Pzena Investment Management

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.

Pzena Investment Management
TypePrivate
IndustryInvestment Management
FoundedJanuary 1996 (1996-01)
FounderRichard Pzena
Headquarters320 Park Avenue, 8th Floor,
New York, NY
,
United States
Key people
William Lipsey (Managing Principal and President)
RevenueIncrease US$199.33 million (FY 2021)
Increase US$105.86 million (FY 2021)
Increase US$106.48 million (FY 2021)
AUMUS$47.5 billion (August 2022)
Total assetsIncrease US$264.30 million (FY 2021)
Total equityIncrease US$178.05 million (FY 2021)
Number of employees
Increase 140 (FY 2021)
Websitewww.pzena.com
Footnotes / references
[1]

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" (PDF).
  2. Bary, Andrew. "Drilling Deep for Value". online.barrons.com. Retrieved 2022-09-25.
  3. Dealbook (2007-06-12). "Pzena Investment Files for I.P.O." DealBook. Retrieved 2022-09-25.
  4. "Richard S. Pzena » CFA Society New York". CFA Society New York. 2018-04-27. Retrieved 2022-09-25.
  5. "PZN Stock Price | Pzena Investment Management Inc. Stock Quote (U.S.: NYSE)". MarketWatch. Retrieved 2022-09-25.
  6. "Pzena Investment Management IPO: Great Value, If It Stays On Track (NYSE:PZN) | Seeking Alpha". seekingalpha.com. 29 October 2007. Retrieved 2022-09-25.
  7. Coumarianos, John (26 July 2022). "Pzena goes private, pays shareholders a 49% premium". citywireusa.com. Retrieved 2022-09-25.
  8. Staff Writer. "John Hancock to Acquire Pzena Fund". ThinkAdvisor. Retrieved 2022-09-25.
  9. "Pzena gets big boost from Vanguard". Pensions & Investments. 2012-08-17. Retrieved 2022-09-25.
  10. Nelson, Greg (2014-04-11). "Most Tax Efficient Vanguard Funds". Adviser Investments. Retrieved 2022-09-25.
  11. Zuckerman, Gregory (2007-10-11). "Pzena Investment Sets IPO". Wall Street Journal. ISSN 0099-9660. Retrieved 2022-09-25.
  12. "Pzena Investment Management, LLC". PRI. Retrieved 2022-09-25.
  13. Stevens, Pippa. "Your complete guide to investing with a conscience, a $30 trillion market just getting started". CNBC. Retrieved 2022-09-25.
  14. "Pzena taking company private in merger with subsidiary". Pensions & Investments. 2022-07-27. Retrieved 2022-09-25.
  15. "Pzena Investment Management: Buyout At 49% Premium (NYSE:PZN) | Seeking Alpha". seekingalpha.com. 27 July 2022. Retrieved 2022-09-25.
  16. "Pzena Investment Management Has Received all Regulatory Approvals Required to Complete Transaction". finance.yahoo.com. 10 October 2022. Retrieved 2022-10-11.
  17. Inc, Pzena Investment Management (2022-10-31). "Pzena Investment Management, Inc. Completes Transaction to Become Private Company". GlobeNewswire News Room (Press release). Retrieved 2022-11-16. {{cite press release}}: |last= has generic name (help)
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.