och-ziff如何改变其态度，它的领导力和它的名字

There was no single meeting on the 40th floor of New York City’s 9 West 57th Street when it was decided that it was time to abandon any reference to Och-Ziff, no come-to-Jesus moment that convinced insiders to cut loose from one of the most famous brands in hedge fund history.

Instead, like a wave building toward shore, the evidence gradually became insurmountable.

高管在以前曾经尝试过，从过去的过去距离公司的未来，这两者都在丑闻中陷入困境和融合。但它是一种柔和的分离。

In June 2017 the firm had taken a well-worn page from the history of big brands, with Och-Ziff Capital Management becoming Oz Capital. The hedge fund industry will cringe at the comparison, but it was little different from when Kentucky Fried Chicken embraced the slick KFC name as the fast-food company moved to erase the word “fried” from its history.

随着奥兹的年轻一代领导者 - 包括合作的领导者Jimmy Levin - 希望发出其较大的创始人Dan Och正在继续前进并使其成为坚定的公司。他们还希望保持最大的公开交易对冲基金的盈利遗产 - 以及首先迎合资本富有的机构之一 - 同时从非洲的千万美元的贿赂计划中倾斜。（Levin是一家来自哈佛大学的36岁的计算机科学专业，在全球金融危机之后建造了Och-Ziff的盈利信贷业务，直到最近是OCH的手提式选手。）

但即使Och于2019年初从公司正式退休，“OZ”，它结果还不够。

“Even though Dan was no longer involved, a lot of people still called it ‘Dan Och’s Och-Ziff,’” says Robert Shafir — a turnaround veteran of Credit Suisse and Lehman Brothers who came on board to succeed Och as the firm’s CEO in February 2018 — in an interview in his office overlooking Central Park.

It had become clear that the firm needed to make a more dramatic break than just scaling back to a couple of initials, Shafir says. Dan Och’s successors needed a way to get past the black marks of the bribery scheme that involved notorious autocrats like Robert Mugabe; a $412 million settlement the firm financed with credit on its balance sheet; and the tabloid details of an 11th-hour succession battle between the 59-year-old Och and his mentee, Levin, who was seen as critical to the firm’s future.

根据来源，新名称旨在发送一条消息，即OCH不再控制。“盎司本来是一个很好的妥协，但它没有做到这件事。那漫长的影子仍然存在，“一个来源说。

And thus, on September 12th, 2019, Shafir, Levin, and the rest of the inhabitants of the 39th and 40th floors came to work not at Och-Ziff, not at Oz, but at what was known, as of that day, as Sculptor Capital Management.

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The cornerstone雕塑家在第57届西区9世纪57年以南南部以前奠定了数十年，在高盛队的85广播街办事处。

Daniel Och, a New Jersey native who had graduated from the Wharton School at the University of Pennsylvania, joined Goldman on the risk arbitrage desk in 1982. He went on to head proprietary trading, staying with the firm for more than a decade. He exited in 1994 after starting a relationship with the family that had founded the Ziff Davis media empire. It was the Ziffs who bankrolled, and shared naming rights with, Och when he set out into the nascent hedge fund world.

The founder initially focused on what he knew: merger deals. It was early days for hedge funds, which were still largely the purview of wealthy investors. At the time, little was heard publicly from Och because it paid to be quiet in the secretive hedge fund world: The more discreet hedge fund managers were, the more investors clamored to get into the exclusive club. But Och had grander ambitions than just to manage rich people’s wealth. Instead, his goal was to manage the capital of institutions like public pension funds and endowments, which at that point had very little money socked away in hedge fund vehicles.

Success followed quickly. By 2005, Och-Ziff Capital had $50 billion in assets; it went public two years later, one of the first hedge funds to go through an initial public offering. The hedge fund industry and its old guard wanted to become institutions that would grow beyond the big personalities and singular talents of their founders. More important, perhaps, they wanted to sell shares of their enterprises in the public markets and turn the equity of their private companies into stock worth billions. It was the industry’s first of several attempts to create businesses that would outlive the men who built them.

But even after Och-Ziff went public in 2007, Dan Och wasn’t about to give up too much control. The deal was structured so that he kept a majority of the voting shares. The IPO made him a billionaire, and he still got to determine the firm’s direction.

Then came the global financial crisis and, in the years to come, the rise of the young star who would one day be at the center of a power struggle for control of the firm.

