REPORT: Och-Ziff considered selling part of itself to PIMCO

A multi-billion hedge fund firm considered selling itself earlier this year amid a government investigation, the Wall Street Journal is reporting.

Och-Ziff Capital Management considered selling part of itself to other asset managers, including PIMCO, earlier this year, the Wall Street Journal’s Sarah Krouse and Rob Copeland are reporting.

Joe Snodgrass, a media rep for Och-Ziff, told Business Insider that the firm is “not contemplating selling any part of the firm or any other strategic transactions.”

The Journal’s reporters first broke the news on Twitter:

Earlier this month, Och-Ziff’s partners prepared to set aside $500 million for a settlement with the US government. Och-Ziff has been entwined in an investigation over whether it knowingly paid bribes in exchange for an investment from Libya’s sovereign wealth fund. The firm said it had added an additional $214 million in reserve for its ongoing Foreign Corrupt Practices Act investigation, bringing the total reserve to $414 million, according to its second quarter earnings call.

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