Pzena Investment Management (Pzena) is an American
investment management
Investment management is the professional asset management of various securities, including shareholdings, bonds, and other assets, such as real estate, to meet specified investment goals for the benefit of investors. Investors may be institut ...
firm. Its expertise is in deep value investing.
It oversees assets under management for institutions,
High-net-worth individual
High-net-worth individual (HNWI) is a term used by some segments of the financial services industry to designate persons whose investible wealth (assets such as stocks and bonds) exceeds a given amount. Typically, these individuals are defined ...
s and
mutual funds. 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
Richard "Rich" Pzena (born January 8, 1959) is an American investment manager. He is the founder and chief investment officer of Pzena Investment Management, a New York-based deep value investment firm with $34.9 billion in assets under manage ...
, who was Director of U.S. Equity Investments and Chief Research Officer at
Sanford C. Bernstein
AllianceBernstein Holding L.P. (AB) is a global asset management firm providing investment management and research services worldwide to institutional, high-net-worth and retail investors.
AllianceBernstein's headquarters are located in Nashvill ...
.
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's Classic Value fund since 1996.
In 2002, John Hancock Financial acquired the Pzena's Focused Value Fund.
Vanguard 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.
On October 2007, Pzena filed an
initial public offering to trade on the
New York Stock Exchange (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 Principles for Responsible Investment (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 re-acquisition by a company of its own shares. It represents an alternate and more flexible way (relative to dividends) of returning money to shareholders. When used in coord ...
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.
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
Investment management companies
Companies established in 1996