Price Matters


Investing in companies we believe are priced
significantly below their long-term earnings potential

 
 

Digging Into Value


Researching deep beneath the surface of undervalued businesses to understand the range of outcomes

Team of Global Citizens


Expertise across a range of industry and cultural backgrounds

 
 

World Class Client Service


Dedicated to supporting clients as thought leaders on value investing

Why
Pzena
Our View on Value

“To be considered
among the premier value investors globally.”

We wrote most of that mission statement at our inception in 1996. The only change we made since then is to replace our US focus with one that is global.

Value investing works because investors tend to shy away from low prices.

The typical reasoning goes that low prices signal problems, and that those problems must be permanent if the stock price has substantially declined. But successful value investing overcomes this human tendency.

An unwavering discipline, intensive research, and an owner’s perspective on time horizon: these are our “secret” ingredients to long-term investment returns.

We built our team of research analysts slowly and carefully over the years. They have worked across sectors and roles, including management consulting, private equity, and operations. Their experience is consistent with our focus on understanding how businesses earn profits, and which businesses are likely to recover from temporary declines.

Our clients span the globe. They believe in our mission, a commitment we’ve held for more than two decades. We are excited for what the next decades will bring.

It’s hard to predict the future of investing, but there’s one thing we know with clarity. We will research businesses wherever valuation opportunities take us.

Our History

  • 1995

    Richard Pzena, former Chief Research Officer, and Director of U.S. Equity Investments for Sanford C. Bernstein & Company, founded Pzena Investment Management

  • 1996

    Began managing U.S. strategies

  • 2004

    Started managing global strategies

  • 2007

    Pzena Investment Management filed an IPO on the New York Stock Exchange

  • 2008

    Offered an emerging markets value strategy, among the few asset managers to invest in the region with a value approach

  • 2010

    Expanded outside the U.S. with a Melbourne office

  • 2014

    Pzena-branded mutual funds went to market

  • 2015

    Opened a London office

  • 2016

    Reached 100 employees

Our
Team

Investment professionals with a range of
industry and academic expertise

  • Mr. Babkes joined Pzena Investment Management in 2016. Previously, Mr. Babkes worked as an analyst at LG Capital Management, an event-driven hedge fund. He was formerly an investment banker in the restructuring group at Evercore Partners. He began his finance career as a trader at Chesapeake Partners, a multi-billion-dollar hedge fund. Mr. Babkes earned a B.A. cum laude from Amherst...

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    Daniel L. Babkes

    Senior Research Analyst

  • Mr. Bordia joined Pzena Investment Management in 2007. Previously, Mr. Bordia was a principal at Booz Allen Hamilton focusing on innovation and growth strategies. He was formerly a software engineer at River Run Software Group. Mr. Bordia earned a Bachelor of Technology in Computer Science and Engineering from the Indian Institute of Technology, Kanpur, India and an M.B.A. from the...

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    Rakesh Bordia

    Principal and Portfolio Manager

  • Ms. Cai joined Pzena Investment Management in 2004. Previously, Ms. Cai was a senior analyst at AllianceBernstein and a business analyst at McKinsey & Company. Ms. Cai earned a B.A. summa cum laude in Math and Economics from Bryn Mawr College. She holds the Chartered Financial Analyst® designation.

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    Caroline Cai, CFA

    Managing Principal and Portfolio Manager

  • Mr. Chung joined Pzena Investment Management in 2014. Previously, Mr. Chung was a senior associate at Dodge & Cox and began his career as a research associate at Sanford C. Bernstein. Mr. Chung earned a B.S.E. summa cum laude in Finance and a B.A.S. in Computer Science from the University of Pennsylvania. He holds the Chartered Financial Analyst® designation.

