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New York-based fund manager Pzena Investment Management has launched the first of two Australian pooled investment vehicles targeted at institutional investors.
The Pzena Emerging Markets Value Fund was opened in October with $70 million in seed funding and is available to Australian and New Zealand institutional investors.
The fund has a concentrated portfolio of approximately 50 companies selected from a universe of 750 non-developed market companies. Equity Trustees is the responsible entity of the fund.
Pzena Investment Management manages close to US$30 billion globally and is headquartered in New York.
The opening of the Emerging Markets Value Fund is planned to be followed by the launch of the Pzena Global Expanded Value fund in early 2017.
Pzena already has a presence in Australia with a $2 billion separate accounts business, according to the firm's director of business development and client services in Australia, David Taylor.
Mr Taylor said the new Australian funds would exclude tobacco and cluster munitions manufacturers.
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