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

Muni debt poised for strong year as higher yields lure investors
Muni debt poised for strong year as higher yields lure investors

Sharing a bullish outlook, fixed income strategists say they're "not terribly concerned" over a proposal to scrap the muni bond tax exemption.

Fintech firms wealth.com, Vanilla announce key updates
Fintech firms wealth.com, Vanilla announce key updates

The estate planning-focused platforms are reinforcing their leadership with an executive hire and a new AI-powered capability.

New Hampshire seeks to penalize New England B-D over private placement sales
New Hampshire seeks to penalize New England B-D over private placement sales

The state's order is a step in negotiating a potential fine with the firm.

Texas ramps up ESG pressure on Wall Street over DEI efforts
Texas ramps up ESG pressure on Wall Street over DEI efforts

The state's attorney general warned Goldman, JPMorgan, BlackRock, and other heavyweights of possible legal consequences to their diversity policies.

Odds of recession low in coming year, advisors say
Odds of recession low in coming year, advisors say

Financial advisors generally agree with a recent survey of economists that the odds of a recession in 2025 remain small.

SPONSORED Three key trends that will drive advisors’ planning in 2025

AssetMark Group CEO explains why the great wealth transfer, succession planning, and personalization will be key for advisors in the new year.

SPONSORED Why RIAs might consider investing more in trust services

A trust delivery model not only increases the value of an advisor and a firm but is also a natural addition to any firm’s succession plan.