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    Andrew Chung, CFA

    Principal and Senior Research Analyst

  • Mr. Doctor joined Pzena Investment Management in 2014. Previously, Mr. Doctor was a senior research analyst at Evercore Asset Management, a research analyst at Viking Global Investors, and a research associate at Citigroup Asset Management. Mr. Doctor earned a B.S.F.S. in International Economics from Georgetown University. He holds the Chartered Financial Analyst® designation.

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    Jason Doctor, CFA

    Principal and Senior Research Analyst

  • Ms. Fisch joined Pzena Investment Management in 2001. Previously, Ms. Fisch was a business analyst at McKinsey & Company. Ms. Fisch earned a B.A. summa cum laude in Psychology and a minor in Drama from Dartmouth College where she was a member of the Phi Beta Kappa and Psi Chi national honor societies.

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    Allison Fisch

    Principal and Portfolio Manager

  • Mr. Flynn joined Pzena Investment Management in 2005. Previously, Mr. Flynn was an associate at Weston Presidio, a middle-market private equity investment firm. Mr. Flynn earned a B.A. in Music from Yale University and an M.B.A. with distinction from Harvard Business School.

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    John J. Flynn

    Principal and Portfolio Manager

  • Mr. Fox joined Pzena Investment Management in 2007. Previously, Mr. Fox was a teaching assistant for the Wharton School Finance Department. He was formerly a summer analyst at Lazard and a summer researcher at Lucent Technologies. Mr. Fox earned a B.S. summa cum laude in Economics from the Wharton School of the University of Pennsylvania and a B.A.S. from the University of Pennsylvania...

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    Evan Fox, CFA

    Principal and Portfolio Manager

  • Mr. Goetz joined Pzena Investment Management in 1996. Previously, he was the firm’s research director, responsible for building and training the research team. Prior to joining Pzena Investment Management, Mr. Goetz held a range of key positions at Amoco Corporation. He was global business manager for Amoco’s $1 billion polypropylene business where he had bottom-line responsibility for operations and development...

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    John P. Goetz

    Managing Principal, Co-Chief Investment Officer and Portfolio Manager

  • Mr. Hagemann joined Pzena Investment Management in 2011. Previously, Mr. Hagemann was a summer analyst at Echo Street Capital Management. Mr. Hagemann earned a B.A. magna cum laude in Philosophy from Columbia College, where he graduated with departmental honors. He earned an M.B.A. from Columbia Business School. He holds the Chartered Financial Analyst® designation.

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    Eric Hagemann, CFA

    Principal and Senior Research Analyst

  • Mr. Murti joined Pzena Investment Management in 2005. Previously, Mr. Murti was a business manager at Capital One Financial Corporation. He was a senior consultant with Coopers and Lybrand Consulting and an engineer with Suzuki Motor Company’s subsidiary in India. Mr. Murti earned a Bachelor of Technology in Mechanical Engineering with honors from the Indian Institute of Technology, Kharagpur, India...

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    TVR Murti

    Principal and Portfolio Manager

  • Mr. Okumura joined Pzena Investment Management in 2007. Previously, he was a sales director at E2open Japan Corporation, a business-to-business software venture jointly established by 10 high-tech companies including IBM, Hitachi, Matsushita, and Toshiba. He was formerly a sales specialist at IBM Japan responsible for business development of emerging business. He also worked as a sales representative at Daitokyo Fire...

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    Takashi Okumura

    Principal and Portfolio Manager

  • Mr. Paustian joined Pzena Investment Management in 2019. Previously, Mr. Paustian was a managing partner at Crown Venture Management, a value-based equity hedge fund. He was formerly an officer in the U.S. Army. Mr. Paustian earned a B.S. in Economics from the United States Military Academy and an M.B.A. from the Wharton School of the University of Pennsylvania. He holds...

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    Lawrence Paustian, CFA

    Research Analyst

  • Mr. Picasso joined Pzena Investment Management in 2016. Previously, Mr. Picasso was a research analyst at Kavi Asset Management. He was formerly a senior vice president at Fifth Street Asset Management. Mr. Picasso earned a B.A. cum laude in Biology and a B.S. cum laude in Economics from the University of Pennsylvania. He earned an M.B.A. with Palmer Scholar distinction...

