Pzena Investment Management

Short description: American Investment Management Firm

Pzena Investment Management

Headquarters at 320 Park Avenue

Type| Private
Industry| Investment Management
Founded| January 1996; 30 years ago (1996-01)
Founder| Richard Pzena
Headquarters| 320 Park Avenue, 8th Floor,

New York, NY

United States

Key people

| William Lipsey (Managing Principal and President)
Revenue|  US$199.33 million (FY 2021)

Operating income

|  US$105.86 million (FY 2021)

Net income

|  US$106.48 million (FY 2021)
AUM| US$47.5 billion (August 2022)
Total assets|  US$264.30 million (FY 2021)
Total equity|  US$178.05 million (FY 2021)

Number of employees

|  140 (FY 2021)
Website| www.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]

On 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". https://s1.q4cdn.com/276836136/files/doc_financials/2021/sr/2021-10-K-Pzena-Investment-Management-Inc..pdf.
2. ↑ 2.0 2.1 Bary, Andrew. "Drilling Deep for Value" (in en-US). https://online.barrons.com/article/SB50001424127887324616904580107543590420672.html.
3. ↑ Dealbook (2007-06-12). "Pzena Investment Files for I.P.O." (in en). https://dealbook.nytimes.com/2007/06/12/pzena-investment-files-for-ipo/.
4. ↑ "Richard S. Pzena » CFA Society New York" (in en-US). 2018-04-27. https://www.cfany.org/speaker-organizer/richard-s-pzena/.
5. ↑ "PZN Stock Price | Pzena Investment Management Inc. Stock Quote (U.S.: NYSE)" (in en). https://www.marketwatch.com/investing/stock/pzn.
6. ↑ "Pzena Investment Management IPO: Great Value, If It Stays On Track (NYSE:PZN) | Seeking Alpha" (in en). https://seekingalpha.com/article/51728-pzena-investment-management-ipo-great-value-if-it-stays-on-track.
7. ↑ 7.0 7.1 7.2 Coumarianos, John (26 July 2022). "Pzena goes private, pays shareholders a 49% premium". https://citywireusa.com/professional-buyer/news/pzena-goes-private-pays-shareholders-a-49-premium/a2393449.
8. ↑ Staff Writer. "John Hancock to Acquire Pzena Fund" (in en). https://www.thinkadvisor.com/2002/11/08/john-hancock-to-acquire-pzena-fund/.
9. ↑ 9.0 9.1 9.2 "Pzena gets big boost from Vanguard" (in en). 2012-08-17. https://www.pionline.com/article/20120820/PRINT/308209978/pzena-gets-big-boost-from-vanguard.
10. ↑ Nelson, Greg (2014-04-11). "Most Tax Efficient Vanguard Funds" (in en-US). https://www.adviserinvestments.com/adviser-fund-update/most-tax-efficient-vanguard-funds/.
11. ↑ 11.0 11.1 Zuckerman, Gregory (2007-10-11). "Pzena Investment Sets IPO" (in en-US). Wall Street Journal. ISSN 0099-9660. https://www.wsj.com/articles/SB119206668513255557.
12. ↑ "Pzena Investment Management, LLC" (in en). https://www.unpri.org/signatory-directory/pzena-investment-management-llc/2779.article.
13. ↑ Stevens, Pippa. "Your complete guide to investing with a conscience, a $30 trillion market just getting started" (in en). https://www.cnbc.com/2019/12/14/your-complete-guide-to-socially-responsible-investing.html.
14. ↑ 14.0 14.1 "Pzena taking company private in merger with subsidiary" (in en). 2022-07-27. https://www.pionline.com/money-management/pzena-investment-management-taking-company-private-merger-subsidiary-valued-795.
15. ↑ 15.0 15.1 "Pzena Investment Management: Buyout At 49% Premium (NYSE:PZN) | Seeking Alpha" (in en). https://seekingalpha.com/article/4526538-pzena-investment-management-buyout-49-percent-premium-company-going-private.
16. ↑ "Pzena Investment Management Has Received all Regulatory Approvals Required to Complete Transaction" (in en-US). https://finance.yahoo.com/news/pzena-investment-management-received-regulatory-105500476.html.
17. ↑ Inc, Pzena Investment Management (2022-10-31). "Pzena Investment Management, Inc. Completes Transaction to Become Private Company" (in en). https://www.globenewswire.com/news-release/2022/10/31/2544695/0/en/Pzena-Investment-Management-Inc-Completes-Transaction-to-Become-Private-Company.html.

## External links

* Official website

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