NEW YORK: Dan Och’s note to clients two days before Christmas, telling them that star trader Jimmy Levin wasn’t going to get the top job at Och-Ziff Capital Management Group after all, shows how tough succession can be at hedge funds.
Och, who founded Och-Ziff more than two decades ago and is still its chief executive officer, told clients that he had changed his mind about Levin and would seek a successor from the outside, according to people familiar with the firm, who asked not to be identified because the information is private.
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