Sculptor Capital Management
A New York-based alternative asset manager formerly known as Och-Ziff Capital Management Group.
Last updated August 26, 2026
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Overview
Sculptor Capital Management is a global alternative asset-management firm headquartered in New York City. The business was established in 1994 by Daniel Och with financial backing from members of the Ziff family, whose business interests included Ziff Davis Media. It initially developed as an institutional investment manager operating across hedge-fund and other alternative-investment strategies, later expanding into a diversified platform covering multi-strategy investing, credit, real estate, and related vehicles. The firm became known publicly for its former name, Och-Ziff Capital Management Group. In 2007, it completed an initial public offering, making it one of the relatively small number of hedge-fund or private-equity businesses to become publicly traded before the global financial crisis. In the same year, it became a founding member of the Hedge Fund Standards Board, a voluntary industry initiative focused on governance and operating standards. The company’s investment platform has included multi-strategy funds, dedicated and opportunistic credit funds, institutional credit strategies, real-estate funds, and collateralized loan obligation management. Its multi-strategy business has historically combined investment approaches across public and private markets, while its credit platform has targeted opportunistic and institutional mandates. Real-estate activities have provided another alternative-investment channel for institutional and other qualified investors. The firm has operated internationally, including from offices in New York, London, and Hong Kong, and has employed more than 300 people according to the cited encyclopedia source. Sculptor underwent significant governance and identity changes after a major regulatory settlement in 2016 concerning alleged corruption-related conduct connected with business activities in several African countries. The settlement with the United States Department of Justice and Securities and Exchange Commission involved civil and criminal resolutions and a substantial corporate monetary penalty. The company subsequently restructured its leadership. Daniel Och left the chairmanship in 2019, and the business adopted the Sculptor Capital Management name on September 12, 2019. Jimmy Levin was appointed chief executive officer in 2021, and the firm became a signatory to the United Nations-supported Principles for Responsible Investment during the same period. By December 2021, the firm reported approximately $38.1 billion in assets under management. The reference material also describes substantial assets across its principal strategy groups, including multi-strategy, opportunistic credit, institutional credit strategies, and real estate, although those figures relate to different reported strategy categories and should not be treated as a single consolidated current total. In 2023, Sculptor agreed to be acquired by Rithm Capital, a real-estate investment company. A competing unsolicited proposal was later made by a consortium led by Saba Capital Management with Pershing Square Capital Management and Avenue Capital Group. Sculptor rejected that proposal despite its higher headline value, citing the proposed transaction’s funding terms. Rithm increased its offer to approximately $720 million and received Daniel Och’s support. The acquisition closed on November 17, 2023, for approximately $719.8 million. As a result, Sculptor ceased to be an independent publicly traded company, while the Sculptor business continued under Rithm ownership.
History
Sculptor Capital Management originated in 1994 as Och-Ziff, an alternative investment firm founded by Daniel Och with financial support from the Ziff family. The company was built as an institutional investment-management platform rather than as a conventional retail financial brand. Its business developed around hedge-fund and other alternative strategies, eventually encompassing multi-strategy investing, credit, real estate, and structured-credit vehicles. A major early corporate milestone came in 2007, when Och-Ziff completed an initial public offering. At the time, public listings by hedge-fund and private-equity managers were relatively uncommon, and the flotation made the firm one of the prominent publicly traded alternative managers before the 2008 global financial crisis. Also in 2007, the company became a founding member of the Hedge Fund Standards Board, a voluntary industry body intended to promote governance and best-practice standards among hedge-fund managers. The firm’s most consequential period of disruption followed a multi-year investigation into its activities in Africa. In September 2016, Och-Ziff entered settlement agreements with the U.S. Department