Clients
Pzena Investment Management serves 245 clients, 36 of them high-net-worth individuals. The average client has about $332 million with the firm, and high-net-worth clients hold 0% of its $81.4 billion in assets.
- Investment companies19 clients30%
- Pooled investment vehicles53 clients44%
- Pension and profit-sharing plans23 clients4%
- State or municipal government entities29 clients18%
- OtherIndividuals, High-net-worth individuals, Charitable organizations, Other investment advisers, Insurance companies, Sovereign wealth funds and foreign official institutions, Corporations and other businesses4%
Show client breakdownHide client breakdown
| Client type | Clients | Regulatory AUM | Share | Avg. per client |
|---|---|---|---|---|
| Individuals (other than HNW) | 8 | $3,365,611 | 0.0% | $421K |
| High-net-worth individuals | 36 | $100,736,927 | 0.1% | $2.80M |
| Investment companies | 19 | $24,391,513,242 | 29.9% | $1.28B |
| Pooled investment vehicles | 53 | $35,841,610,521 | 44.0% | $676.3M |
| Pension and profit-sharing plans | 23 | $3,143,988,251 | 3.9% | $136.7M |
| Charitable organizations | 21 | $419,115,151 | 0.5% | $20.0M |
| State or municipal government entities | 29 | $14,484,449,733 | 17.8% | $499.5M |
| Other investment advisers | 4 | $1,204,683,412 | 1.5% | $301.2M |
| Insurance companies | 6 | $572,606,918 | 0.7% | $95.4M |
| Sovereign wealth funds and foreign official institutions | 1 | $198,996,181 | 0.2% | $199.0M |
| Corporations and other businesses | 45 | $1,079,811,196 | 1.3% | $24.0M |
| Total | 245 | $81,440,877,143 | 100% | $332.4M |
- Clients
- 8
- Regulatory AUM
- $3,365,611
- Share
- 0.0%
- Avg. per client
- $421K
- Clients
- 36
- Regulatory AUM
- $100,736,927
- Share
- 0.1%
- Avg. per client
- $2.80M
- Clients
- 19
- Regulatory AUM
- $24,391,513,242
- Share
- 29.9%
- Avg. per client
- $1.28B
- Clients
- 53
- Regulatory AUM
- $35,841,610,521
- Share
- 44.0%
- Avg. per client
- $676.3M
- Clients
- 23
- Regulatory AUM
- $3,143,988,251
- Share
- 3.9%
- Avg. per client
- $136.7M
- Clients
- 21
- Regulatory AUM
- $419,115,151
- Share
- 0.5%
- Avg. per client
- $20.0M
- Clients
- 29
- Regulatory AUM
- $14,484,449,733
- Share
- 17.8%
- Avg. per client
- $499.5M
- Clients
- 4
- Regulatory AUM
- $1,204,683,412
- Share
- 1.5%
- Avg. per client
- $301.2M
- Clients
- 6
- Regulatory AUM
- $572,606,918
- Share
- 0.7%
- Avg. per client
- $95.4M
- Clients
- 1
- Regulatory AUM
- $198,996,181
- Share
- 0.2%
- Avg. per client
- $199.0M
- Clients
- 45
- Regulatory AUM
- $1,079,811,196
- Share
- 1.3%
- Avg. per client
- $24.0M
Total
- Clients
- 245
- Regulatory AUM
- $81,440,877,143
- Share
- 100%
- Avg. per client
- $332.4M
What it does
Pzena Investment Management provides portfolio management for individuals and small businesses, portfolio management for investment companies, portfolio management for pooled vehicles and portfolio management for institutions. It is paid through a percentage of assets and performance-based fees.
Pzena Investment Management advises 6 private funds.
98.9% of assets ($80.57B across 244 accounts) are managed with discretion; $869.7M across 1 account is not. 27% of clients are outside the U.S., and 45 clients received advice without assets under management last fiscal year.
What the accounts hold
- Stocks98%
- Exchange-traded equities97%
- Non-exchange-traded equities1%
- Cash2%
Custodians
Pzena Investment Management’s client accounts are held mainly at Principal Investors, with 12% of managed assets, and The Bank of New York Mellon, with 8%. Pzena Investment Management has custody of $424.2M for 4 clients.
