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