of Justice and Securities and Exchange Commission relating to alleged violations of the Foreign Corrupt Practices Act. The allegations concerned payments to officials in several African countries, including matters connected with the Democratic Republic of the Congo, Chad, and Libya. Under the resolution, the company agreed to pay approximately $413 million in civil and criminal penalties, and an African subsidiary pleaded guilty to a conspiracy charge. Daniel Och was separately charged by the SEC with causing books-and-records violations and paid approximately $2.2 million in disgorgement as part of his settlement. The investigation also produced proceedings involving Michael Cohen, who had led the firm’s European operations. In 2018, Cohen was charged with multiple fraud-related offenses in connection with the Africa-related activities. In May 2019, he pleaded guilty to making false statements to the Department of Justice and was sentenced to three months; the reference material states that the remaining Department of Justice charges were dismissed. The regulatory episode prompted changes in the company’s leadership and governance. Och stepped down as chairman in March 2019, and the company changed its name from Och-Ziff Capital Management to Sculptor Capital Management on September 12, 2019. Under the Sculptor identity, the firm continued to operate as a diversified alternative asset manager. Its platform included multi-strategy funds, dedicated credit funds, opportunistic credit, institutional credit strategies, real-estate funds, collateralized loan obligations, and other alternative vehicles. The firm maintained an international footprint with offices in New York, London, and Hong Kong. Jimmy Levin was appointed chief executive officer in 2021, while the business was managed by a seven-member Partner Management Committee. Sculptor also became a signatory to the United Nations-supported Principles for Responsible Investment in January 2021. The company reported approximately $38.1 billion in assets under management as of December 2021. The cited material separately describes approximately $11.4 billion in multi-strategy funds, $6.4 billion in an opportunistic credit fund, $15.2 billion in institutional credit strategies, and $4.3 billion in real-estate funds. Because these figures are presented by strategy and may reflect differing reporting bases, they should not automatically be added together as a current consolidated asset figure. Ownership changed again in 2023. Sculptor agreed to be sold to Rithm Capital, a real-estate investment company, initially for approximately $639 million. The proposed transaction attracted a competing unsolicited offer from a consortium led by Saba Capital Management and including Pershing Square Capital Management and Avenue Capital Group. Although the consortium’s proposal carried a higher headline value, Sculptor rejected it because of concerns about the funding arrangements. Rithm subsequently raised its bid to approximately $720 million and received support from Daniel Och. The purchase closed on November 17, 2023, for approximately $719.8 million. The transaction ended Sculptor’s status as an independent public company and placed the business under Rithm Capital’s ownership.
- 2023
Acquisition by Rithm Capital closes
[1]Rithm Capital completes its purchase of Sculptor on November 17 for approximately $719.8 million.
- 2021
Jimmy Levin becomes chief executive officer
[1]Jimmy Levin is appointed CEO as Sculptor continues operating its diversified alternative-investment platform.
- 2021
Signs the UN-supported Principles for Responsible Investment
[1]Sculptor becomes a signatory to the United Nations-supported Principles for Responsible Investment.
- 2019
Founder leaves chairmanship
[1]Daniel Och steps down as chairman during leadership restructuring following the regulatory settlement.
- 2019
Rebrand to Sculptor Capital Management
[1]The company changes its name from Och-Ziff Capital Management to Sculptor Capital Management on September 12.
- 2016
Regulatory and criminal settlement
[1]The company resolves U.S. investigations into alleged Foreign Corrupt Practices Act violations linked to African business activities and agrees to approximately $413 million in penalties.
- 2007
Initial public offering
[1]Och-Ziff completes an IPO, becoming one of the relatively few publicly listed hedge-fund or private-equity managers of its period.
- 2007
Founding membership of the Hedge Fund Standards Board
[1]The firm becomes a founding member of the voluntary industry organization promoting hedge-fund governance and operating standards.
- 1994
Och-Ziff is founded
[1]Daniel Och establishes the firm with financial backing from members of the Ziff family.
Products and positioning
Diversified alternative asset manager serving institutional and other qualified investors across multi-strategy, credit, real estate, and structured-credit mandates.
