One nice thing about the fact that Och-Ziff trades publicly is that we have a rough proxy for the entire industry. So, the good news is that the alternative investment firm beat analysts' expectations for the third quarter by a penny. (It posted a loss but its "distributable" earnings were positive).

The news wasn't all good. MarketWatch notes that the firm's largest fund, OZ Master, fell 6.63 percent in October and is down 12 percent for the year. Its OZ Europe Master Fund is down 13 percent for this year. And the OZ Asia Master Fund is down a whopping 27 percent. Unsurprisingly, some investors have fled. Redemptions were $719 million in September and $220 million in October. As staying profitable becomes harder for some firms, costs take on more importance, and you have to think that many funds are below the high water mark.

For more:
- here's the article

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