{
  "crd_number": 106847,
  "slug": "pzena-investment-management-llc-new-york-ny-106847",
  "primary_business_name": "PZENA INVESTMENT MANAGEMENT LLC",
  "legal_name": "PZENA INVESTMENT MANAGEMENT LLC",
  "dbas": [],
  "city": "New York",
  "state": "NY",
  "country": "United States",
  "cbsa_code": "35620",
  "metro": {
    "cbsa_code": "35620",
    "common_name": "New York",
    "msa_name": "New York-Newark-Jersey City, NY-NJ",
    "path": "/advisors/ny/new-york"
  },
  "registration_type": "sec",
  "registration_status": "Approved",
  "registration_date": "1995-12-15",
  "years_registered": 30,
  "period": "2026-10-01",
  "filing_date": "2026-03-30",
  "carried_forward": false,
  "raum_total": 81440877143.0,
  "raum_discretionary": 80571190993.0,
  "raum_non_discretionary": 869686150.0,
  "raum_band": "over_5b",
  "raum_band_label": "Over $5 billion",
  "total_employees": 164,
  "advisory_employees": 55,
  "client_count_bucket": null,
  "clients_by_type": {
    "other": {
      "raum": 0.0,
      "count": 0
    },
    "charitable": {
      "raum": 419115151.0,
      "count": 21
    },
    "individuals": {
      "raum": 3365611.0,
      "count": 8
    },
    "banking_thrift": {
      "raum": 0.0,
      "count": 0
    },
    "state_municipal": {
      "raum": 14484449733.0,
      "count": 29
    },
    "insurance_companies": {
      "raum": 572606918.0,
      "count": 6
    },
    "investment_companies": {
      "raum": 24391513242.0,
      "count": 19
    },
    "pension_profit_sharing": {
      "raum": 3143988251.0,
      "count": 23
    },
    "other_investment_advisers": {
      "raum": 1204683412.0,
      "count": 4
    },
    "high_net_worth_individuals": {
      "raum": 100736927.0,
      "count": 36
    },
    "pooled_investment_vehicles": {
      "raum": 35841610521.0,
      "count": 53
    },
    "corporations_other_businesses": {
      "raum": 1079811196.0,
      "count": 45
    },
    "business_development_companies": {
      "raum": 0.0,
      "count": 0
    },
    "sovereign_wealth_foreign_official": {
      "raum": 198996181.0,
      "count": 1
    }
  },
  "compensation_types": [
    "percentage_of_aum",
    "performance_based"
  ],
  "advisory_activities": [
    "portfolio_management_businesses_institutional",
    "portfolio_management_individuals",
    "portfolio_management_investment_companies",
    "portfolio_management_pooled_vehicles"
  ],
  "wrap_fee_participant": false,
  "disclosure_yes_count": 0,
  "states_registered": [
    "AK",
    "CA",
    "CT",
    "DE",
    "FL",
    "IL",
    "LA",
    "MA",
    "MI",
    "MN",
    "MO",
    "NH",
    "NJ",
    "NY",
    "OH",
    "PA",
    "TX",
    "VA",
    "WA"
  ],
  "websites": [
    "https://linkedin.com/company/pzena-investment-management",
    "https://pzena.com",
    "https://x.com/PzenaInvstmtMgt",
    "https://youtube.com/@pzenainvestmentmanagement6412"
  ],
  "iapd_url": "https://adviserinfo.sec.gov/firm/summary/106847",
  "city_as_filed": "NEW YORK",
  "url": "https://advisorcensus.com/firm/pzena-investment-management-llc-new-york-ny-106847",
  "display_name": "Pzena Investment Management LLC",
  "summary": "Pzena Investment Management LLC is an SEC-registered investment advisory firm in New York, NY, registered since 1995, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated March 30, 2026.",
  "citation": "AdvisorCensus. Pzena Investment Management LLC (CRD 106847): Form ADV filing data as of October 2026.",
  "registration_type_label": "SEC-registered investment adviser",
  "compensation_labels": [
    "A percentage of assets under your management",
    "Performance-based fees"
  ],
  "advisory_activity_labels": [
    "Portfolio management for individuals and/or small businesses",
    "Portfolio management for investment companies (and business development companies)",
    "Portfolio management for pooled investment vehicles (other than investment companies)",
    "Portfolio management for businesses (other than small businesses) or institutional clients"
  ],
  "quick_answers": [
    {
      "q": "How is Pzena Investment Management LLC compensated?",
      "a": "On its Form ADV (Item 5.E, October 2026), Pzena Investment Management LLC reports these compensation arrangements: a percentage of assets under its management; performance-based fees. The amounts are in Item 5 of its Form ADV Part 2A brochure."
