Seeking Alpha
We cover over 5K calls/quarter
Profile| Send Message|
( followers)  

Pzena Investment Management Inc. (NYSE:PZN)

Q4 2010 Earnings Call

February 09, 2011, 10:00 a.m. ET

Executives

Rich Pzena - Chairman, Co-CIO and CEO

Greg Martin - CFO

Analysts

Alex Blostein - Goldman Sachs

Larry Hedden - KBW

Ken Worthington - JPMorgan

Roger Smith - Macquarie

Operator

Good morning. My name is Jeff, and I will be your conference operator today. At this time I’d like to welcome everyone to the Pzena Fourth Quarter 2010 Earnings Call. All lines have been placed on mute to prevent any background noise. After the speakers remarks there will be a question-and-answer session. (Operator Instructions) Thank you.

Mr. Martin, you may begin your conference.

Greg Martin

Thank you very much Jeff. Good morning. I’m Greg Martin, Chief Financial Officer of Pzena Investment Management. I’d like to take this opportunity to welcome you all and thank you for joining us on our fourth quarter 2010 earnings conference call.

With me on the call is our Chief Executive Officer and Co-Chief Investment Officer, Rich Pzena.

Our earnings press release contains the financial tables for the periods to be discussed. If you don’t have a copy it can be obtained in the Investor Relations section on our website at www.pzena.com. Replay of this call will be available for the next week on our website.

Before we begin I’d like to reference the standard legal disclaimer. Statements made in the presentation today may contain forward looking information about management’s plans, projections, expectations, strategic objectives, business prospects, anticipated financial results and other similar matters. A variety of factors many of which are beyond the company’s control affect the operations, performance, business strategy and result of the company and can cause actual results and experiences to differ materially from the expectations or objective expressed in these statements.

These factors include but are not limited to the factors described in the company’s reports filed with the SEC which are available on our website and on the SECs website www.sec.gov. Investors are cautioned not to place undue reliance on forward-looking statements which speaks only as the date on which these statements are made. The company does not undertake to update such statements to reflect the impact of circumstances or events that arise after the date these statements were made. Investors should, however, consult any further disclosure that company may make in reports filed with the SEC. In addition, please be advised that because of the prohibitions on selected disclosure of the company as a matter of policy does not disclose material that is not public information on their conference calls. If one of your questions require the disclosure of material non-public information, we will not be able to respond to it. Thank you.

Before I turn the call over to Rich, I’d like to first mention some financial highlights. We reported non-GAAP diluted EPS of $0.09 and 6 million in non-GAAP diluted net income. Revenues were 20.5 million for the quarter and our operating income was 10.9 million. We declared a year-end dividend of $0.15 per share in December 2010 in addition to the quarterly dividend of $0.03 per share declared last night. Our cash balance of 16.4 million at year-end. I’ll shed some light on our financial results in a few minutes but first I will turn the call over to Rich who discuss our review of the investing environment and how we are positioned relative to it.

Rich Pzena

Thanks Greg. Equity markets posted solid returns in the fourth quarter continuing a trend started in September as investors became more optimistic about prospects for a sustained global economic recovery. The MHCI all country world index was up 8.7% for the quarter contributing a significant portion of the index’s 12.7% return for 2010 marking a continued recovery from the deeply depressed valuations of 2009.

As prospects brightened in the U.S. and sovereign debt issues in Europe appeared contained, developed markets assumed leadership during the quarter, gaining 9% versus a respectable 7.3% return for the emerging markets index, yet for all of 2010 emerging markets returned 18.9% outpacing the 11.8% return for developed markets.

This strength has continued into 2011 with U.S. blue-chip stocks posting their biggest January gain in 14 year's. Against the backdrop of strong equity markets our portfolios have performed well with most of our strategies outperforming their benchmarks in 2010.

By the end of the fourth quarter all but one of our strategies three year records we ahead of their benchmarks, an important milestone both for our existing clients and new business prospects. Another benefit of this improving record is that we earned modest performance based fees during the fourth quarter.

As our AUM has rebounded to 15.6 billion at December 31st, and 16.1 billion at January 31st, and we have kept a close eye on expenses, our operating margins have improved to 53.2% in the fourth quarter and cash flow continues to be robust. In December the company declared a $0.15 per share year-end dividend in addition to the $0.03 per share dividend declared with our earnings release last night returning excess cash to our shareholders. We expect to continue to payout between 70% and 80% of our earnings on an annual basis borrowing any currently unforeseen funding needs or new growth initiatives.

