Exhibit 99.1

Och-Ziff Capital Management Group LLC Reports

Third Quarter 2008 Results

Third Quarter 2008 Dividend of $0.025 per Class A Share

NEW YORK , November 4, 2008 – Och-Ziff Capital Management Group LLC (NYSE: OZM) (the “Company” or “Och-Ziff”) today reported its results and the declaration of a cash dividend on its Class A Shares for the third quarter ended September 30, 2008.

Third Quarter Highlights

For the third quarter and nine months ended September 30, 2008, Och-Ziff reported a GAAP net loss of $69.4 million, or $0.94 per basic and $1.07 per diluted Class A Share, and $398.4 million, or $5.37 per basic and diluted Class A Share, respectively. The GAAP net loss in both periods resulted primarily from third quarter and first nine months non-cash expenses of $425.6 million and $1.3 billion, respectively, associated with the Company’s reorganization in connection with its initial public offering (“IPO”) in November 2007. These expenses are related to the amortization of Och-Ziff Operating Group A Units (“Group A Units”), which represent equity interests in the Company’s principal operating subsidiaries that were issued to the Company’s pre-IPO owners in exchange for their pre-IPO interests in those subsidiaries. The Group A Units vest annually over five years from the closing of the IPO. Accordingly, amortization of these expenses is expected to result in a GAAP net loss each quarter through 2012. Once vested, the Group A Units may be exchanged on a one-to-one basis for Class A Shares.

Also contributing to the GAAP net loss in the third quarter and first nine months of 2008 were non-cash expenses of $17.5 million and $67.7 million, respectively, for the amortization of equity-based compensation, primarily related to Class A restricted share units (“RSUs”) awarded to all of the Company’s employees in connection with the IPO. These RSUs vest annually over four years from the closing of the IPO. Each RSU represents the right to receive one Class A Share upon vesting.

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Distributable Earnings for the Och-Ziff Funds segment for the third quarter and nine months ended September 30, 2008 was $54.3 million or $0.14 per Adjusted Class A Share, and $159.1 million, or $0.40 per Adjusted Class A Share, respectively. Distributable Earnings is a supplemental non-GAAP financial measure that management believes provides a meaningful basis for comparison of the after-tax operating performance of the Och-Ziff Funds segment, which includes substantially all of the Company’s business. Additionally, management uses Distributable Earnings, among other financial data, to determine the earnings available to distribute as dividends to holders of the Company’s Class A Shares and to the Company’s partners and Ziff Brothers Investments (the “Ziffs”) with respect to their Group A Units.

Distributable Earnings is equal to the Economic Income of the Och-Ziff Funds segment less adjusted income taxes. These adjusted income taxes are estimated assuming all Group A Units and RSUs were converted on a one-to-one basis into Class A Shares (“Adjusted Class A Shares”). Distributable Earnings per Share is equal to Distributable Earnings divided by the weighted average number of Adjusted Class A Shares. Distributable Earnings should not be considered as an alternative to GAAP net income or cash flow, and is not necessarily indicative of liquidity or the cash available to fund operations. For a reconciliation of the Och-Ziff Funds segment third quarter and first nine months 2008 Economic Income to Distributable Earnings, please see Exhibit 8 of the financial tables that accompany this press release.

Och-Ziff’s assets under management were $31.2 billion as of September 30, 2008, 7% lower than the $33.6 billion in assets under management as of June 30, 2008, but 4% higher than the $30.1 billion in assets under management as of September 30, 2007. The $1.1 billion year-over-year increase was driven principally by performance-related appreciation of $843.2 million and net inflows of $2.4 billion (which included the reinvestment by the Company’s partners and the Ziffs of approximately $1.6 billion in after-tax proceeds from the Company’s IPO and concurrent Class A Share sale to Dubai International Capital) during the fourth-quarter of 2007. The year-over-year increase was also driven by net inflows of $305.2 million (which exclude redemptions for the 2008 third quarter as these are reflected in assets under management as of October 1, 2008) during the first nine months of 2008. These increases were partially offset by performance related depreciation of $2.5 billion during the first nine months of 2008, driven principally by performance-related declines in September 2008. During the 2008 third quarter, the $2.4 billion decrease in assets under management was driven by performance-related depreciation of $2.5 billion and net inflows of $73.5 million (which exclude redemptions for September 2008 as these are reflected in assets under management as of October 1, 2008).