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    John Picasso

    Senior Research Analyst

  • Ms. Pinter joined Pzena Investment Management in 2019. Previously, Ms. Pinter was an associate at McKinsey & Company. Ms. Pinter earned a B.S. in Accounting and Finance from Corvinus University of Budapest, an M.S. in Strategic Management from HEC Paris, and an M.B.A. from Harvard Business School.

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    Imola Pinter

    Research Analyst

  • Mr. Pzena founded Pzena Investment Management in 1995. He built the firm’s investment strategy, and conceived and developed the firm’s proprietary screening model. Previously, Mr. Pzena was at Sanford C. Bernstein, where he held various roles throughout his tenure, including director of U.S. equity investments and chief research officer, chief investment officer of small cap equities, and oil industry analyst,...

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    Richard Pzena

    Founder, Managing Principal, Co-Chief Investment Officer and Portfolio Manager

  • Mr. Ring joined Pzena Investment Management in 2010. Previously, he was a senior manager at consulting firm Simat Helliesen & Eichner where he provided due diligence for investments in the Industrials and Aerospace & Defense sectors. Mr. Ring began his career at General Electric Aircraft Engines as a design engineer. He holds a patent on his GEnx compressor case design...

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    Matthew J. Ring

    Principal, Director of Research and Portfolio Manager

  • Ms. Segal joined Pzena Investment Management in 2019. Previously, Ms. Segal was a senior associate in ESG at BNY Mellon. She also worked as a sustainability consultant for both PwC and Kantar Consulting. Ms. Segal earned a B.A. from Cambridge University and an M.A. from The Johns Hopkins School of Advanced International Studies (SAIS).

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    Rachel Segal

    ESG Research Analyst

  • Ms. Shaikh joined Pzena Investment Management in 2019. Previously, Ms. Shaikh was a private equity analyst at Blackstone Group. She was formerly a business analyst at McKinsey & Company. Ms. Shaikh earned a Bachelor of Technology in Civil Engineering from Indian Institute of Technology, Madras and an M.B.A from The Wharton School of the University of Pennsylvania.

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    Sabah Shaikh

    Research Analyst

  • Mr. Sharoni joined Pzena Investment Management in 2019. Previously, he was an associate at American Securities, a middle-market private equity firm. He was formerly an analyst at Citadel and an analyst at Brenner West Capital Partners. Mr. Sharoni earned a B.A. in Economics from Johns Hopkins University and an M.B.A. from Harvard Business School.

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    Brett Sharoni

    Research Analyst

  • Mr. Silver joined Pzena Investment Management in 2001. Previously, Mr. Silver was a research analyst at Levitas & Company, a value-oriented equity hedge fund and a manager for Ernst & Young LLP in the Financial Services Group. Mr. Silver earned a B.S. magna cum laude in Accounting from Sy Syms School of Business at Yeshiva University. Mr. Silver is a...

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    Benjamin Silver, CFA, CPA

    Principal and Portfolio Manager

  • Mr. Smith joined Pzena Investment Management in 2017. Previously, Mr. Smith was a senior analyst at Eachwin Capital, a concentrated long-term U.S. equities fund. He was formerly a credit analyst at Barclays Capital in long-short proprietary trading. Mr. Smith earned a B.A. summa cum laude in Classics from Princeton University and was inducted into the Phi Beta Kappa Society. He earned...

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    Clarke Smith

    Senior Research Analyst

  • Mr. Subramanian joined Pzena Investment Management in 2017. Previously, Mr. Subramanian was an analyst at SLS Capital, a concentrated long/short equity fund. He previously worked at TGG Group as a senior consultant and at Credit Suisse as an investment banking analyst. Mr. Subramanian earned a B.S. in Mathematics and a B.A in Economics from the University of Chicago. Mr. Subramanian...