On the product strategy front, I’m pleased to report that our emerging markets launch client which we discussed on our last call funded in November, and we've had serious expressions of interest from others about investing in this strategy.

Before I turn the call over to Greg to discuss our results in depth, I’d like to take a few minutes to provide our prospective on the markets and the opportunities for value investing. Equities in general remain attractive, with expected returns and equity risks premiums above historical averages. Spreads between the cheapest stocks and market averages are generally in the normal range continuing to provide a good environment for value investing.

Looking around the world, Europe, ex-Germany is experiencing the most stress, thus providing the most attractive valuation opportunities. Large cap U.S. equities are also attractively valued whereas the run-up in U.S. mid cap and small cap stocks have made those less so. Emerging market stocks are also at the higher end of the valuation range, yet wider spreads relative to developed markets continue to provide us with investment opportunities.

Investors have had a very strong focus on the macro outlook throughout the past year, almost to the point of overlooking just how positively positioned companies were for the possibility of a slow growth environment. For many companies, management have pared their costs slashed capital expenditures and pared their balance sheet. As a result many non-financial companies have posted record margins on relatively modest revenue growth and the free cash flow yields of our portfolios is generally between 8% and 10%. Further, our portfolios are dominated by very high quality businesses with very low levels of financial leverage.

The opportunities today continues to be dominated by industries where economic recovery has not been fully discounted in share price, for example, housing related and technology on areas where regulatory or fiscal uncertainties have depressed valuations, for example, financials and defense.

Hewlett-Packard one of our largest portfolio holdings is a prime example of a global technology leader that trades at a substantial discount to the market as a result of an uncertain technology spending cycle as well as specific yet misunderstood company issues. So, we find ourselves in an attractive part of the cycle where good opportunities are available without taking a lot of risk.

The economy has not close to being overheated as companies continue to spend cautiously with a vigilant eye on their balance sheets and bottom lines. We are happy to have our companies collect our free cash flow yield approaching 10%. This allows us to realize good investment results without requiring growth. In that sense we are content with a very slow economic recovery. Although performance is always difficult to predict the conditions exists for us to have a productive year in line with performance generated in other mid cycle year's.

Having made the case for such an attractive backdrop for equities, the institutional investment world remains fascinated with short-term volatility reduction. As such allocations to traditional long only equity strategies continue to shrink. While such an approach will like prove to be short sighted after all volatility has traditionally been a source of alpha for many investment managers, and the equity markets have rewarded investors over the long-term for its higher volatility it is nevertheless an ever present phenomena in today’s dialogue. As such while we continue to exploit the investment opportunities left on the side lines by the markets risk aversion, our net institutional in flows have remained modest.

Thank you and I look forward to answering your questions, but first let me turn the call over to Greg Martin our CFO who will walk us through our fourth quarter results.

Greg Martin

Thank you, Rich. I’ll start off by discussing our AUM, fee rates and revenues. Our average AUM was 14.8 billion during the quarter up 9% from last quarter and about 6% from the fourth quarter of last year. For the full-year 2010 our average AUM increased to 14.3 billion improving 25% from last year. We ended the year at AUM of 15.6 billion up 9% against the end of last quarter and the fourth quarter of last year each of which ended at 14.3 billion. The 1.3 billion growth from last quarter was primarily result of 1.4 billion in market appreciation. The change from the fourth quarter of last year was a result of 2.1 billion in market appreciation offset by 0.8 billion in net outflows.

Our AUM consisted of 12.5 billion in institutional accounts and 3.1 billion in retail accounts at December 31, 2010. Assets in institutional accounts grew 11% during the quarter primarily due to market appreciation and some small net inflows. Retail assets were up about 3% from last quarter as a result of market appreciation offset by small net outflows.

Revenues were 20.5 million for the fourth quarter up 11% from last quarter and 12% from the fourth quarter of last year. Revenues for the full-year of 2010 compared with full-year 2009 were up 23%. These increases were primarily driven by an increase in average AUM and weighted average fee rate.

Our weighted average fee rate was 55.5 basis points for the fourth quarter, 54.4 basis point last quarter and 52.6 basis points for the fourth quarter last year. The slight increase from last quarter was largely the result of performance fee revenues recognized this quarter compared to non-recognized last quarter. Performance fee revenues also played a part in the increase from fourth quarter ’09 than we had no performance fees.