Assets under management as of October 1, 2008 were $30.5 billion, which reflects September 2008 redemptions (net of October 1, 2008 capital inflows) of $718.5 million. The majority of redemptions occur on quarter ends. All redemptions are paid on the first day of the following month and capital inflows for that month are accepted on the same day.

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Assets under management by fund were as follows:

Performance by fund was as follows ⁽¹⁾ :

For both the third quarter and nine months ended September 30, 2008, the majority of the performance-related depreciation was due to unprecedented market volatility and the ensuing flight to quality during September, which resulted in substantial declines in the value of almost every asset class globally and adversely impacted investment returns in each of the Company’s master funds. However, the Company’s funds significantly outperformed major markets worldwide during both periods. Challenging market conditions during the 2008 third quarter also resulted in increased redemptions as institutional investors re-balanced and/or reduced their exposures to hedge funds and the capital markets generally.

“Turbulence in the global financial markets reached unprecedented levels during the third quarter,” said Daniel Och, Chairman and Chief Executive Officer of Och-Ziff. “Our performance reflected the effect of record volatility in the equity markets and substantial declines in asset values globally, which made it exceptionally difficult to sustain stable investment performance. We continue to actively manage our business, as we have always done, with minimal use of leverage and a consistent and disciplined focus on preserving fund investors’ capital, relying on the risk management processes which have been integral to our approach throughout our fourteen-year history. While we anticipate that the market will present additional challenges, we believe that the strength of our performance and sustainability of our business position us to benefit over the long-term from the opportunities that will arise globally from the current environment.”

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SUMMARY RESULTS OF THE OCH-ZIFF FUNDS SEGMENT

The Company conducts substantially all of its business through the Och-Ziff Funds segment, which is currently the Company’s only reportable operating segment. This segment provides management and advisory services to the Company’s hedge funds and separately managed accounts.

The Company’s other operations are currently comprised of its real estate business, which manages and provides advisory services to its real estate funds, and investments in new businesses established to expand certain of the Company’s private investment platforms. These other operations, which currently are in early growth stages and are not material to the overall financial performance of the Company, are not included in the Och-Ziff Funds segment and therefore not included in the calculations of Economic Income, Distributable Earnings and Distributable Earnings per Share.

The performance measure for the Och-Ziff Funds segment is Economic Income, which management uses to evaluate the financial performance of and make operating decisions for the segment. Management believes that investors should review the same performance measure that it uses to analyze the Company’s core business performance. Economic Income is a pre-tax measure that does not include allocations to the Company’s partners and the Ziffs, which related solely to their pre-IPO interests, reorganization expenses related to the Company’s IPO, equity-based compensation expenses, taxes, or partners’ and others’ interests in the Company’s consolidated subsidiaries, among other adjustments. For further information regarding these adjustments, please see Exhibit 7 of the financial tables that accompany this press release.

For reconciliations of Economic Income to total Company GAAP net income (loss) for the periods discussed below, please see Exhibits 3 through 6 of the financial tables that accompany this press release.

Economic Income

Economic Income Revenues

Third-quarter 2008 Economic Income Revenues were $153.0 million, a 7% increase from third-quarter 2007 Economic Income Revenues of $142.4 million. Management Fees were $147.7 million, 14% higher than third-quarter 2007 Management Fees of $130.0 million.

Economic Income Revenues for the first nine months of 2008 were $446.7 million, a 23% increase from Economic Income Revenues of $361.9 million in the prior year period. Management Fees were $438.0 million, up 28% from Management Fees of $341.8 million in the prior year period.

