Money manager Keeley takes stake in Pzena

BOSTON (Reuters) – Keeley Asset Management, which made its name by selecting small and forgotten companies, said on Wednesday that it took an 18 percent stake in beleaguered money manager Pzena Investment Management.

Keeley now owns 1.09 million Pzena shares, making it one of the company’s biggest owners, according to a regulatory filing.

"They have been through some pretty tough times in the last 12 months, but we still think they are a pretty good shop," said Mark Keeley, who oversees marketing for Chicago-based Keeley, a 26-year-old, family-owned investment firm.

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