Exclusive: Och-Ziff hedge fund looks to exit landlord business

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Reuters Exclusive: Och-Ziff hedge fund looks to exit landlord business

Reuters Exclusive: Och-Ziff hedge fund looks to exit landlord business

Reuters-

One of the first big hedge funds to try to profit from a rebound in the U.S. housing market by investing in foreclosed homes is looking to cash out, even as other institutional investors are still getting in.

Och-Ziff Capital Management Group LLC, the $31 billion hedge fund led by Daniel Och, recently told its investment partner, 643 Capital Management, that it wants to exit from the foreclosed homes business, said several people familiar with the matter.

The hedge fund is looking to make a profit on a portfolio of about 300 foreclosed homes in northern California that were acquired at distressed prices, said the sources, who did not want to be identified because they were not authorized to discuss the matter.

[REUTERS]

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