The expiration in May 2010 of the temporary voluntary partial fee waiver on the John Hancock Classic Value Fund, also contributed to the increase in weighted average fee rate from fourth quarter ‘09. Also a fact there was a shift in asset mix towards our institutional accounts which are typically on tiered fee schedules, which charge lower rates as account size increases. Institutional accounts increased from 75% of total assets at December 31, 2009 to 80% of total assets at December 31, 2010.

Our weighted average fee rate for full-year 2010 decreased to 54.1 basis points from 55.2 basis points for the full-year 2009, factors that contributed to this were the increase in institutional assets coupled with their tiered fee schedules I just mentioned. And the full-year effect of the large institutional inflows and our EAFE Diversified Value and Global Diversified Value strategies that were launched in late 2009. We typically offer reduced fee rates to initial clients and our new product offerings.

The weighted average fee rate for institutional accounts was 59.6 basis points in the fourth quarter up from 58.9 basis points last quarter and up 58.7 basis points from the fourth quarter of last year. Both of these slight increases were largely the result of performance fee revenues recognized in the fourth quarter that I mentioned earlier compared to non-recognized in the comparative quarters.

Turning to the remainder of the P&L, our compensation expense was 7.5 million for the quarter up 1% from last quarter and 12% from the fourth quarter of last year. Both increases in compensation were driven primarily by increases in our discretionary bonus accruals and employee headcount.

G&A expenses were 2.1 million for the fourth quarter up 17% from last quarter, primarily as a result of an increase in travel expenses and the timing of professional fees incurred during the year. G&A expenses were up slightly from the fourth quarter of ’09 primarily as a result of the timing of professional fees I just noted.

Operating margins were 53.2% this quarter, 50.2% last quarter and 52.7% in the fourth quarter of last year. Our operating margin has improved to 51.6% for the year of 2010 compared to 47.3% for 2009. Our non-GAAP income statement adjust for certain valuation allowance and tax receivable agreement items. I will add some color to these adjustments in a bit, but for now I’ll focus my remaining remarks on the non-GAAP information.

Net of outside interest other income was 0.2 million this quarter and 0.3 million last quarter both consisted primarily of net realized and unrealized gains from investments and interest in dividend income. Net of outside interest fourth quarter ‘09 other income of 0.2 million was comprised of the same items, in addition to some offsetting interest expense. Other income has decreased overtime as a result of offsetting less firm assets invested in our own products.

The effective rate for our unincorporated business taxes was 5.8% this quarter, 5.7% last quarter and 6% for the fourth quarter of last year. The fluctuation in these effective tax rates are driven by certain expenses that are primarily non-deductible for UBT purposes. This rate varies from period-to-period but generally be between 5% and 7% on an on-going basis.

The allocation to the non-public members of our operating company was about 85.4% of the operating company’s net income this quarter and last quarter and about 86.6% in the fourth quarter of last year. The variance in these percentages is the result of changes in the ownership interest of the public entity in the operating company.

The effective rate for our corporate income taxes ex UBT was 42.6% this quarter and 42.7% last quarter and the fourth quarter of last year. This is inline with our expectations of our corporate effective tax rate being between 42% and 43%. We anticipate this to be the approximate rate going forward. As a result of the foregoing we reported basic and diluted non-GAAP EPS of $0.09.

Before we turn it over to questions, I’d like to briefly walk through the valuation allowance and tax receivable adjustments. These adjustments arise as a result of revised estimates of future taxable income and our ability to utilize our deferred tax asset. The net effect to these adjustments is a difference between our non-GAAP and GAAP results. We recognized a 1.9 million decrease in our valuation allowance and 1.7 million increase in our liability to our selling and converting shareholders for the quarter.

On a quarterly basis we would expect to record adjustments to the valuation allowance and our liability to selling and converting shareholders as we extent our projections out in future quarters. The ultimate amount of these adjustments will depend on our estimates of the future taxable income of the operating company and the level of our economic interest in it.

Inclusive of the effect of the valuation allowance and tax receivable agreement amount I just discussed, we reported GAAP basic EPS of $0.12 and diluted EPS of $0.10 for the quarter. Thanks for joining us, and we would now be happy to take any questions.

Question-and-Answer Session

Operator

(Operator Instructions) Our first question from Alex Blostein with Goldman Sachs.