Jimmy Levin, who joined the firm in 2006 as an analyst, led the firm’s first major foray into credit after the financial crisis. He pushed for a big bet on hard-hit residential and commercial mortgage-backed securities and other structured-credit plays. Leveraging the success of these trades, Levin — still in his 20s — then took over and built out the firm’s capabilities across credit. In 2012, Och-Ziff, a firm known primarily for equity investments, made $2 billion — about half of its total profits that year — on Levin’s strategies. In 2013, Levin became global head of credit. Och soon gave him more equity and a role on the management committee.

A year later the alleged scheme to bribe African officials for business became public. As it turned out, Och-Ziff hit its peak in assets under management — $50 billion — in 2015.

2016年，该公司将司法部和证券交易委员会的调查落后于其 - 合法，至少 - 以412万美元结算刑事和民事指控。虽然OCH未被涉嫌了解贿赂计划，但他个人支付了220万美元用于造成违反记录保留规则。

但客户已经拉了他们的钱。到2016年底，Och-Ziff资产低于400亿美元。很快就会被削减三分之一。

到2017年，OCH使一些改变试图遏制损失。尽管他保留了包括首席执行官的冠军，但他已经向2014年成立的公司的执行委员会发出了大部分的日常监督，并包括莱文;韦恩科恩，现在总统和合唱团;David Windreich，曾与OCH建立公司;乔尔弗兰克，然后是CFO;和JK Brown，然后是投资者关系。莱文和科恩于2017年成为官方委员会的联合主席。在夏天给客户的一封信中，OCH说，莱文将成为他最终的继任者。他还授予Levin A与绩效目标相关的赔偿包，这些目标可能导致在接下来的十年中享有2.8亿美元的股票奖励。OCH自己为Levin的Comp包贡献了3000万股。莱文的明星随着该公司320亿美元的信贷战略中的三分之一升起。

据当时报道，莱文的迅速增长和超出2017年薪酬包裹造成斗争公司的紧张局势。资金遭遇提款，总资产跌至324亿美元。该公司的旗舰Multistrategy资金下降了35％ - 即使返回的回报是10.4％，而且在类别中最好。

In the summer of 2017, given everything the firm had gone through, Och decided it was time to retire. He and independent board members negotiated a succession plan that included payments to Och and other former executives, as well as having the founder cede shares so he would no longer control the firm.

But in December,据当时报道，Och拒绝了该计划，并通过了在包括资产负债表的健康方面的分歧，通过了首席执行官的Jimmy Levin。

Levin now says he ultimately stayed for two reasons: the loyalty of a core group of clients and the loyalty of his investment team. (The money didn’t hurt either.) “I rode it out because of their faith in me. Asset management is always about the team and people willing to back the team,” he says.

“但这并非所有蓬松和情感，”莱文增加。“我们在投资业务中。没有任何问题与我们为生的这件事有关：投资。一些丑闻在核心罢工，主要节目。那些被证明是有问题的。我们的问题是我们其实实际上所做的事情的外围。“

在2018年1月底,och - ziff宣布t it was hiring Shafir as CEO. Levin stayed on. And Dan Och retired. He gave up the chairman role in March 2019.

沙飞儿到达时at 9 West 57th on February 5, 2018, he sat down with his spurned star and assured him he wasn’t “Dan’s guy,” according to sources.

“这是一张空白的纸张。让我们弄清楚我们如何共同努力并关闭悬挂在公司的问题，“沙夫·说他告诉莱文。Shafir声称与年轻人的良好关系，部分原因是Shafir在他的角色中是有限的一段时间，并被带入了非常具体的问题。（他的合同持续到2021年底。）

And Shafir has a long history of turning around problems that seem intractable. Och first approached him about possibly taking the CEO role in 2016, when Shafir was leaving Credit Suisse Group as chairman of the Americas.

“我很久就知道了丹。Och-Ziff是在其对客户的方法方面的第一个真正的机构导向的对冲基金之一 - 但该公司经历了涉及非洲的困难时期。一家较小的公司会消失，“沙夫说。

奥克告诉谢菲尔，该公司有一群人和下一代人才，但是，根据熟悉这种情况的消息来源，有人需要通过过渡来管理每个人。他们补充说，与政府的结算已经脱离了OCH，他的心脏真的不再是CEO了。这就是为什么Shafir决定采取这份工作，他说：“往往是一个创始人将雇佣外部首席执行官，但并没有真正交回责任。我知道丹想继续前进，这使得它更有吸引力，因为他会让我运行公司。“

谢菲尔喜欢再次播放“东西。”他指出，该公司拥有一群“特殊”的高级专业人士，均为13年的平均任期。“他们很年轻，这是相当不寻常的。很多竞争对手都像股票一样贸易。你去一个角落，做你的事。如果表现不佳，你就会出去，“他说。

“I said to the team, ‘These are fixable problems that we’re going to solve. You need to understand that what you have here is very hard to re-create. You grew up together, are comfortable with each other, you trust each other, know each other’s strengths and weaknesses.’ So we had the investment engine.”

