Och-Ziff lays off distressed credit team

Och-Ziff Capital Management has laid off as many as a dozen people in the Hong Kong office and has reduced teams in other regional offices as well, according to people who know the firm.Calls to the Hong Kong office were not returned.Zoltan Varga remains in charge of the region but the number-two ranked person in Hong Kong, Raaj Shah, has been let go. Shah was executive managing director and a partner, and had led the firmÆs credit team in Asia. In particular he had spearheaded invest…