The New York-based company manages $23.7 billion in assets for corporate, public, and individual clients. They employ a team of 75 employees and have a representative office in Melbourne, Australia. Pzena Investment Management manages separate accounts for institutions, acts as a sub-investment adviser for registered mutual funds and non-U.S. funds, and offers institutional investment products to pension funds, endowments, and foundations. Their investment philosophy focuses on buying undervalued companies with historically demonstrated earnings power, performing fundamental research to determine whether the problems causing the earnings shortfall are temporary or permanent. They believe a concentrated portfolio of companies meeting their criteria will generate meaningful excess returns for long-term investors.