The UK subsidiary of Och-Ziff Capital Management, the US hedge fund manager set to float on the New York Stock Exchange, increased its turnover by 38% to £28m (€40m) last year following an increase in assets as a result of investment performance.

The UK unit recorded an increase in turnover, comprising management fee and performance fee income, from £20.5m to £28.2m for the 12 months to the end of December 2006, according to the financial statements of Och-Ziff Management Europe Limited, which were filed last week at Companies House.