Pzena Investment Management
| Company type | Private |
|---|---|
| Industry | Investment management |
| Founded | 1996 |
| Founder | Richard Pzena |
| Headquarters | New York City , United States |
Area served | Institutional clients, high-net-worth individuals, mutual fund investors |
Key people | Caroline Cai (CEO) |
| Products | Deep value investment strategies, value equity management, mutual funds |
| Website | www |
Pzena Investment Management (commonly known as Pzena) is a U.S.-based investment management company that specializes in deep value investment strategies. It oversees assets under management for institutional clients, High-net-worth individuals, and mutual fund investors. The firm’s headquarters are located in New York City, with additional offices situated in London, Melbourne, and Dublin.
History
Established in 1996 by Richard Pzena, who previously served as Director of U.S. Equity Investments and Chief Research Officer at Sanford C. Bernstein, the firm concentrates on value equity management. Its investment approaches cover a range of portfolios including large cap, emerging markets, European, global, and mid cap equities.
While the company experienced underperformance during the late 1990s bull market, it outpaced benchmarks during the market downturn from 2000 to 2002. Since 1996, Pzena has acted as subadvisor for John Hancock Financial’s Classic Value fund, and in 2002, John Hancock acquired Pzena’s Focused Value Fund.
Beginning in 2005, Pzena took on management responsibilities for several funds under The Vanguard Group, such as the Emerging Markets Select Stock Fund, Windsor Fund, and Selected Value Fund.
In October 2007, amid volatile market conditions, Pzena submitted an application for an initial public offering on the New York Stock Exchange (NYSE), marking it as the first investment firm to go public that year.
On February 26, 2018, the company reinforced its commitment to responsible investing by becoming a signatory of the United Nations Principles for Responsible Investment (PRI).
Pzena announced on July 27, 2022, its intention to privatize by delisting from the NYSE through an all-cash share repurchase offer at $9.60 per share—representing a 49% premium over the closing price at that time. Following regulatory approval on October 10, the transaction was finalized on October 31, 2022.
In 2023, leadership transitioned when Richard Pzena stepped down as manager and Caroline Cai assumed the role of CEO.