NEW YORK–(BUSINESS WIRE)–Third Avenue Management LLC (“Third Avenue”), an investment advisor to private and institutional clients, today announced a change in management, pursuant to which the firm’s Management Committee will lead the firm going forward. Third Avenue’s Management Committee includes David L. Resnick, President and Chief Investment Officer, Vincent Dugan, Chief Financial Officer and Chief Operating Officer, W. James Hall, General Counsel and Secretary, and Matthew Fine and Jason Wolf, Portfolio Managers. As part of the change, Third Avenue and David M. Barse, Chief Executive Officer, have mutually agreed to separate, effective December 14, 2015.
“I thank David for his years of devotion to the firm and the contributions he has made to the organization.”
Third Avenue Founder, Martin Whitman, commented, “Third Avenue has been committed to finding the best ways to deliver value for shareholders for nearly thirty years. Today’s announcement is a step that enables Third Avenue to return to its roots, with broad-based leadership by the senior investment team. I trust that the Management Committee’s dedication to our unique and differentiated products and the talented resources of Third Avenue’s entire team will continue to generate substantial growth and value for all of our shareholders in the future.” Mr. Whitman continued, “I thank David for his years of devotion to the firm and the contributions he has made to the organization.”
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On average, the members of the Management Committee have provided a decade of service to the firm. President and Chief Investment Officer, David Resnick said, “The Management Committee members have worked well together in the past and will continue to work collaboratively to lead the firm. Our portfolio managers remain focused on managing our products in the best interests of our shareholders.”
“As Third Avenue’s strategic partner for nearly thirteen years, we are confident in the firm’s future path, especially given the depth and quality of Third Avenue’s management team and their commitment to creating long-term value for investors,” said Sean M. Healey, Chairman and Chief Executive Officer of Affiliated Managers Group, Inc. (“AMG”). “We have the utmost confidence in the Management Committee and the entire firm, and look forward to continuing to work with David, Vinnie, Jim, Matt, and Jason as they advance the business, and to Third Avenue’s future success.”
About Third Avenue Management
Third Avenue Management LLC is a New York-based investment advisory firm that offers its services to private and institutional clients. Third Avenue adheres to a disciplined bottom-up value investment strategy in order to identify investment opportunities in undervalued securities of companies with high quality assets, understandable businesses and strong management teams that have the potential to create value over the long term. Third Avenue Management offers value-oriented strategies through mutual funds, UCITS fund, separate accounts and alternative products.
Sard Verbinnen & Co.
Dan Gagnier, 212-687-8080