Deep Value: Finding Gems in the Cheapest 20% of the Market

General Investing >> Money Manager Interviews >> June 12, 2025

Andrew Wellington is the Chief Investment Officer of Lyrical Asset Management LP, which he co-founded with his longtime friend, Jeff Keswin. He has been a value investor for over a quarter century. After spending five years in management consulting, in 1996 Mr. Wellington joined Pzena Investment Management as a founding member and its first research analyst. Five years later, in 2001, he joined Neuberger Berman, where he went on to run their institutional mid-cap value product. At Neuberger, Mr. Wellington’s investment performance improved his fund’s three-year Morningstar rating from three stars to five stars, while product AUM tripled from $1.1 billion in 2003 to $3.3 billion in 2005. After Neuberger, he spent two years in activist investing at New Mountain Capital. Mr. Wellington graduated summa cum laude and as the top graduating senior from the University of Pennsylvania’s Management & Technology Program in 1990, earning a Bachelor of Science in Economics from the Wharton School and a Bachelor of Science in Engineering from the School of Engineering. Profile

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TWST: Let’s start with an introduction to Lyrical. Tell us about the firm’s history and the business today.

Mr. Wellington: Lyrical Asset

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Deep Value: Finding Gems in the Cheapest 20% of the Market

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Deep Value: Finding Gems in the Cheapest 20% of the Market

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