The increase in Management Fees in both periods was driven by the year-over-year net increase in assets under management.

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Economic Income Expenses

Compensation and Benefits

Third-quarter 2008 Compensation and Benefits expenses totaled $28.8 million, 64% higher than third-quarter 2007 Compensation and Benefits expenses of $17.6 million. Third-quarter 2008 Compensation and Benefits included $12.4 million of bonus expense, primarily related to accruals for bonus guarantees which will be paid at year-end.

Compensation and Benefits expenses for the first nine months of 2008 were $77.0 million, 62% higher than Compensation and Benefits expenses of $47.6 million in the prior year period. Compensation and Benefits for this period included $27.8 million of bonus expense, primarily related to accruals for bonus guarantees which will be paid at year-end, and to non-recurring payments to certain existing personnel and new employees.

The increase in Compensation and Benefits in both periods was driven by increased headcount related to the infrastructure needed to become a public company and to support business growth.

Non-Compensation Expenses

Third-quarter 2008 non-compensation expenses were $30.5 million, a 13% decrease from third-quarter 2007 non-compensation expenses of $35.1 million. The decrease was driven principally by lower interest expense on the Company’s $750 million term loan due to the decline in the loan’s LIBOR-based borrowing rate. The decrease was also driven by reduced professional services fees which were higher in the 2007 third quarter due to audit and consulting costs incurred in connection with the Company’s IPO. On a comparative basis, the Company’s 2007 annual audit and consulting costs were primarily incurred in the first quarter of 2008. These decreases were partially offset by increases in insurance, occupancy and business development costs related to the infrastructure needed to become a public company and to support business growth.

Non-compensation expenses for the first nine months of 2008 were $95.0 million, a 38% increase from non-compensation expenses of $68.8 million in the prior year period. The increase was driven primarily by higher interest expense on the Company’s term loan. The loan was entered into during the third quarter of 2007, so interest expense was incurred for only part of the nine month period in the prior year. Partially offsetting this difference was the decline in the loan’s LIBOR-based borrowing rate. The remainder of the increase was driven by insurance, business development, occupancy and technology costs related to the infrastructure needed to become a public company and to support business growth.

Economic Income

Third-quarter 2008 Economic Income totaled $93.8 million, a 4% increase from third-quarter 2007 Economic Income of $89.7 million. Economic Income for the first nine months of 2008 totaled $274.7 million, a 12% increase from Economic Income of $245.5 million in the prior year period.

The Economic Income margin is computed as the ratio of Economic Income to Economic Income Revenues. The third-quarter 2008 margin was 61%, two percentage points lower than the third-quarter 2007 margin of 63%. The margin for the first nine months of 2008 was 62%, six percentage points lower than the margin of 68% in the prior year period.

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CAPITAL

As of September 30, 2008, Class A Shares outstanding totaled 74,138,572. For purposes of calculating Distributable Earnings per Share, the Company assumes that all Group A Units and outstanding RSUs have been converted on a one-to-one basis into Class A Shares. For the third quarter and nine months ended September 30, 2008, the total weighted-average Adjusted Class A Shares outstanding were 400,371,024 and 400,003,864, respectively.

DIVIDEND

The Board of Directors of Och-Ziff declared a third-quarter 2008 dividend of $0.025 per Class A Share, to be paid on November 12, 2008 to holders of record at the close of business on October 1, 2008.

For U.S. federal income tax purposes, the dividend will be treated as a partnership distribution. Based on the best information currently available, the Company estimates that when calculating withholding taxes, the entire amount of the third quarter 2008 dividend will be treated as U.S. source dividend income.

Non-U.S. holders of Class A Shares are generally subject to U.S. federal withholding tax at a rate of 30% (subject to reduction by applicable treaty or other exception) on their share of U.S. source dividends and certain other types of U.S. source income realized by the Company. With respect to interest, however, no withholding is generally required if proper certification (on an IRS Form W-8) of a beneficial owner’s foreign status has been filed with the withholding agent. In addition, non-U.S. holders must generally provide the withholding agent with a properly completed IRS Form W-8 to obtain any reduction in withholding.

