The market is unforgiving when sentiment sours, as Daniel Och and Richard Pzena have found after listing their asset management groups with an air of restrained triumph this autumn.
Shares in Och-Ziff, a hedge fund group, are trading at $23, after an offering at $32 to raise $1.1bn (€742,000). Stock in Pzena Investment Management is changing hands at $13 after listing at $18 and raising $150m.
