You have to give Och-Ziff and its bankers credit for managing to go public in a really awful environment. It is not surprising that its dipped a bit in the after-market. It will likely be seen as something of a pure play for hedge funds. Hopefully all publicly listed alternative investment firms will be judged according to their own fundamentals. An item on Institutional Investor's website notes that Och-Ziff's returns have not been stellar, a 13.4 percent return this year, which trails the S&P500. The firms also lags on a five year basis. However, "because of its stable, less risky investments" it may be more attractive to investors. That's the bet anyway. 'More fee income, less income for gains' is a driving principle in this arena.  

For more:
- here's the item

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