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Och-Ziff will host a conference call today, November 4, 2008, at 8:30 a.m. Eastern Time to discuss the Company’s third quarter 2008 results. The call will be open to the public and can be accessed by dialing 888-679-8038 (callers inside the U.S.) or 617-213-4850 (callers outside the U.S.). The number should be dialed at least ten minutes prior to the start of the call. The passcode for the call will be 37357806. A simultaneous webcast of the call will be available to the public on a listen-only basis on the For Shareholders page of the Company’s website at www.ozcap.com .

For those unable to listen to the live broadcast, a replay will be available by dialing 888-286-8010 (callers inside the U.S.) or 617-801-6888 (callers outside the U.S.), passcode 65169610, beginning approximately two hours after the event for two weeks. A webcast replay of the event will also be available on the For Shareholders page of the Company’s website.

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Forward-Looking Statements

The information contained in this press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that reflect the current views of the Company with respect to, among other things, its future financial or business performance, events, strategies or expectations, including but not limited to its ability to generate returns and preserve capital and its ability to expand its investment platforms. Such forward-looking statements are generally identified by the use of words such as “outlook,” “believe,” “expect,” “potential,” “continue,” “may,” “will,” “should,” “could,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” “opportunity,” “assume,” “remain,” “sustain,” “achieve” or the negative version of those words or other comparable words.

Any forward-looking statements contained in this press release are based upon historical performance of the Company and its subsidiaries and on current plans, estimates and expectations of the Company and its subsidiaries. The inclusion of this forward-looking information should not be regarded as a representation by the Company or any other person that the future plans, estimates or expectations contemplated by the Company will be achieved. Such forward-looking statements are subject to various risks and uncertainties, including but not limited to global and domestic market and business conditions, the Company’s ability to successfully compete for fund investors, talent and investment opportunities, successful formulation and execution of its business and growth strategies, the Company’s ability to appropriately manage conflicts of interest, and tax and other regulatory factors relevant to the Company’s structure and status as a public company, as well as assumptions relating to the Company’s operations, financial results, financial condition, business prospects, growth strategy and liquidity.

If one or more of these or other risks or uncertainties materialize, or if the Company’s assumptions prove to be incorrect, the Company’s actual results may vary materially from those indicated in these statements. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements and risks that are included in the Company’s filings with the Securities and Exchange Commission, including but not limited to the Company’s Annual Report on Form 10-K for the year ended December 31, 2007 and its

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Quarterly Reports on Form 10-Q. Any forward-looking statements contained in this press release are made only as of the date hereof. The Company does not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

This press release does not constitute an offer of any Och-Ziff fund.

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About Och-Ziff Capital Management Group LLC

Och-Ziff Capital Management Group LLC is one of the world’s largest institutional alternative asset managers with offices in New York, London, Hong Kong, Tokyo, Bangalore and Beijing. Och-Ziff’s funds seek to deliver consistent, positive, risk-adjusted returns throughout market cycles, with a strong focus on capital preservation. Och-Ziff’s multi-strategy approach combines global investment strategies, including merger arbitrage, convertible and derivative arbitrage, equity restructuring, credit and distressed investments, private investments and real estate.

As of November 1, 2008, Och-Ziff had approximately $28.3 billion in estimated assets under management with over 700 investor relationships. For more information, please visit www.ozcap.com .

Investor Relations Contact:

Tina Madon

Managing Director

Head of Investor Relations

Och-Ziff Capital Management Group LLC

212-719-7381

tina.madon@ozcap.com

Media Relations Contact:

Steve Bruce or Chuck Dohrenwend

The Abernathy MacGregor Group, for Och-Ziff Capital Management Group LLC

212-371-5999

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See Exhibits 3 - 6 for reconciliations of Och-Ziff Funds Economic Income to total Company GAAP Net Income (Loss).