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Pzena Investment Management, Inc. Reports Results For The Second Quarter Of 2010

Average assets under management for the second quarter of 2010 was $14.5 billion, an increase of 45.0%, from $10.0 billion, for the second quarter of 2009, and an increase of 0.7%, from $14.4 billion, for the first quarter of 2010.

The weighted average fee rate was 0.533% for the second quarter of 2010, decreasing from 0.568% for the second quarter of 2009 and remaining relatively flat from 0.532% for the first quarter of 2010. The decrease from the second quarter of 2009 was due in part to large institutional inflows in our newly launched Europe, Australasia, and Far East ("EAFE") Diversified Value and Global Diversified Value strategies in the fourth quarter of 2009. We typically offer reduced fee rates to initial clients in our new product offerings. The year-over-year weighted average fee rate also decreased in part due to an increase in the average size of the Company’s institutional accounts. The Company’s tiered fee schedules typically charge lower rates as account size increases.

The weighted average fee rate for institutional accounts was 0.585% for the second quarter of 2010, decreasing from 0.651% for the second quarter of 2009 and from 0.594% for the first quarter of 2010. The year-over-year decline was primarily due to institutional inflows in our EAFE Diversified Value and Global Diversified Value strategies, and a higher average institutional account size, as discussed above. The sequential decline is primarily a result of fluctuations in valuation during the quarter. Institutional accounts comprised 76.3% of total assets under management as of June 30, 2010, increasing from 70.8% as of June 30, 2009, and from 76.0% as of March 31, 2010.

The weighted average fee rate for retail accounts increased to 0.371% for the second quarter of 2010, from 0.367% for the second quarter of 2009, and from 0.341% for the first quarter of 2010. The year-over-year and sequential increases were due to the timing of asset flows in our retail accounts and the expiration of the temporary, voluntary partial fee waiver on the John Hancock Classic Value Fund, which ended in May 2010.

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