Alex Blostein - Goldman Sachs

Hey, guys, good morning. Rich, first I wanted to I guess talk about some of the comments made earlier about the still, I guess, lack of interest from institutional investors in sort of traditional equity mandates. It sounds a little bit different from what we've heard from a lot of other managers so far this quarter. So I was hoping you could maybe flesh out a little bit more in terms of what your own pipeline I guess looks like starting the year in institutional, and maybe what kind of flows you guys have seen so far in the first quarter.

Rich Pzena

There is no change from where things were over the year. Our pipeline popped up during the year and then has remained relatively flat, it's not continuing to increase. So, we see it as the likely scenario being continued modest inflows. I think what if any obviously are seeing things differently. My guess is that there is a one, there is clearly a preference for non-U.S. strategies and we are seeing that as well. Remember e continue to have two-thirds of our assets in U.S. strategies. So, that effects us somewhat perhaps compared to others. Second, institutional search activity for what I can tell continues to be focused on alternatives (inaudible) on low volatility non-co-related strategies. So, that’s not where basically where we play. So, well I don’t mean to some pessimistic, I think things are the same as they have been throughout the year and our performance so far in 2011 isn’t any different than what you have seen for most of 2010.

Alex Blostein - Goldman Sachs

Thanks. And Greg, one for you just on expenses. Seems like the expense management was pretty solid throughout the year. You guys have your revenues up north of 20% and total expenses up in kind of low teens. So looking out into 2011, should we think about both comp and G&A kind of in the same run rate, or should there be sort of a little bit of a step-up, I guess, with high revenues heading into 2011?

Rich Pzena

Alex I’m going to answer that, it's Rich. Given where we are now in assets under management which is significantly above the average for 2010 I’d expect that in all likelihood we would again see revenue growth exceeding expense growth. Now of course, I don’t know where revenues are going to wind up. So, I can’t say that for sure. But unless there is a major change we would expect further margin expansion in 2011 versus 2010. Is that helpful?

Alex Blostein - Goldman Sachs

Yes. Got it. Thanks, guys.

Operator

And our next question from Larry Hedden with KBW.

Larry Hedden - KBW

Good morning. I was wondering if you can give us just an update on your retail strategy outside of the John Hancock relationship.

Rich Pzena

Yes, we have relationships with a number of different distributors, as sub advisor and some of that’s on the institutional side as well as in the retail side, but I will confine myself to the retail side. There aren’t any new relationships that I can report although when discussions with a number of different potential distributors for products that we currently don’t distribute through on a retail basis, that includes the emerging market strategy, whether that will lead to anything or not, I really don’t know. So, I’d say the relationships remains stable, the big ones being our relationship with Harbor Capital on global and our relationship with BNP in Europe. And the flows into those aren’t very different than the flows into John Hancock strategy. So, John Hancock represents the large majority of those flows. So, if we can sign up additional distribution perhaps for emerging markets that would be a plus versus this year. I’d also say that the daily flow rates which were sort of small but generally negative throughout 2010 continue to moderate, they haven’t really turned positive, but they are pretty close to zero.

Larry Hedden - KBW

Okay, thanks, that's helpful. Could you sort of give us an update on the distribution initiatives and the progress you're making outside the U.S.? I know last call, you had mentioned that you were seeking to perhaps fill out some of your client service, to sort of beef up your coverage. Could you give us an update there?

Rich Pzena

Yes, as you are aware we did add someone in Australia in the middle of July, and so far that has proven to be very productive. Our assets continue to grow in Australia and are pushing about 10% of our total assets under management at this point. We decided that for our European distribution we dedicated a person internally and for the time being planning on having that one out of the United States. We have made an offer to another sales person who should come on board before the end of the first quarter and we are continuing to search. So, remember this is a small group, so even one addition is a big incremental percentage growth in our staff but we are continuing to look to add at least one more beyond that.

Larry Hedden - KBW

Okay. And then in terms of institutional flows, are the flows that you're getting, are they mostly from existing clients versus new clients? And if so, are the existing clients adding new money, or are a lot of the existing clients, say, moving from U.S. to global or EAFE?

Rich Pzena

As you might imagine we have a little bit of everything. But the last thing you mentioned existing clients moving from the U.S. to global isn’t the major factor. The new business relationships that we had are all over the place, that means some of them are existing clients that have added in another strategy. Some of them are clients that we never had before. When I look over the flow data, I can’t tell you that there is any major trend, it's really, really mixed. Guess it's more new clients than additions from existing clients but not overwhelmingly so.

