Pzena Investment Management (Pzena) is an American

investment management Investment management (sometimes referred to more generally as financial asset management) is the professional asset management of various Security (finance), securities, including shareholdings, Bond (finance), bonds, and other assets, such as r ...

firm. Its expertise is in deep value investing. It oversees

assets under management In finance, assets under management (AUM), sometimes called fund under management, refers to the total market value of all financial assets that a financial institution—such as a mutual fund, venture capital firm, or depository institutio ...

for institutions,

High-net-worth individual In the financial services industry, a high-net-worth individual (HNWI) is a person who maintains liquid assets at or above a certain threshold. Typically the criterion is that the person's financial assets (excluding their primary residence) are ...

s and

mutual fund A mutual fund is an investment fund that pools money from many investors to purchase Security (finance), securities. The term is typically used in the United States, Canada, and India, while similar structures across the globe include the SICAV in ...

s. The company is headquartered in

New York City New York, often called New York City (NYC), is the most populous city in the United States, located at the southern tip of New York State on one of the world's largest natural harbors. The city comprises five boroughs, each coextensive w ...

and has offices in

London London is the Capital city, capital and List of urban areas in the United Kingdom, largest city of both England and the United Kingdom, with a population of in . London metropolitan area, Its wider metropolitan area is the largest in Wester ...

Melbourne Melbourne ( , ; Boonwurrung language, Boonwurrung/ or ) is the List of Australian capital cities, capital and List of cities in Australia by population, most populous city of the States and territories of Australia, Australian state of Victori ...

and

Dublin Dublin is the capital and largest city of Republic of Ireland, Ireland. Situated on Dublin Bay at the mouth of the River Liffey, it is in the Provinces of Ireland, province of Leinster, and is bordered on the south by the Dublin Mountains, pa ...

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. Pzena is known for managing value equities. Its investment strategies include large cap, emerging markets, European, global, and mid cap. Despite under-performance during the bull market of the late 1990s, Pzena outperformed during the challenging market years of 2000–2002. Pzena has subadvised

John Hancock Financial John Hancock Life Insurance Company, U.S.A. is a Boston-based insurance company. Established April 21, 1862, it was named in honor of John Hancock, a prominent American Patriot. In 2004, Canadian multinational life insurance company Manulife F ...

's Classic Value fund since 1996. In 2002, John Hancock Financial acquired the Pzena's Focused Value Fund.

Vanguard The vanguard (sometimes abbreviated to van and also called the advance guard) is the leading part of an advancing military formation. It has a number of functions, including seeking out the enemy and securing ground in advance of the main force. ...

has had a relationship with Pzena since 2005 where Pzena was selected to manage several of its funds. These include the Emerging Markets Select Stock Fund, Windsor Fund and Selected Value Fund. In October 2007, Pzena filed an

initial public offering An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investm ...

to trade on the

New York Stock Exchange The New York Stock Exchange (NYSE, nicknamed "The Big Board") is an American stock exchange in the Financial District, Manhattan, Financial District of Lower Manhattan in New York City. It is the List of stock exchanges, largest stock excha ...

(NYSE). It was the first investment company to go public that year "since the summer swoon rocked credit markets and impacted global stock markets." On February 26, 2018, Pzena signed the

United Nations The United Nations (UN) is the Earth, global intergovernmental organization established by the signing of the Charter of the United Nations, UN Charter on 26 June 1945 with the stated purpose of maintaining international peace and internationa ...

Principles for Responsible Investment Principles for Responsible Investment (UNPRI or PRI) is a United Nations-supported international network of financial institutions working together to implement its six aspirational principles, often referenced as "the Principles". Its goal is to ...

(PRI). On July 27, 2022, Pzena announced that the firm entered into a transaction to delist from the NYSE to become a private company. The firm will do an all-cash

share repurchase Share repurchase, also known as share buyback or stock buyback, is the reacquisition by a company of its own shares. It represents an alternate and more flexible way (relative to dividends) of returning money to shareholders. Repurchases allow s ...

at $9.60 per share which was a 49% premium over the closing share price at the time. On October 10, Pzena received regulatory approval to complete the transaction to go private. On October 31, Pzena completed the transaction to delist from the NYSE and became a private company. In 2023, Richard Pzena stepped down from managing the firm and was succeeded by Caroline Cai.

References

External links

Official website
{{authority control Companies formerly listed on the New York Stock Exchange Investment companies based in New York City Investment companies of the United States Financial services companies established in 1996 Companies established in 1996 Asset management companies