新首席执行官去了解决目前没有人能够修复的公开问题。他刺激了坚定的重组，加强其资产负债表。

Shafir completed the promotion of a younger generation of professionals, including Jeff Lin, Ghassan Ayoub, and Peter Wallach. David Windreich retired. Levin became the sole CIO.

Shafir和管理委员会还将股权转移到领导公司的核心伙伴群体。虽然他仍有所有权股权，但OCH放弃了控制权。这并不容易：公开交易公司淘汰了非公开股东的分布，所以人们可以看到没有人像ATM一样对待公司。雕塑家还脱掉了一些功能，即它没有考虑核心，例如能源，以重点关注多渠道，液体信用和房地产。

“2019年2月的回顾结束是一个精彩的活动，”莱文说。“我们认为这是一天。幸运的是，我们能够在第一个与投资团队一起开始，这是一支在一起13年和一个令人难以置信的聪明和艰难的投资者群体。“

然后有名称。

“Coming out of our regulatory issues, we needed to make some changes to the firm to reflect that something had changed here,” says Cohen. But, he adds, “to the extent that you were going to take a time-out from us, the time-out is over” — and despite needed changes, the core team of partners and investment professionals remains intact.

与零售共同基金公司不同，雕塑家需要达到相对较小的潜在投资者的重塑，但小组几乎一致将前一个名字与单身男人联系起来：Dan Och。当您听到雕塑资本管理时，没有人想到，这是故意的。

Cohen says that the 23 partners, egos included, were all involved in the “democratic process” of choosing a name. The group, which included some non-partners, considered about 1,000 of them — even if some were just a germ of an idea. They gathered names that would represent different geographies, including Europe and Asia. They analyzed different translations, how they might be received by different sets of investors, and what a brand based on the name might look like. Partners took turns beating up various ideas. The whole process took place over a couple of months, says Cohen. In the end the firm solicited ideas from its staff and an employee submitted the winning suggestion — Sculptor.

“我的要求是为了容易拼写，容易翻译成任何语言，而不是在阿斯彭的滑雪场，”莱文说。

And with that, Sculptor Capital Management was born.

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Will Sculptor Capital Management work?

There is a subset of clients who will never sign on the dotted line with Sculptor because of the headline and the career risk of it, according to people at the firm.

There are some going through the seemingly endless due diligence questions.

有些人询问谢布尔已经到位的新合规程序和其他保障措施。

还有一类了解发生的事情以及雕塑家对它的影响 - 但仍然处于等待和看模式。Shafir解释说，他在第一年听取客户并听取他们的担忧。在过去的一年里，他一直在与他们谈论公司的改变，该改变来自答复的资金，闭幕将合法和合规部门分成两名。一些新的金钱甚至通过2019年的门来了，包括来自亚利桑那州国家退休制度和德克萨斯州和区退休制度的资本。

还有其他好迹象。该公司在类似资金没有带来新资金的时候，在房地产基金IV的第一次接近毫无困境。根据一项来源，基金III资金有100名投资者;除了基金IV的三个重新上涨之外。

去年the firm’s flagship multistrategy fund returned 15 percent net returns, among the top performers in the category. The fund is attracting attention as investors grow anxious about the long bull market and are putting some protections in place, Sculptor says.

The firm is also hiring again. It recently added 21 investment professionals and ten investor relations staffers.

雕塑家有一个年轻人和精力充沛的团队，据某客户说，行业中的人们说出来了自己。注意大型养老基金的替代集团的负责人：“它与初创公司相同的饥饿感。我说带它。“

But what does success look like? According to Cohen, it’s not about getting back to some mythical place.

“We’re not measuring ourselves against our peak AUM. People might say, ‘Hold on, you’re not a $50 billion firm, and your multistrategy fund is no longer $30 billion.’ But we don’t feel like that day to day. All of our products are performing really well. We have $10 billion in the multistrategy fund — that could go up or down. Flows will come if and when they come. But we’re focusing on performance.”

此外，沙夫说，雕塑家尚未稳定流出，部分原因是对冲基金行业本身正在努力。在公共市场上有十年的回报;他指出，对冲基金旨在保护投资者，并未能够跟上。

But everything is cyclical. Investors will once again discover hedge funds, Shafir hopes. “You fix your wagon, you begin to tell your story, you slowly build your brand — and it helps when you perform,” he says.