NEW YORK (AP) — Och-Ziff Capital Management Group LLC reported better-than-expected second-quarter earnings Thursday, boosted by market-beating returns from its investment funds. Its stock jumped sharply higher.
The investment manager said it had adjusted earnings of $67.2 million, or 15 cents per share, for the three months ended June 30. That was down slightly from $67.7 million, or 16 cents per share, in the second quarter of 2011.
Total revenue was $178.4 million, up from $147.3 million.
Results easily exceeded analysts' average estimates of 13 cents per share in earnings and $125.4 million revenue, according to FactSet.
Assets under management remained flat with a year earlier, at $29.3 billion as of July 1. But the company estimated that that total grew to $30.3 billion by the start of this month.
Och-Ziff also benefited from solid investment returns. Through June 30, it said its flagship OZ Master fund returned 4.9 percent, which is far better than the industry as a whole.
Shares rose 78 cents, or 11 percent, to $7.89 in afternoon trading. The stock had been lagging near a three-year low and remains well off its 52-week high of $12.46.