Third Avenue Management LLC, an investment advisor to private and institutional clients, announced Monday, September 13, that two of its funds, the Third Avenue Focused Credit Fund (TFCIX, TFCVX) and the Third Avenue Real Estate Value Fund (TAREX, TVRVX), will now have new co-managers, effective immediately.
Thomas LaPointe has been promoted to co-manager of the Focused Credit Fund, joining Jeffrey Gary, who has managed the fund since its inception just over a year ago; together they will share responsibility for management of the $900 million fund, which was highlighted by Morningstar as one of the best new funds of 2009. LaPointe worked with Gary since joining the firm in building the credit team and launching the fund.
According to Third Avenue, the fund is a concentrated fund that invests throughout the capital structure; investments include high-yield bonds, bank loans, capital infusions and debt-to-equity exchanges.