Larry Hedden - KBW

Okay, great. And then, I'm sorry, just a couple questions on the P&L. To the extent possible, what sort of seasonality I guess in payroll, FICA, and what should we be expecting for the first quarter?

Greg Martin

U know some modest seasonality in terms of the FICA tax we pay, our employees bonuses in January. So, FICA takes a bigger [wipe in]. But other than that there is really no real seasonality in terms of the expenses.

Larry Hedden - KBW

Okay. And then could you quantify the performance fee in the fourth quarter?

Rich Pzena

I think we will disclose the actual number in the 10-K. Pretty much all of the incremental fee rate increase between the fourth quarter and the first quarter was performance fee based. And so, we will see the numbers very shortly, but that should give you a pretty good indication.

Larry Hedden - KBW

Okay, great. Thanks for answering my questions.

Operator

Our next question from Ken with JPMorgan.

Ken Worthington - JPMorgan

The performance has improved, and it seems like it continues to stay quite good. I guess to what extent are conversations you're having with consultants or customers changing because of maybe the persistence of the improved performance? And also there, if you look at the drivers that are important for future sales, how would you compare maybe your comments with regard to interest in domestic equity investing versus maybe the five-year number starting to improve and recover?

Rich Pzena

It's a very tough question to answer. I can tell you that I sit on some committees personally, and I remain amazed at the focus. When we review our manager and I’m saying on the other side of the table when we review our manager, there is one number that the committees tend to look at and that’s how did they do in 2008. And that becomes the overwhelming focus of institutional committees. So, that hasn’t changed, despite the fact that we are now into our third year of good investment performance. Now you would say that has to change, right, at some point the committees are earnings sub institutional rest as are earnings subpar returns because they don’t want to be correlated with the stock market while the stock market is going through the roof. And when that will change I can’t tell you, but my sense and the sense of the people that we speak to the consultants, they continue to recommend increasing mix towards less correlated managers which means hedge funds and non-equity based. I don’t think fixed income is a big deal anymore, but I do think other uncorrelated or low volatility managers are getting a lion share. I think institutional equity exposure is back down to the levels it was at before the big bull market in the decade ago. So, it's hard to believe that there will be significantly further reductions in equity allocations, but having said that the equity allocation that are being made are skewed more to non-U.S. So, I think that’s it's one (inaudible) record is in issue in this. Two, the fascination with 2008 hasn’t totally faded yet. So, that’s an issue for us in particular. But the dialogue that we generally have now is not one of fear about hiring us specifically as much as it is this market focus on these other volatility reductions phenomena.

Ken Worthington - JPMorgan

Great, thank you. And I guess the second question is on the performance fees as well. What kind of assets do you have subject to the performance fees, and how do the performance fees work at Pzena?

Rich Pzena

We have just under 10% of our assets are underperformance fee basis. And I have to preface that with saying they're not all of the exact same contract, but typically they are based on three year performance rolling three year performance. And typically we get a percentage of the performance in excess of a benchmark. So, we will compare our three year number with the benchmark which is generally in the U.S. or generally be the rough 1000 value index. And we collect a fee that is in return for having accepted a base fee that is significantly below our standard fee schedule.

Ken Worthington - JPMorgan

Is it fourth-quarter focused? Is it rolling kind of throughout the year?

Rich Pzena

It's rolling throughout the year, it's purely on anniversary date of the client.

Ken Worthington - JPMorgan

Okay. So, there'd be no kind of seasonality, would there be any seasonality here? Was first quarter better than the second? Is fourth the best?

Rich Pzena

I mean when I look at the numbers they are all pretty equal except, actually when you asset weight them it's hard to see any big difference.

Ken Worthington - JPMorgan

Okay. Excellent. Thank you very much.

Operator

(Operator Instructions) Our next question from Roger with Macquarie.

Roger Smith - Macquarie

Hi, thanks very much. My question is really on the international and global investing strategy. And how do you guys get comfortable or develop local mileage of the geography or the marketplace that you're investing in? And is this something that's important, or does your process of investing sort of override that? Because I'm trying to understand, how do you find something that might be cheap versus sort of a structural problem in international marketplaces?