Hedge funds
Multi-strategy funds
Sculptor’s multi-strategy funds combine multiple investment approaches within a single alternative-investment platform. The strategy is designed to allocate capital across opportunities rather than depend on one asset class or trading style, allowing the manager to pursue diversified sources of return. The cited material identifies multi-strategy funds as one of the firm’s principal businesses and reports approximately $11.4 billion in this category at the relevant reporting point.
Credit strategies
Opportunistic credit funds
These funds target credit opportunities where pricing, complexity, restructuring circumstances, or market dislocation may create potentially attractive risk-adjusted returns. They form part of Sculptor’s dedicated credit platform and are distinct from its broader institutional credit-strategy activities. The reference material reports approximately $6.4 billion in an opportunistic credit fund at the stated reporting point.
Institutional credit management
Institutional Credit Strategies
Sculptor’s institutional credit strategies are designed for institutional mandates and focus on credit-market investment opportunities. The category represents a substantial part of the firm’s dedicated credit platform and was reported at approximately $15.2 billion in the cited material. Specific instruments and mandates can vary by fund and client arrangement.
Real-estate investment
Real-estate funds
Real-estate funds provide exposure to property-related alternative investments and complement Sculptor’s hedge-fund and credit businesses. The firm operated real-estate funds as a dedicated strategy group and the reference material reports approximately $4.3 billion in this category at the relevant reporting point.
Structured credit
Collateralized loan obligation management
Sculptor also managed collateralized loan obligations and related alternative investment vehicles. CLO management typically involves portfolios of leveraged loans divided into securities with different priority and risk characteristics. The reference material identifies this activity as part of the firm’s broader credit and alternative-investment offering.
Controversies
2019
Michael Cohen false-statements plea
Cohen pleaded guilty to making false statements to the Department of Justice and was sentenced to three months. The reference material states that other DOJ charges were dismissed.
2018
Charges involving former executive Michael Cohen
Michael Cohen, the former head of Och-Ziff’s European operations, was charged with fraud-related offenses tied to the Africa-related investigation, including allegations concerning investment-adviser fraud and conspiracy.
2016
Foreign Corrupt Practices Act investigation and settlement
U.S. authorities investigated alleged payments to government officials in several African countries in connection with Och-Ziff business activities. In September 2016, the company entered civil and criminal settlements with the SEC and DOJ, agreed to pay approximately $413 million, and its African subsidiary pleaded guilty to conspiracy. Daniel Och separately settled SEC books-and-records allegations with approximately $2.2 million in disgorgement.
Brand decisions
2023
Acceptance of Rithm Capital acquisitionM&ABackground
Sculptor agreed to be acquired by Rithm Capital, but the transaction faced a competing unsolicited proposal from a consortium led by Saba Capital Management.
Action taken
After Rithm increased its offer to approximately $720 million and obtained Daniel Och’s support, Sculptor proceeded with the Rithm transaction rather than the competing proposal.
Aftermath
Rithm completed the purchase on November 17, 2023, for approximately $719.8 million, ending Sculptor’s status as an independent publicly listed company.
Purchase consideration. Approximately $639 million initial Rithm proposal → Approximately $719.8 million completed transaction (2023)
- Saba Capital Management-led consortium — Saba Capital, joined by Pershing Square Capital Management and Avenue Capital Group, submitted an unsolicited higher bid, which Sculptor rejected based on the proposed funding terms.
2021
Appointment of Jimmy Levin as CEOOtherBackground
Sculptor continued to refine its leadership structure after the regulatory episode and corporate rebranding.
Action taken
Jimmy Levin was appointed chief executive officer, with the firm managed by a seven-member Partner Management Committee.
Aftermath
Levin became the public chief executive associated with the firm’s post-Och-Ziff operating period.
2019
Rebrand following governance restructuringStrategyBackground
Following the 2016 regulatory settlement and subsequent leadership changes, the company sought to operate under an identity separate from the Och-Ziff name.
Action taken
The company changed its name to Sculptor Capital Management on September 12, 2019, after Daniel Och stepped down as chairman.
Aftermath
The Sculptor identity became the firm’s primary corporate brand as it continued its multi-strategy, credit, and real-estate businesses.
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