This content is from: Corner Office
Och-Ziff Gets a New Name, Aiming for a New Chapter
The hedge fund firm plans to rebrand as Sculptor Capital Management, distancing itself from its troubled history.
Och-Ziff Capital Management is getting a rebrand.
The hedge fund firm — which has been working on rebuilding its reputation after a multiyear bribery investigation prompted billions in outflows — told investors Monday that it plans to change its name to Sculptor Capital Management, effective September 12. Fund names will also be updated on that date, with “Sculptor” replacing “Oz.”
“The name ‘Sculptor’ evokes the dedication, persistence, and vision that embody what we strive for daily as stewards of your capital,” the firm wrote in a client letter which was viewed by Institutional Investor.
Och-Ziff in September 2016 settled criminal charges that one of its former executives — who was himself charged with fraud last year — had paid bribes to high-level government officials in African countries. The firm has since revamped its executive team, including the appointment of former Credit Suisse executive Robert Shafir as CEO. Although the leadership changes were accompanied by reports of internal clashes over the future of the firm, Shafir’s appointment appears to have been well-received by investors, with the firm reporting net inflows last year after years of redemptions.
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In addition to distancing the firm from its past troubles, the rebranding also reflects the departure of founder Dan Och, who stepped down as chairman in March, roughly one year after handing over the CEO position to Shafir.
According to the letter, the name change is one of a series of measures that the firm has undertaken this year to “position [itself] for long-term success.”
“These steps transferred governance and ownership to the current partners while establishing long-term incentives that align the firm’s partners and our investors,” the letter stated. “These changes ensure continuity in our investment team while recognizing that we have begun a new chapter in our history.”