Och-Ziff: Ouch-Ziff

Will investors get burned by Och-Ziff’s IPO? The hedge fund manager with $26bn in assets under management plans to raise $2bn through a listing. So far, two alternative asset manager offerings have bruised some investors. Fortress is a third off its high. Blackstone’s shares are under water. If the $20bn value being bandied about is what Och-Ziff’s shooting for, investors should be wary of a third strike. Consider this back of the envelope calculation. The current value of Blackstone is about 2...