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    Akhil Subramanian

    Senior Research Analyst

  • Mr. Vasarhelyi joined Pzena Investment Management in 2012. Previously, he worked at Sanford C. Bernstein as a senior research associate covering U.S. large-cap banks. He was also a research analyst at Banc of America Securities covering the specialty finance sector. Mr. Vasarhelyi earned a B.A. in East Asian Languages and Cultures from Columbia College, where he served as president of the...

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    Miklos C. Vasarhelyi

    Principal and Portfolio Manager

  • Mr. Zhao joined Pzena Investment Management in 2016. Previously, he worked at Susquehanna International Group as a senior research associate and as a research analyst at Merrill Lynch. Mr. Zhao earned a B.S. in Electrical Engineering from Stanford University. He earned an M.B.A. from Columbia Business School where he also completed the Value Investing Program. He holds the Chartered Financial Analyst®...

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    Yinan Zhao, CFA

    Senior Research Analyst

  • Mr. Ahlheid became a member of the firm in 2020. Prior to joining Pzena Investment Management, Mr. Ahlheid was at Eurizon Capital as Senior Sales Manager. Previously, he was a Country Manager of Germany/Austria at La Financiere de l´Echiquier, in Paris. Mr. Ahlheid spent most of his career at LGT Capital Management AG and M&G International Investments Ltd. as a...

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    Jörg Ahlheid

    Director of Business Development & Client Services

  • Mr. Hanhauser joined Pzena Investment Management in 2016. Previously, Mr. Hanhauser worked at BPV Capital Management in various leadership roles including director of institutional sales, national sales manager, and senior regional manager. He has also been an advisor consultant within Nuveen Investment’s Global Private Client Group. He was formerly at Lord Abbett as the director of insurance product sales. Mr....

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    Martin Hanhauser, CIMA®

    Director of Business Development & Client Services

  • Mr. Hanigan joined Pzena Investment Management in 2005. Previously, Mr. Hanigan was a senior vice president at U.S. Trust. He also founded and ran VMH Global Partners LP, an equity limited partnership for high-net-worth investors. He has held positions at UBS Warburg, where he was head of ADR research and sales, and at Sanford C. Bernstein where he was a...

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    V. Michel Hanigan

    Principal and Director of Business Development & Client Services

  • Mr. Hoffman joined Pzena Investment Management in 2015. Previously, Mr. Hoffman worked at Russell Investments in London in a variety of positions including head of research for UK, Japan and global equities. He was the senior portfolio manager and head of Russell’s global equities multi-manager team, overseeing approximately $30 billion in client assets. Prior to that, Mr. Hoffman was a...

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    Phil Hoffman

    Principal and Head of Pzena UK & Middle East

  • Mr. Irwin joined Pzena Investment Management in 2019. Previously, Mr. Irwin was a client portfolio manager and national accounts director at Brandes Investment Partners where he worked for more than 20 years, focusing on key accounts in the intermediary channel. He earned an undergraduate degree from San Diego University and an M.B.A. from Pepperdine University. Mr. Irwin covers the Western...

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    Chad Irwin

    Director of Business Development and Client Services

  • Mr. Jackson joined Pzena Investment Management in 2016. Previously, Mr. Jackson led the client and sales team at Sanlam FOUR. Before Sanlam FOUR, he worked at Record Currency Management as a director on the client team servicing clients and developing new business in the UK and Canada. Mr. Jackson spent most of his career at Russell Investments, joining the quantitative...

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    Adrian Jackson

    Director of Business Development & Client Services

  • Mr. Lacouture joined Pzena Investment Management in 2019. Previously, Mr. Lacouture worked at AllianceBernstein. He earned his B.S. from the University of South Florida. He holds the Chartered Financial Analyst® and Chartered Market Technician® designations. He holds the Series 7, 63, and 65 licenses. Mr. Lacouture covers the Eastern U.S. and Western U.S. regions.

