Swiss-based financial services group OZ Group said net profits rose 173 per cent year-on-year in the first quarter of 2005 to SFr19.4 millio...

Swiss-based financial services group OZ Group said net profits rose 173 per cent year-on-year in the first quarter of 2005 to SFr19.4 million ($15.6 million). Total assets under management rose to SFr3.9 billion, a 14 per cent rise on the end-2005 figure. OZ Group said it will stop reporting quarterly results, in favour of semi-annual reporting, because International Financial Reporting Standards accounting rules do not allow it to show performance-related fees on an accrual basis and quarterly reporting is of minor importance to long-term investors. Based in Pfaffikon, the company employs 74 people.