Third Avenue Names Co-Manager of Real Estate Value Fund

NEW YORK, Sept. 13 /PRNewswire/ -- Third Avenue Management LLC, an investment adviser to private and institutional clients, announced today that Senior Research Analyst Jason Wolf, CFA, has been appointed as Co-Manager of Third Avenue Real Estate Value Fund (TAREX, TVRVX), effective immediately. Mr. Wolf will share responsibility for managing the Fund with veteran manager Michael Winer. Mr. Winer has managed the Fund since its inception in September 1998. The Fund has $1.6 billion in assets and holds a four star rating from Morningstar.

Mr. Wolf joined Third Avenue Management as a Senior Research Analyst in April 2004. He has worked closely with Mr. Winer for over six years, and serves with Mr. Winer as Co-Manager of Third Avenue Real Estate Opportunities Fund, L.P., Third Avenue Real Estate Value Fund (UCITS) and Manulife Global Real Estate Fund (Canada). Mr. Wolf is largely responsible for Third Avenue's expansion into foreign real estate securities, which currently comprise the majority of investments in Third Avenue Real Estate Value Fund as well as a significant percentage of investments in other Third Avenue funds.

Prior to joining Third Avenue, Mr. Wolf was an equity analyst at European Investors, Inc., where he was responsible for the research and analysis of U.S. real estate investments trusts. Prior to that, Mr. Wolf was a debt analyst at Moody's Investor Service where he was responsible for credit analysis of U.S. REITs. Earlier in his career, Mr. Wolf was involved in direct real estate investments and work-outs with Viceroy Investments LLC and the Trammell Crow Company. Mr. Wolf is a graduate of Southern Methodist University with bachelor's degrees in Finance and Real Estate.

Mr. Winer and Mr. Wolf are supported by the additional 29 members of Third Avenue's investment team, two of whom are dedicated to real estate.

In making the announcement, David Barse, Third Avenue's CEO, noted, "Jason has been an extremely valuable and productive member of Third Avenue's investment team since he joined us over six years ago. He has proven to be a great complement to Michael Winer and has demonstrated the talent to assume portfolio manager responsibilities." Mr. Winer echoed Mr. Barse's comments, "Jason has been a huge help to me in managing the Third Avenue Real Estate Value Fund. He brings fresh thinking to Third Avenue's investment process and has also been instrumental in mentoring the other members of our team. He is highly deserving of this recognition and I look forward to our continued long-term partnership." Martin Whitman, Chairman and Founder of Third Avenue commented, "Jason has been a great asset to the entire investment team. He is an independent thinker and highly competent analyst who thoroughly understands Third Avenue's disciplined investment approach." Mr. Wolf notes, "I have been a long-time believer in Third Avenue's investment philosophy and I thoroughly enjoy and appreciate the opportunity and freedom to pursue investment ideas as I discover them. It is an honor to join Michael Winer in sharing responsibilities of managing the fund that he started and now has a successful 12-year track record. I look forward to continuing to work closely with Michael and maintaining the Fund's long-term record of 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, 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 has approximately $14 billion in assets under management and offers value-oriented strategies through mutual funds, UCITS, separate accounts and alternative vehicles.

SOURCE Third Avenue Management LLC