Whitman stepping down as portfolio manager at Third Avenue

Legendary value investor Marty Whitman is stepping down as co-portfolio manger of Third Avenue Management's $3.3-billion flagship fund. Ian Lapey, who is currently co-portfolio manager of the Third Avenue Value Fund with Mr. Whitman, has been promoted to sole portfolio manager, effective March 1. Mr. Whitman, who has managed the flagship fund since it launched in 1990, will remain chairman of Third Avenue, according to a statement from the firm. In addition to playing an active role in the research process, he will also manage a concentrated value fund for accredited investors that is being seeded by a portion of his holdings in the Third Avenue Value fund. Mr. Lapey, who joined Third Avenue in 2001, has served as co-portfolio manager of the Third Avenue Value Fund since July 1, 2009. Mr. Whitman announced in 2006 that he had chosen Mr. Lapey to eventually succeed him as manager of the Third Avenue Value Fund. Curtis Jensen, Third Avenue's chief investment officer, will continue to support Mr. Lapey with management of the fund, according to the company statement. The New York-based firm has a 29-person investment team. “Ian Lapey has proven to be an exceptional analyst across industries and asset classes, and he is a very capable value and distressed investor,” Mr. Whitman said in a statement. “I have the utmost confidence in Ian and the entire Third Avenue team, and my family and I will remain significant shareholders in the Third Avenue Value Fund.”