Veteran investor Martin Whitman will relinquish his role as Third Avenue Management LLC's co-chief investment officer, the Wall Street Journal reported on Monday. Whitman's protege Curtis Jensen will be Third Avenue's sole investment chief, according to the paper's online edition.
Mr. Whitman, the firm's 85-year-old founder, will remain co-manager of the flagship Third Avenue Value Fund.
The move marks a new stage in Mr. Whitman's gradual retreat from day-to-day money management at the firm, which has about $16 billion in assets under management.
In July, Third Avenue announced that he would be joined by a co-manager, Ian Lapey, on the $5.7 billion Value fund. Mr. Whitman has run that fund since its 1990 launch, delivering 7.4% annualized returns in the 10 years ended Dec. 30.
Mr. Jensen has been Third Avenue's co-investment chief since 2003. He was a student of Mr. Whitman's at the Yale School of Management and joined Third Avenue in 1995.
Since 1997, Mr. Jensen has managed the Third Avenue Small-Cap Value Fund, which rose 7.8% annually in the decade ended Dec. 30.
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Mr. Whitman, the firm's 85-year-old founder, will remain co-manager of the flagship Third Avenue Value Fund.
The move marks a new stage in Mr. Whitman's gradual retreat from day-to-day money management at the firm, which has about $16 billion in assets under management.
In July, Third Avenue announced that he would be joined by a co-manager, Ian Lapey, on the $5.7 billion Value fund. Mr. Whitman has run that fund since its 1990 launch, delivering 7.4% annualized returns in the 10 years ended Dec. 30.
Mr. Jensen has been Third Avenue's co-investment chief since 2003. He was a student of Mr. Whitman's at the Yale School of Management and joined Third Avenue in 1995.
Since 1997, Mr. Jensen has managed the Third Avenue Small-Cap Value Fund, which rose 7.8% annually in the decade ended Dec. 30.
Click to read the complete story.
