Whitman to Step Down at Third Avenue Value
Current comanager Ian Lapey will take the reins.
After launching Third Avenue Value (TAVFX) more than 20 years ago and serving as its portfolio manager since then, Marty Whitman will step down from the fund on March 1, 2012. Whitman's comanager since mid-2009 and named successor since 2006, Ian Lapey, will serve as the fund's sole manager.
Whitman, 87, will remain at Third Avenue researching stocks, bonds, and other investments and working with the fund family's analysts. He'll also run a new private concentrated value fund for accredited investors. Whitman will invest a portion but not all of his direct holdings in Third Avenue Value in this new offering. Those investments will be redeemed in kind; there will thus not be any undue tax burden on existing shareholders as a result. Even after these transactions, Whitman will remain a large shareholder in the fund.
Bridget B. Hughes does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.