The founder of controversial hedge fund Och-Ziff is reportedly at odds with the 34-year-old who had been set to succeed him

Dan Och, the founder of the world's largest publicly traded hedge fund, is at odds with his 34-year-old protégé Jimmy Levin, the Wall Street Journal reported.

Levin, who has known Och since he taught Och's son how to waterski at a Wisconsin summer camp in the late 1990s, had been expected to succeed Och at Och-Ziff Capital Management. But the founder appeared to have abruptly changed his mind over Christmas weekend when Och-Ziff rushed out a letter to clients saying that Och had decided not to.

Here are the main takeaways from the WSJ report:

• Many inside Och-Ziff were shocked by the shift.
• People close to Och say he thinks Levin asked for more money and power than he deserved.
• Och-Ziff is interviewing external execs about becoming the firm's CEO, and Levin is discussing what's next for his own future.
• Och told the WSJ in a statement: "We are engaged in a robust CEO succession process that is progressing well. We have a committed team, the firm had an excellent year in 2017, and I am confident we will build on that success in 2018 and beyond."
• Some clients are expected to divest if Levin leaves.

A spokesman for Och-Ziff didn't immediately respond to a request for comment.

Read the Wall Street Journal report here.

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