The firm has remained investor-led since Rich Pzena founded it in 1995, but there have been some ownership changes along the way. After a public listing in 2007, the firm took on a manageable level of debt to return to private, employee ownership in October 2022. Transitioning from a founder-led business is never easy, and Rich Pzena and fellow founding partner John Goetz remain co-CIOs. Yet the firm has taken sensible succession steps. Seasoned investment leader Caroline Cai took Rich Pzena’s CEO role in January 2023, and most of the firm’s 29-member investment team are firm veterans with equity ownership.
Across global markets, value stocks are Pzena's exclusive pursuit. Most of the firm’s USD 51 billion assets under management as of December 2022 sat predominantly with institutional clients under a variety of mandates, and a significant chunk stemmed from subadvising sleeves of three of Vanguard’s equity strategies. Endeavors to expand Pzena’s presence to other investors remain a work in progress, and there’s room for fees to improve as the firm’s client base expands. The firm’s distinctive approach, however, makes it a compelling potential partner for new mandates.