Och-Ziff now plans to raise up to $1.2bn (€846.6m) in an initial public offering, down from $2bn, creating concerns over it success after shares in fellow hedge fund Fortress Capital Management tumbled following a highly-touted float.

The purpose of the offering is to increase the firm partners' stake in the company. The 18 partners own approximately $1.8bn or a little more than 6% of its assets under management. The flotation is expected to more than double that stake. Earlier this year, the company had expected to raise up to $2bn through the offering.