PZENA INVESTMENT MANAGEMENT INC (PZN, Financial) filed Quarterly Report for the period ended 2009-03-31.
Pzena Investment Management LLC which will become the company's operating company upon the consummation of the offering is a premier value-oriented investment management firm with a record of investment excellence and exceptional client service. PZENA INVESTMENT MANAGEMENT INC has a market cap of $364.6 million; its shares were traded at around $5.68 with a P/E ratio of 15.3 and P/S ratio of 3.6.
During the three months ended March 31, 2008, we experienced gross outflows of $2.3 billion, which were offset by gross inflows of $1.3 billion. Our sub-advised accounts experienced $1.3 billion in gross outflows of AUM, which were offset by $0.5 billion in gross inflows. As noted above, the $0.8 billion in net outflows were mainly attributable to the weaker performance of our sub-advised funds compared to that of their peers. Our separately-managed accounts experienced $1.0 billion in gross outflows and $0.8 billion in gross inflows.
At March 31, 2009, the Company managed $8.6 billion in total assets, a decrease of $11.8 billion, or 57.8%, from $20.4 billion at March 31, 2008. The decrease year-over-year in AUM was due primarily to $9.5 billion in market depreciation, and, to a lesser extent, net outflows of $2.3 billion. Generally negative economic conditions and our 2008 overweight investment exposure to the financial services sector in particular contributed to the performance-related decline in our AUM. Our sub-advised accounts experienced net outflows of $0.4 billion for the three months ended March 31, 2009. These net outflows were driven in part by our investment strategies underperformance relative to their respective benchmarks and client asset re-balancing in response to the volatile economic environment.
The Company managed $5.3 billion in separately-managed accounts and $3.3 billion in sub-advised accounts, for a total of $8.6 billion in assets at March 31, 2009. Assets in separately-managed accounts decreased by $1.1 billion, or 17.2%, during the three months ended March 31, 2009, due to $1.1 billion in market depreciation. Assets in sub-advised funds decreased by $1.0 billion, or 23.3%, during the three months ended March 31, 2009, as a result of $0.6 billion in market depreciation and $0.7 billion in gross outflows, offset by $0.3 billion in gross inflows.
The Company managed $12.5 billion in separately-managed accounts and $7.9 billion in sub-advised accounts, for a total of $20.4 billion in assets at March 31, 2008. Assets in separately-managed accounts decreased by $1.5 billion, or 10.7%, during the three months ended March 31, 2008, due to $1.3 billion in market depreciation and $1.0 billion in gross outflows, offset by $0.8 billion in gross inflows. Assets in sub-advised funds decreased by $1.7 billion, or 17.7%, during the three months ended March 31, 2008, as a result of $0.9 billion in market depreciation and $1.3 billion in gross outflows, offset by $0.5 billion in gross inflows.
Our total revenue decreased $16.3 million, or 54.3%, to $13.7 million for the three months ended March 31, 2009, from $30.0 million for the three months ended March 31, 2008. This change was driven primarily by a reduction in weighted-average AUM, which decreased $12.8 billion, or 58.2%, to $9.2 billion for the three months ended March 31, 2009 from $22.0 billion for the three months ended March 31, 2008.
Read the The complete ReportPZN is in the portfolios of John Keeley of Keeley Fund Management.
Pzena Investment Management LLC which will become the company's operating company upon the consummation of the offering is a premier value-oriented investment management firm with a record of investment excellence and exceptional client service. PZENA INVESTMENT MANAGEMENT INC has a market cap of $364.6 million; its shares were traded at around $5.68 with a P/E ratio of 15.3 and P/S ratio of 3.6.
Highlight of Business Operations:
During the three months ended March 31, 2009, we experienced gross outflows of $1.2 billion, which were partially offset by gross inflows of $0.8 billion. Our sub-advised accounts experienced gross outflows of $0.7 billion, which were offset by $0.3 billion in gross inflows. The $0.4 billion in net outflows were mainly attributable to the weaker performance of our sub-advised funds compared to that of their peers. Our separately-managed accounts experienced $0.5 billion in gross outflows, offset entirely by $0.5 billion in gross inflows.During the three months ended March 31, 2008, we experienced gross outflows of $2.3 billion, which were offset by gross inflows of $1.3 billion. Our sub-advised accounts experienced $1.3 billion in gross outflows of AUM, which were offset by $0.5 billion in gross inflows. As noted above, the $0.8 billion in net outflows were mainly attributable to the weaker performance of our sub-advised funds compared to that of their peers. Our separately-managed accounts experienced $1.0 billion in gross outflows and $0.8 billion in gross inflows.
At March 31, 2009, the Company managed $8.6 billion in total assets, a decrease of $11.8 billion, or 57.8%, from $20.4 billion at March 31, 2008. The decrease year-over-year in AUM was due primarily to $9.5 billion in market depreciation, and, to a lesser extent, net outflows of $2.3 billion. Generally negative economic conditions and our 2008 overweight investment exposure to the financial services sector in particular contributed to the performance-related decline in our AUM. Our sub-advised accounts experienced net outflows of $0.4 billion for the three months ended March 31, 2009. These net outflows were driven in part by our investment strategies underperformance relative to their respective benchmarks and client asset re-balancing in response to the volatile economic environment.
The Company managed $5.3 billion in separately-managed accounts and $3.3 billion in sub-advised accounts, for a total of $8.6 billion in assets at March 31, 2009. Assets in separately-managed accounts decreased by $1.1 billion, or 17.2%, during the three months ended March 31, 2009, due to $1.1 billion in market depreciation. Assets in sub-advised funds decreased by $1.0 billion, or 23.3%, during the three months ended March 31, 2009, as a result of $0.6 billion in market depreciation and $0.7 billion in gross outflows, offset by $0.3 billion in gross inflows.
The Company managed $12.5 billion in separately-managed accounts and $7.9 billion in sub-advised accounts, for a total of $20.4 billion in assets at March 31, 2008. Assets in separately-managed accounts decreased by $1.5 billion, or 10.7%, during the three months ended March 31, 2008, due to $1.3 billion in market depreciation and $1.0 billion in gross outflows, offset by $0.8 billion in gross inflows. Assets in sub-advised funds decreased by $1.7 billion, or 17.7%, during the three months ended March 31, 2008, as a result of $0.9 billion in market depreciation and $1.3 billion in gross outflows, offset by $0.5 billion in gross inflows.
Our total revenue decreased $16.3 million, or 54.3%, to $13.7 million for the three months ended March 31, 2009, from $30.0 million for the three months ended March 31, 2008. This change was driven primarily by a reduction in weighted-average AUM, which decreased $12.8 billion, or 58.2%, to $9.2 billion for the three months ended March 31, 2009 from $22.0 billion for the three months ended March 31, 2008.
Read the The complete ReportPZN is in the portfolios of John Keeley of Keeley Fund Management.