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    Tim Lacouture, CFA

    Regional Advisor Consultant

  • Mr. Lipsey joined Pzena Investment Management in 1997. Previously, Mr. Lipsey held investment roles at Oppenheimer & Company, Inc., Morgan Stanley, Kidder Peabody, and Hewitt Associates. At Morgan Stanley and Kidder Peabody, he served as a portfolio manager in the firms’ private client groups, managing assets for institutional and private clients. As a consultant at Hewitt Associates, he set investment...

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    William L. Lipsey

    Managing Principal and President

  • Ms. Arnold joined Pzena Investment Management in 2005. Previously, Ms. Arnold was a senior research analyst. Prior to joining Pzena Investment Management, Ms. Arnold was an associate at General Atlantic Partners, a global private equity investment firm. She has worked in the Mergers and Acquisitions Group at Morgan Stanley. Ms. Arnold earned a B.S. from Cornell University and an M.B.A. from...

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    Valerie Mignone Arnold

    Principal and Co-Head of North American Distribution

  • Ms. Muraki joined Pzena Investment Management in 2019. Previously, Ms. Muraki was a vice president and account manager at PIMCO Japan where she was responsible for business development and client services for Japanese financial institutions. She was formerly an advisory fund manager covering emerging-market debt funds at Kokusai Asset Management in Tokyo, Japan. Ms. Muraki earned a B.A. in Business...

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    Tomoko Muraki

    Director of Business Development and Client Services

  • Mr. Palladino joined Pzena Investment Management in 2002. Previously, Mr. Palladino was senior vice president and chief financial officer at the Lillian Vernon Corporation. He was formerly senior vice president and chief financial officer at Transworld Healthcare. Mr. Palladino earned a B.S. in Economics and an M.B.A. in Finance with distinction from the Wharton School of the University of Pennsylvania.

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    Wayne A. Palladino

    Principal and Head of Client & Portfolio Services

  • Mr. Papas joined Pzena Investment Management in 2011. Previously, he was a vice president for Allianz Global Investors Capital where he was responsible for new business development for U.S. and Canadian corporate, endowment, and foundation plans. He was formerly a vice president of institutional sales at BNY Brokerage and director of national accounts at Thomson Financial/Carson. He has worked in...

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    Dean Papas

    Principal, Director of Business Development & Global Head of Consultant Relationships

  • Mr. Peven joined Pzena Investment Management in 2016. Previously, Mr. Peven founded and ran Beacon Fund Advisors, a lower middle-market private equity firm. He held equity analyst positions at PartnerRe Asset management, Highland Capital Management, Deutsche Bank, and UBS. Mr. Peven earned a B.S. in Accounting from Yeshiva University and an M.B.A. in Finance from the NYU Stern School of Business....

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    Brett Peven, CFA, CPA

    Director of Client & Portfolio Services

  • Ms. Phillips joined Pzena Investment Management in 2013. Previously, Ms. Phillips worked at Strategic Wealth Designers, a RIA in Louisville, KY. Ms. Phillips earned a B.A. cum laude in Corporate Communications with a Spanish minor from the University of Kentucky. She holds the Series 7 and 63 licenses. Ms. Phillips covers the Midwestern U.S. region.

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    Kathryn Phillips

    Director of Business Development & Client Services

  • Mr. Taylor joined Pzena Investment Management in 2010. Previously, he worked in relationship management at Capital International. Mr. Taylor has held various positions in National’s in-house investment management business including having responsibility for the balanced and equity investment teams. He formerly headed J B Were Asset Management. For 20 years, he worked with the UK merchant bank Kleinwort Benson where he...