    },
    {
      "q": "Where is Pzena Investment Management LLC located?",
      "a": "Pzena Investment Management LLC's principal office is in New York, NY, according to its Form ADV."
    },
    {
      "q": "Is Pzena Investment Management LLC registered with the SEC or a state?",
      "a": "Pzena Investment Management LLC is an SEC-registered investment advisory firm, registered since 1995. Status as filed: Approved. CRD 106847."
    },
    {
      "q": "How much does Pzena Investment Management LLC manage?",
      "a": "Pzena Investment Management LLC reports $81,440,877,143 in regulatory assets under management in its Form ADV filing dated March 30, 2026 (99% discretionary)."
    },
    {
      "q": "How have Pzena Investment Management LLC's assets and staff changed since 2021?",
      "a": "In the Form ADV data for Pzena Investment Management LLC: Regulatory assets under management: $41,135,560,953 in the October 2021 data and $81,440,877,143 in the October 2026 data, up 98%. Total employees: 127 in October 2021 and 164 in October 2026. Assets under management move with markets as well as with clients coming and going."
    },
    {
      "q": "What types of clients does Pzena Investment Management LLC serve?",
      "a": "By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (53); corporations or other businesses not listed above (45); high net worth individuals (36)."
    },
    {
      "q": "Which custodians does Pzena Investment Management LLC use?",
      "a": "Pzena Investment Management LLC's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists State Street Securities, Inc. and The Bank of New York Mellon as custodians holding 10% or more of its separately managed account assets."
    },
    {
      "q": "Does Pzena Investment Management LLC report any disciplinary disclosures?",
      "a": "Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/106847"
    },
    {
      "q": "What changed in Pzena Investment Management LLC's recent Form ADV filings?",
      "a": "In the April 2026 filing data: Employees performing advisory functions went from 51 to 55. Regulatory assets under management went from $63,691,370,902 to $81,440,877,143 (+28%)."
    }
  ],
  "filing_history": [
    {
      "period": "2021-10-01",
      "regulatory_assets_under_management": 41135560953.0,
      "total_employees": 127,
      "filing_date": "2021-03-30"
    },
    {
      "period": "2022-10-01",
      "regulatory_assets_under_management": 50648280816.0,
      "total_employees": 146,
      "filing_date": "2022-04-12"
    },
    {
      "period": "2023-10-01",
      "regulatory_assets_under_management": 49298577287.0,
      "total_employees": 148,
      "filing_date": "2023-03-29"
    },
    {
      "period": "2024-10-01",
      "regulatory_assets_under_management": 58864978960.0,
      "total_employees": 156,
      "filing_date": "2024-03-28"
    },
    {
      "period": "2025-10-01",
      "regulatory_assets_under_management": 63691370902.0,
      "total_employees": 159,
      "filing_date": "2025-05-20"
    },
    {
      "period": "2026-10-01",
      "regulatory_assets_under_management": 81440877143.0,
      "total_employees": 164,
      "filing_date": "2026-03-30"
    }
  ],
  "recent_changes": [
    {
      "period": "2026-04-01",
      "period_label": "April 2026",
      "notes": [
        "Employees performing advisory functions went from 51 to 55.",
        "Regulatory assets under management went from $63,691,370,902 to $81,440,877,143 (+28%)."
