Pzena Investment Management
TypePrivate
IndustryInvestment Management
FoundedJanuary 1996 (1996-01)
FounderRichard Pzena
Headquarters320 Park Avenue, 8th Floor,
New York, NY
,
United States
Key people
William Lipsey (Managing Principal and President)
RevenueIncrease US$199.33 million (FY 2021)
Increase US$105.86 million (FY 2021)
Increase US$106.48 million (FY 2021)
AUMUS$47.5 billion (August 2022)
Total assetsIncrease US$264.30 million (FY 2021)
Total equityIncrease US$178.05 million (FY 2021)
Number of employees
Increase 140 (FY 2021)
Websitewww.pzena.com
Footnotes / references
[1]

Pzena Investment Management (Pzena) is an American investment management firm. Its expertise is in deep value investing.[2] It oversees assets under management for institutions, High-net-worth individuals and mutual funds.[3] The company is headquartered in New York City and has offices in London, Melbourne and Dublin.

History

Pzena was founded in 1996 by Richard Pzena, who was Director of U.S. Equity Investments and Chief Research Officer at Sanford C. Bernstein.[2][4] Pzena is known for managing value equities. Its investment strategies include large cap, emerging markets, European, global, and mid cap.[5]

Despite under-performance during the bull market of the late 1990s, Pzena outperformed during the challenging market years of 2000–2002.[6]

Pzena has subadvised John Hancock Financial's Classic Value fund since 1996.[7] In 2002, John Hancock Financial acquired the Pzena's Focused Value Fund.[8]

Vanguard has had a relationship with Pzena since 2005 where Pzena was selected to manage several of its funds.[9] These include the Emerging Markets Select Stock Fund, Windsor Fund and Selected Value Fund.[9][10]

In October 2007, Pzena filed an initial public offering to trade on the New York Stock Exchange (NYSE).[11] It was the first investment company to go public that year “since the summer swoon rocked credit markets and impacted global stock markets.”[11][9]

On February 26, 2018, Pzena signed the United Nations Principles for Responsible Investment (PRI).[12][13]

On July 27, 2022, Pzena announced that the firm entered into a transaction to delist from the NYSE to become a private company.[7][14][15] The firm will do an all-cash share repurchase at $9.60 per share which was a 49% premium over the closing share price at the time.[7][14][15] On October 10, Pzena received regulatory approval to complete the transaction to go private.[16] On October 31, Pzena completed the transaction to delist from the NYSE and became a private company.[17]

References

  1. ↑ "2021 Annual Report" (PDF).
  2. 1 2 Bary, Andrew. "Drilling Deep for Value". online.barrons.com. Retrieved 2022-09-25.
  3. ↑ Dealbook (2007-06-12). "Pzena Investment Files for I.P.O." DealBook. Retrieved 2022-09-25.
  4. ↑ "Richard S. Pzena » CFA Society New York". CFA Society New York. 2018-04-27. Retrieved 2022-09-25.
  5. ↑ "PZN Stock Price | Pzena Investment Management Inc. Stock Quote (U.S.: NYSE)". MarketWatch. Retrieved 2022-09-25.
  6. ↑ "Pzena Investment Management IPO: Great Value, If It Stays On Track (NYSE:PZN) | Seeking Alpha". seekingalpha.com. 29 October 2007. Retrieved 2022-09-25.
  7. 1 2 3 Coumarianos, John (26 July 2022). "Pzena goes private, pays shareholders a 49% premium". citywireusa.com. Retrieved 2022-09-25.
  8. ↑ Staff Writer. "John Hancock to Acquire Pzena Fund". ThinkAdvisor. Retrieved 2022-09-25.
  9. 1 2 3 "Pzena gets big boost from Vanguard". Pensions & Investments. 2012-08-17. Retrieved 2022-09-25.
  10. ↑ Nelson, Greg (2014-04-11). "Most Tax Efficient Vanguard Funds". Adviser Investments. Retrieved 2022-09-25.
  11. 1 2 Zuckerman, Gregory (2007-10-11). "Pzena Investment Sets IPO". Wall Street Journal. ISSN 0099-9660. Retrieved 2022-09-25.
  12. ↑ "Pzena Investment Management, LLC". PRI. Retrieved 2022-09-25.
  13. ↑ Stevens, Pippa. "Your complete guide to investing with a conscience, a $30 trillion market just getting started". CNBC. Retrieved 2022-09-25.
  14. 1 2 "Pzena taking company private in merger with subsidiary". Pensions & Investments. 2022-07-27. Retrieved 2022-09-25.
  15. 1 2 "Pzena Investment Management: Buyout At 49% Premium (NYSE:PZN) | Seeking Alpha". seekingalpha.com. 27 July 2022. Retrieved 2022-09-25.
  16. ↑ "Pzena Investment Management Has Received all Regulatory Approvals Required to Complete Transaction". finance.yahoo.com. 10 October 2022. Retrieved 2022-10-11.
  17. ↑ Inc, Pzena Investment Management (2022-10-31). "Pzena Investment Management, Inc. Completes Transaction to Become Private Company". GlobeNewswire News Room (Press release). Retrieved 2022-11-16. {{cite press release}}: |last= has generic name (help)
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