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Och-Ziff cuts dividend

Och-Ziff Capital Management Group's board declared a dividend of 32 cents per class A share for the second quarter, a decrease from the previous issuance of 37 cents per class A share.

It will be paid Aug. 21 to shareholders of record as of Aug. 14.

Och-Ziff reported second-quarter net loss attributable to class A shareholders of $8.6 million, or 46 cents per share, a smaller loss compared with $12.3 million, or 64 cents per share, in the year-ago period. Total revenues decreased on a year-over-year basis to $103.5 million from $109.8 million, while total expenses also decreased to $115.7 million from $130.5 million.

The company said the lower revenues were due to lower management fees from its multi-strategy funds as a result of lower average assets under management, among other things. Och-Ziff said expenses decreased on a year-over-year basis due to a number of factors such as lower salaries, benefits and bonuses brought by lower headcount.