Third Avenue Names Thomas Lapointe Co-Manager of Focused Credit Fund

NEW YORK, Sept. 13 /PRNewswire/ -- Third Avenue Management LLC, an investment adviser to private and institutional clients, announced today that Thomas Lapointe has been promoted to Co-Manager of Third Avenue Focused Credit Fund (TFCIX, TFCVX), effective immediately. Mr. Lapointe will share responsibility for managing the $900 million mutual fund with Jeffrey Gary, who has managed the Fund since its inception just over one year ago.

Morningstar highlighted the Fund as one of The Best New Funds of 2009. The Fund builds on Third Avenue's history of distressed debt experience, and is unique in that it invests throughout the capital structure; investments include high-yield bonds, bank loans, capital infusions and debt-to-equity exchanges. It is a concentrated fund which utilizes Third Avenue's well-known deep dive research to identify attractive opportunities in the credit markets.

Mr. Lapointe joined Third Avenue Management in June 2009 along with Mr. Gary and the two have worked in tandem since that time building out the credit team and launching the Third Avenue Focused Credit Fund. Mr. Lapointe has distinguished himself as an excellent analyst with the ability to identify and value attractive investments for clients. Mr. Lapointe has more than 18 years of investment experience and, prior to joining Third Avenue, was responsible for managing approximately $6 billion in mutual fund and institutional assets as Co-Head of High Yield Investments for Columbia Management. Mr. Gary and Mr. Lapointe will continue to be supported by Third Avenue Management's team of an additional 29 investment professionals, six of whom are focused on credit investing.

Commenting on the appointment, Third Avenue's CEO, David Barse, noted, "Tom's elevation to Co-Manager is in keeping with the firm's strategy to ensure senior talent and stability among our fund manager ranks. We are fortunate to have an experienced and talented professional as Tom on our team." Mr. Gary said, "Third Avenue Focused Credit Fund has been a success story from the outset, and Tom has had a lot to do with that. I am very pleased that he will now be joining me at the helm." Mr. Lapointe added, "I have always admired Third Avenue's approach and after having been at the firm for over a year and seen the team in action, I am even more impressed with the level of professionalism and dedication with which the funds are managed. I am thrilled to become part of such an esteemed group of Portfolio Managers."

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