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    David Taylor

    Principal and Director of Business Development & Client Services

  • Ms. Tyndale joined Pzena Investment Management in 2012. Previously, Ms. Tyndale was a senior salesperson and founding member of the U.S. office of Olivetree Securities. Prior to joining Olivetree Securities, Ms. Tyndale worked at Morgan Stanley in the Equity & Investment Banking Divisions, including as head of client strategy and head of European equity sales. She was previously a European salesperson...

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    Elizabeth W. Tyndale

    Principal and Co-Head of North American Distribution

  • Mr. van Ouwerkerk joined Pzena Investment Management in 2016. Previously, Mr. van Ouwerkerk worked at Mirae Asset Global Investments as head of Benelux and Nordic sales. Before joining Mirae, Mr. van Ouwerkerk was a director of sales at Acadian Asset Management in London. He was formerly at Dimensional Fund Advisors and AllianceBernstein in client relations and sales roles. Mr. van...

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    Sander van Ouwerkerk

    Director of Business Development & Client Services

  • Mr. Whymper-Williams joined Pzena Investment Management in 2016. Previously, he worked at GFI Group in various roles, most recently as head of UK gas and global LNG. He established and ran GFI’s Australian property derivative business and co-managed the Australian FX options business. Mr. Whymper-Williams earned a B.A. in Economics from the University of Kingston and an M.A. in Finance...

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    Paul Whymper-Williams

    Director of Business Development & Client Services

  • Ms. Cai joined Pzena Investment Management in 2004. Previously, Ms. Cai was a senior analyst at AllianceBernstein and a business analyst at McKinsey & Company. Ms. Cai earned a B.A. summa cum laude in Math and Economics from Bryn Mawr College. She holds the Chartered Financial Analyst® designation.

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    Caroline Cai, CFA

    Managing Principal and Portfolio Manager

  • Ms. Doran joined Pzena Investment Management in 2005. Previously, she was the firm’s manager of financial reporting. Prior to this, Ms. Doran served in various roles over the years in functions including operations and internal audit. Before joining Pzena Investment Management, Ms. Doran worked in the Private Bank of JP Morgan Chase. Ms. Doran earned a B.S. in Economics and...

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    Jessica R. Doran, CPA

    Principal, Chief Financial Officer and Treasurer

  • Mr. Fire joined the firm in 2003 and has held several roles during his tenure, including Chief Information & Operations Officer and Chief Information Security Officer, responsible for the oversight of the Portfolio Accounting, Portfolio Implementation, Trading & Settlement, and Information Technology groups at the firm. Prior to joining Pzena Investment Management, Mr. Fire was a Relationship Management Assistant at...

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    Evan Fire

    Managing Principal, Chief Operating Officer

  • Mr. Goetz joined Pzena Investment Management in 1996. Previously, he was the firm’s research director, responsible for building and training the research team. Prior to joining Pzena Investment Management, Mr. Goetz held a range of key positions at Amoco Corporation. He was global business manager for Amoco’s $1 billion polypropylene business where he had bottom-line responsibility for operations and development...

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    John P. Goetz

    Managing Principal, Co-Chief Investment Officer and Portfolio Manager

  • Mr. Lipsey joined Pzena Investment Management in 1997. Previously, Mr. Lipsey held investment roles at Oppenheimer & Company, Inc., Morgan Stanley, Kidder Peabody, and Hewitt Associates. At Morgan Stanley and Kidder Peabody, he served as a portfolio manager in the firms’ private client groups, managing assets for institutional and private clients. As a consultant at Hewitt Associates, he set investment...

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    William L. Lipsey

    Managing Principal and President

  • Mr. Pzena founded Pzena Investment Management in 1995. He built the firm’s investment strategy, and conceived and developed the firm’s proprietary screening model. Previously, Mr. Pzena was at Sanford C. Bernstein, where he held various roles throughout his tenure, including director of U.S. equity investments and chief research officer, chief investment officer of small cap equities, and oil industry analyst,...

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    Richard Pzena

    Founder, Managing Principal, Co-Chief Investment Officer and Portfolio Manager