Och-Ziff Partner Dan Manor Is Said to Leave Hong Kong JobBei Hu
Dan Manor, a Hong Kong-based partner of Och-Ziff Capital Management Group LLC, left the hedge-fund company, according to a person with knowledge of his departure.
Manor oversaw Asia long-short equity investments for the New York-based company, said the person, who asked not to be identified because the information is private. Short investments are bets on a decline in value, while long holdings are those the manager expects to rise.
Jonathan Gasthalter, a spokesman for Och-Ziff at Sard Verbinnen & Co., and Manor declined to comment on the departure. Och-Ziff managed $35.6 billion as of May 1. The firm allocated 14 percent of assets to Asia as of April 1, according to its first-quarter release. Forty-five of its 468 employees globally were based in the region at the end of last year, said firm said in its annual report.
Manor, an Israeli citizen, was one of 18 original partners of Och-Ziff at the time of its $1.2 billion initial public offering in November 2007. The original partners, who include Chairman Daniel Och and Zoltan Varga, head of Asia investing, committed to investing proceeds from the IPO in their funds for five years, according to a regulatory filing then.
The OZ Asia Master Fund, which managed $1.2 billion at the end of March, returned almost 11 percent in the first four months of this year, twice the gain of the $22.2 billion flagship OZ Master Fund, according to a May 2 regulatory filing.
The Asia fund’s assets shrank 32 percent in the year ended in March after returns trailed the OZ Master Fund in both 2011 and 2012, according to the filing.
Previously based in London, Manor was licensed as a representative of Och-Ziff’s Hong Kong office in February 2008, according to information posted on the website of the city’s Securities and Futures Commission. He became a responsible officer in February 2011.
Och-Ziff’s stock gained 22 percent this year and closed unchanged at $11.58 yesterday in New York.
Raaj Shah, another Hong Kong-based original partner, left in 2008 as the company cut jobs in Asia amid the global financial crisis, two people with knowledge of the matter said then. He set up his own Hong Kong-based hedge fund company Matchpoint Investment Management Asia Ltd. the following year.
Frank Yu, a former Hong Kong-based managing director of Och-Ziff, started a $500 million private-equity fund focused on China in 2010, the Wall Street Journal reported then.