement, the company restructured its leadership. In March of 2019, founder and then-Chairman Dan Och stepped down, and in September of 2019, the firm rebranded as Sculptor Capital Management.[16]

In January 2018, Michael Cohen, former head of Och Ziff’s European operations was charged with fraud relating to activities of the company in Africa. He was charged with ten counts of fraud including investment adviser fraud and conspiracy to commit wire fraud while employed by Och Ziff.[17][18] The Securities and Exchange Commission (SEC) sued Michael Cohen as part of their probe into Och Ziff, specifically relating to an Och Ziff bribery scheme in the Democratic Republic of Congo, Chad and Libya, to win business for the company.[19]

See also

References
  1. "Company Overview of Och-Ziff Capital Management Group LLC". Bloomberg. 18 September 2017.
  2. "Och-Ziff Announces Chief Financial Officer and Chief Legal Officer Transitions". GlobeNewswire. December 13, 2016.
  3. Atholl Simpson (September 18, 2019). "Former JPM head of manager selection resurfaces at alts firm". Citywire.
  4. "Goodbye Och-Ziff. Hello, Sculptor. Hedge Fund Tries New Name". Bloomberg. Retrieved 12 August 2019.
  5. Lessambo, Felix (November 8, 2011). Fundamentals of Hedge Funds: Alternative Investment Vehicles. Dorrance Publishing. p. 61. ISBN 9781434975959.
  6. "Company Profile for Och-Ziff Capital Management Group LLC (OZM)". Bloomberg. Retrieved 3 June 2013.
  7. OZ Management (company website)
  8. Form 10-Q filing as with the U.S. Securities and Exchange Commission. December 31, 2015
  9. Svea Herbst-Bayliss (October 26, 2015). "Hedge fund Och-Ziff opens Houston office to focus on energy bets". Reuters.
  10. "Leadership". Oz Management. Retrieved August 9, 2019.
  11. Gregory Zuckerman (January 30, 2018). "Och-Ziff Names New CEO to Replace Daniel Och". The Wall Street Journal.
  12. "Our Firm - Leadership - Partner Management Committee and Executive Officers - Daniel S. Och - Och-Ziff Capital Management Group". www.ozcap.com. Retrieved 2017-04-25.
  13. "Hedge Fund Standards Board". www.hfsb.org. Retrieved 2017-04-25.
  14. "Analysis | HFM Week | An HFM network". www.hfmweek.com. Retrieved 2017-04-25.
  15. Alexandra Stevenson (September 29, 2016). "Och-Ziff to Pay Over $400 Million in Bribery Settlement". The New York Times.
  16. Chris Butera (August 14, 2019). "Och-Ziff Who? Hedge Fund Firm to Change Name in September". Chief Investment Officer Magazine.
  17. "Michael Cohen, Once of Och-Ziff, Charged With Fraud by U.S." Bloomberg.com. 2018-01-03. Retrieved 2018-01-23.
  18. "Subscribe to read". Financial Times. Retrieved 2018-01-23. Cite uses generic title (help)
  19. "Two Ex-Och-Ziff Executives Accused by SEC in Bribery Scheme". Bloomberg.com. 2017-01-26. Retrieved 2018-01-23.

Official website

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