Rich Pzena

Well, the process that we employ outside the U.S. is the exact same process we employed in the United States. It's not based on assessing local market conditions. We are not taking positions on markets or countries. It's purely a bottom up research based products. So, the things that create value opportunities outside the United States are identical to the things that create value opportunities inside the United States which is generally something has happened to cause the earnings of a company to fall off their long-term trend. And our whole process is geared towards assessing whether those are permanent structural problems or temporary problems. This is what our expertise says. And the issues are exactly the same in U.S. that they are outside the U.S. It's not based on being present in a local market, because it's not information based. So, we are not trying to get information that other people don’t have, generally we are investing on what’s going on is completely obvious to everybody. And we are just willing to take a longer perspective on the ultimate resolution of those problems. So, we have been able to find opportunities everywhere in the world with a team all based in New York. I’d argue that having the team altogether is a significant advantage for our kind of approach versus having local presence, and I know what they debate that many, many have. But when your strategy is what ours is a deep value strategy having the team together is really a critical issue.

Roger Smith - Macquarie

Okay, that's great. Now, from the consultant recommendation point of view, does it matter to them as much? Is it a bigger impediment using your strategy in terms of gaining traction in those marketplaces, or does it not really matter with them much at all?

Rich Pzena

It's mix, as I mean as you might imagine, people have different opinions on the exact same topic. So, we try to make our case and we are successful sometimes and that’s successful others.

Roger Smith - Macquarie

Okay. And then I guess, just still staying with the international and global, is there some size of AUMs that you get to that sort of provides more critical mass that helps with the consultants, or do you not necessarily think that?

Rich Pzena

We are way beyond that, we already have $5 billion, we are way beyond that.

Roger Smith - Macquarie

Got you. Okay. And then my last question here is, when you try and determine the growth initiatives or the spending that you're going to do going forward, can we sort of look at what the dividend is today and sort of assume you have that 70% payout target, and take the difference and assume that's the type of investment you'd be putting into growth initiatives going forward?

Rich Pzena

Yes, that reasonable, you have to remember that this business isn’t very capital intensive. So, growth initiatives generally don’t require much capital. Growth initiatives require operating expense sometimes, because you have to hire people. So, they are really the only funding capital type of allocation that you would need is to incubate new product and we should have plenty of money in that to do that in with 30% of running’s that we don’t pay out. 20% to 30%.

Roger Smith - Macquarie

Excellent. Thanks very much for taking my questions.

Operator

And we have no additional question at this time.

Greg Martin

Well, thank you all for joining us in today’s call.

Operator

And this does conclude conference call. Thank you for your participation, at this time you may now disconnect.

Copyright policy: All transcripts on this site are the copyright of Seeking Alpha. However, we view them as an important resource for bloggers and journalists, and are excited to contribute to the democratization of financial information on the Internet. (Until now investors have had to pay thousands of dollars in subscription fees for transcripts.) So our reproduction policy is as follows: You may quote up to 400 words of any transcript on the condition that you attribute the transcript to Seeking Alpha and either link to the original transcript or to www.SeekingAlpha.com. All other use is prohibited.

THE INFORMATION CONTAINED HERE IS A TEXTUAL REPRESENTATION OF THE APPLICABLE COMPANY'S CONFERENCE CALL, CONFERENCE PRESENTATION OR OTHER AUDIO PRESENTATION, AND WHILE EFFORTS ARE MADE TO PROVIDE AN ACCURATE TRANSCRIPTION, THERE MAY BE MATERIAL ERRORS, OMISSIONS, OR INACCURACIES IN THE REPORTING OF THE SUBSTANCE OF THE AUDIO PRESENTATIONS. IN NO WAY DOES SEEKING ALPHA ASSUME ANY RESPONSIBILITY FOR ANY INVESTMENT OR OTHER DECISIONS MADE BASED UPON THE INFORMATION PROVIDED ON THIS WEB SITE OR IN ANY TRANSCRIPT. USERS ARE ADVISED TO REVIEW THE APPLICABLE COMPANY'S AUDIO PRESENTATION ITSELF AND THE APPLICABLE COMPANY'S SEC FILINGS BEFORE MAKING ANY INVESTMENT OR OTHER DECISIONS.

If you have any additional questions about our online transcripts, please contact us at: transcripts@seekingalpha.com. Thank you!

Source: Pzena Investment Management Inc. CEO Discusses Q4 2010 Results - Earnings Call Transcript
This Transcript
All Transcripts