Och-Ziff Capital Management, the publicly traded hedge fund manager, has laid off ten people from its Asia operations. Employees from credit and distressed units division have been let go, including partner Raaj Shah, reports Wall Street Journal. Och-Ziff has four offices in Asia - Bangalore, Beijing, Hong Kong and Tokyo. This comes after the hedge fund hired four veterans from Morgan Stanley to boost its Asian real estate platform.
Och-Ziff's Asia Master Fund, which has assets under management of about $3 billion, has lost 27.5% this year. Och-Ziff has made several investments in India's real estate sector. This include a deal with Kishore Biyani's Future Capital Holdings to invest $100 million in its hotel projects, and investment in projects of Bangalore-based Nitesh Estates. It has recently invested in Pune-based Marvel Realtors.
Och-Ziff has more than $30 billion under management and the firm employs about 460 people globally.