Opinion
The succession wisdom of an iconic value investor
Fund manager Richard Pzena has made some tricky decisions during his career. But one he is particularly proud of is to act early on succession: his.
Jonathan ShapiroSenior reporterIn late 2017, American fund manager Richard Pzena travelled to Pennsylvania to meet with the head of his biggest client, Vanguard.
Vanguard’s low-cost index funds are perhaps the biggest reason why active managers such as Pzena Investment Management face a battle to retain funds. But it’s a little-known fact that the firm actually awards billions to a handful of active firms to manage on behalf of its clients.
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