- The Bank of New York MellonThe Bank of New York Mellon · New York, NY · $6.72B8%
- Principal InvestorsPrincipal Investors Corporation · New York, NY · $9.99B12%
- All other custodians$64.73B79%
Ownership and leadership
Pzena Investment Management, LP owns 75% or more of Pzena Investment Management, and Chenyu Cai is its CEO.
- Owns 75% or more of Pzena Investment Management LLC
Pzena Investment Management, LP
Control person · since January 2016
- Owns 50% to 75% of Pzena Investment Management, LP
Richard Pzena
Control person · since January 2016
Pzena Investment Management GP, LLC
General partner · Control person · since October 2022
Leadership
- Chenyu CaiChief Executive Officer
- Allison FischPresident
- Jessica DoranChief Financial Officer
- Evan FireChief Operating Officer
- Steven CoffeyChief Legal Risk Officer and Chief Compliance Officer
- Geoffrey BauerChief Legal Officer
- John GoetzCo-Chief Investment Officer
- William LipseyVice Chairman
- Richard PzenaChairman; Co-Chief Investment Officer
Staff
- 164 employees
- 55 in advisory functions
- 16 broker-dealer reps
Fees
Pzena Investment Management is paid through a percentage of assets under management and performance-based fees.
Pzena Investment Management’s fee rates are not included in this profile. Find its brochure on the SEC’s site.
Offices and registrations
Besides its headquarters, Pzena Investment Management has 0 offices, with 1 listed address in 1 state.
New York · 1 listed address
- 320 Park Avenue, 8th Floor, New YorkHQ
Registration details
- Legal name
- Pzena Investment Management LLC
- Headquarters
- 320 Park Avenue, 8th Floor, New York, NY 10022
- Phone
- 212-355-1600
- Website
- www.pzena.com
- SEC file
- 801-50838
- Structure
- Delaware LLC
- Fiscal year end
- December
This directory does not report disciplinary history, for any firm or individual, in either direction. The SEC publishes the complete record, including any disciplinary events, and it is the authoritative place to check one. See this firm's record on adviserinfo.sec.gov
Common questions
How many clients does Pzena Investment Management have?
Pzena Investment Management has 245 clients and manages $81.4 billion for them, as of March 2026. They include 53 pooled investment vehicles, 45 corporations and other businesses and 36 high-net-worth individuals.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 30 March 2026
What services does Pzena Investment Management offer?
Pzena Investment Management provides portfolio management for individuals and small businesses, portfolio management for investment companies, portfolio management for pooled vehicles and portfolio management for institutions.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file
Which custodians does Pzena Investment Management use?
Pzena Investment Management’s separately managed account assets are held at Principal Investors Corporation (New York, NY), with $9,990,207,427 and The Bank of New York Mellon (New York, NY), with $6,718,639,870. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 30 March 2026
How many financial advisors does Pzena Investment Management have?
Pzena Investment Management has 0 investment adviser representatives registered with state securities authorities, out of 164 employees, and 55 perform investment advisory functions. 16 are registered representatives of a broker-dealer and 0 are licensed insurance agents.
Source: Form ADV Part 1A, Items 5.A and 5.B, from the SEC's 2 October 2026 data file
What does Pzena Investment Management invest in?
At the end of its last fiscal year, Pzena Investment Management’s separately managed accounts held 97% exchange-traded equities, 2% cash and equivalents and 1% non-exchange-traded equities. It advises 6 private funds.
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Who owns Pzena Investment Management?
Pzena Investment Management is owned through a holding company by Richard Pzena. Its direct owner is Pzena Investment Management, LP (75% or more).
Source: Form ADV Part 1A, Schedules A and B, filed 30 March 2026
How does Pzena Investment Management get paid?
Pzena Investment Management is paid through a percentage of assets under management and performance-based fees. Its Form ADV lists no commissions among how it is paid.
Source: Form ADV Part 1A, Item 5.E, from the SEC's 2 October 2026 data file