Pzena Investment Management, Inc. is an investment management company. The Company is the sole managing member of Pzena Investment Management, LLC, which is its operating company. Pzena Investment Management, LLC is an investment adviser. As of September 30, 2014, Pzena Investment Management, LLC managed $26.4 billion of assets in a variety of value-oriented investment strategies across a range of market capitalizations in both United States and non-United States capital markets. The Company’s global client base includes institutional investors, high-net-worth individuals and third-party distributed mutual funds for which the Company acts as sub-investment adviser. As of December 31, 2013, the Company sub-advised 12 Securities and Exchange Commission (SEC)-registered mutual funds that each have an initial two-year term. In addition, Pzena Investment Management, Inc. sub-advised 11 offshore funds.