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.
 | |
| Company type | Private |
|---|---|
| Industry | Investment management |
| Founded | January 1996 |
| Founder | Richard Pzena |
| Headquarters | 320 Park Avenue, 8th Floor, New York, NY , United States |
Key people | Caroline Cai (CEO) |
| AUM | US$58.87 billion (March 2024) |
Number of employees | 156 (2024) |
| Website | www |
| Footnotes / references [1] | |
History
editPzena 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]
In 2023, Richard Pzena stepped down from managing the firm and was succeeded by Caroline Cai.[18]
References
edit- ^ "Form ADV" (PDF). SEC.
- ^ a b Bary, Andrew. "Drilling Deep for Value". online.barrons.com. Retrieved September 25, 2022.
- ^ Dealbook (June 12, 2007). "Pzena Investment Files for I.P.O." DealBook. Retrieved September 25, 2022.
- ^ "Richard S. Pzena » CFA Society New York". CFA Society New York. April 27, 2018. Retrieved September 25, 2022.
- ^ "PZN Stock Price | Pzena Investment Management Inc. Stock Quote (U.S.: NYSE)". MarketWatch. Retrieved September 25, 2022.
- ^ "Pzena Investment Management IPO: Great Value, If It Stays On Track (NYSE:PZN) | Seeking Alpha". seekingalpha.com. October 29, 2007. Retrieved September 25, 2022.
- ^ a b c Coumarianos, John (July 26, 2022). "Pzena goes private, pays shareholders a 49% premium". citywireusa.com. Retrieved September 25, 2022.
- ^ Staff Writer. "John Hancock to Acquire Pzena Fund". ThinkAdvisor. Retrieved September 25, 2022.
- ^ a b c "Pzena gets big boost from Vanguard". Pensions & Investments. August 17, 2012. Retrieved September 25, 2022.
- ^ Nelson, Greg (April 11, 2014). "Most Tax Efficient Vanguard Funds". Adviser Investments. Retrieved September 25, 2022.
- ^ a b Zuckerman, Gregory (October 11, 2007). "Pzena Investment Sets IPO". Wall Street Journal. ISSN 0099-9660. Retrieved September 25, 2022.
- ^ "Pzena Investment Management, LLC". PRI. Retrieved September 25, 2022.
- ^ Stevens, Pippa (December 14, 2019). "Your complete guide to investing with a conscience, a $30 trillion market just getting started". CNBC. Retrieved September 25, 2022.
- ^ a b "Pzena taking company private in merger with subsidiary". Pensions & Investments. July 27, 2022. Retrieved September 25, 2022.
- ^ a b "Pzena Investment Management: Buyout At 49% Premium (NYSE:PZN) | Seeking Alpha". seekingalpha.com. July 27, 2022. Retrieved September 25, 2022.
- ^ "Pzena Investment Management Has Received all Regulatory Approvals Required to Complete Transaction". finance.yahoo.com. October 10, 2022. Retrieved October 11, 2022.
- ^ "Pzena Investment Management, Inc. Completes Transaction to Become Private Company". GlobeNewswire News Room. October 31, 2022. Retrieved September 29, 2024.
- ^ Shapiro, Jonathan (May 4, 2024). "The succession wisdom of an iconic value investor". Australian Financial Review. Retrieved December 24, 2024.