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.
FEB 10, 2012
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.”

Latest News

JPMorgan tells fintech firms to start paying for customer data
JPMorgan tells fintech firms to start paying for customer data

The move to charge data aggregators fees totaling hundreds of millions of dollars threatens to upend business models across the industry.

FINRA snapshot shows concentration in largest firms, coastal states
FINRA snapshot shows concentration in largest firms, coastal states

The latest snapshot report reveals large firms overwhelmingly account for branches and registrants as trend of net exits from FINRA continues.

Why advisors to divorcing couples shouldn't bet on who'll stay
Why advisors to divorcing couples shouldn't bet on who'll stay

Siding with the primary contact in a marriage might make sense at first, but having both parties' interests at heart could open a better way forward.

SEC spanks closed Osaic RIA for conflicts, over-charging clients on alternatives
SEC spanks closed Osaic RIA for conflicts, over-charging clients on alternatives

With more than $13 billion in assets, American Portfolios Advisors closed last October.

William Blair taps former Raymond James executive to lead investment management business
William Blair taps former Raymond James executive to lead investment management business

Robert D. Kendall brings decades of experience, including roles at DWS Americas and a former investment unit within Morgan Stanley, as he steps into a global leadership position.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.