      ]
    }
  ],
  "fees_from_brochure": null,
  "custodians": [
    {
      "name": "State Street Securities, Inc.",
      "name_as_filed": "STATE STREET SECURITIES, INC.",
      "affiliated": false
    },
    {
      "name": "The Bank of New York Mellon",
      "name_as_filed": "THE BANK OF NEW YORK MELLON",
      "affiliated": false
    }
  ],
  "custodians_note": "Custodians holding 10% or more of the firm's separately managed account assets, as filed on Form ADV (Schedule D, Section 5.K(3)). A custodian holds client assets; it does not endorse or supervise the firm. AdvisorCensus has no relationship with any custodian.",
  "markdown_url": "https://advisorcensus.com/firm/pzena-investment-management-llc-new-york-ny-106847.md",
  "clients": [
    {
      "type": "individuals",
      "label": "Individuals (other than high net worth individuals)",
      "count": 8,
      "fewer_than_5": false,
      "raum": 3365611.0
    },
    {
      "type": "high_net_worth_individuals",
      "label": "High net worth individuals",
      "count": 36,
      "fewer_than_5": false,
      "raum": 100736927.0
    },
    {
      "type": "banking_thrift",
      "label": "Banking or thrift institutions",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "investment_companies",
      "label": "Investment companies",
      "count": 19,
      "fewer_than_5": false,
      "raum": 24391513242.0
    },
    {
      "type": "business_development_companies",
      "label": "Business development companies",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "pooled_investment_vehicles",
      "label": "Pooled investment vehicles (other than investment companies and business development companies)",
      "count": 53,
      "fewer_than_5": false,
      "raum": 35841610521.0
    },
    {
      "type": "pension_profit_sharing",
      "label": "Pension and profit sharing plans (but not the plan participants or government pension plans)",
      "count": 23,
      "fewer_than_5": false,
      "raum": 3143988251.0
    },
    {
      "type": "charitable",
      "label": "Charitable organizations",
      "count": 21,
      "fewer_than_5": false,
      "raum": 419115151.0
    },
    {
      "type": "state_municipal",
      "label": "State or municipal government entities (including government pension plans)",
      "count": 29,
      "fewer_than_5": false,
      "raum": 14484449733.0
    },
    {
      "type": "other_investment_advisers",
      "label": "Other investment advisers",
      "count": 4,
      "fewer_than_5": false,
      "raum": 1204683412.0
    },
    {
      "type": "insurance_companies",
      "label": "Insurance companies",
      "count": 6,
      "fewer_than_5": false,
      "raum": 572606918.0
    },
    {
      "type": "sovereign_wealth_foreign_official",
      "label": "Sovereign wealth funds and foreign official institutions",
      "count": 1,
      "fewer_than_5": false,
      "raum": 198996181.0
    },
    {
      "type": "corporations_other_businesses",
      "label": "Corporations or other businesses not listed above",
      "count": 45,
      "fewer_than_5": false,
      "raum": 1079811196.0
    },
    {
      "type": "other",
      "label": "Other",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    }
  ],
  "disclosure_line": "Reports no disclosure items on Form ADV Item 11.",
  "disclosure_items": [],
  "indexable": true,
  "suppressed": false,
  "claimed": false,
  "enhanced": false,
  "provided_by_the_firm": null,
  "source": {
    "name": "Form ADV",
    "as_of": "2026-10-01",
    "iapd_url": "https://adviserinfo.sec.gov/firm/summary/106847",
    "operator": "BH Monitor Services, LLC",
    "license": "https://creativecommons.org/licenses/by/4.0/",
    "credit": "AdvisorCensus (advisorcensus.com), from SEC Form ADV data"
  }
}