NEW YORK, Dec. 14, 2010 /PRNewswire/ -- Third Avenue Management LLC, an investment adviser to private and institutional clients, announced today that Thomas Lapointe (41) has been appointed Portfolio Manager of Third Avenue Focused Credit Fund (TFCIX, TFCVX) and will be named a partner in the firm.
Mr. Lapointe joined Third Avenue Management in June 2009 and has worked on building Third Avenue's credit team and launching the $1 billion Focused Credit Fund since his arrival. Previously, Mr. Lapointe was co-Manager of the Fund. He has been active in managing the Fund since its inception and throughout his career has distinguished himself as an excellent portfolio manager. 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. Lapointe will continue to be supported by Third Avenue Management's team of 29 investment professionals, eight of whom are focused on credit investing.
Morningstar highlighted Third Avenue Focused Credit 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-for-equity exchanges. Third Avenue Focused Credit Fund is a concentrated fund which utilizes Third Avenue's extensive bottom-up research to identify attractive opportunities in the credit markets.
"This is a dream come true for me," said Mr. Lapointe. "I have invested in the Third Avenue Funds for over a decade and have admired Third Avenue for my entire career. I am thrilled to now have the opportunity to manage a fund and become a partner with a legend like Marty Whitman and the other accomplished professionals at Third Avenue."
"We are pleased that Tom, by joining us as a partner and accepting the role of manager of Focused Credit Fund has made a long-term commitment to our firm and to the Fund's shareholders. Tom is an astute and seasoned professional and we look forward to working with him for many years to come." Mr. Barse also announced that Jeff Gary, former co-Manager of the Focused Credit Fund, is no longer with the firm.
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 $15.5 billion in assets under management and offers value-oriented strategies through mutual funds, UCITS, separate accounts and alternative vehicles.
This publication does not constitute an offer or solicitation of any transaction in any securities. Third Avenue Funds are offered by prospectus only. Prospectuses contain more complete information on advisory fees, distribution charges, and other expenses and should be read carefully before investing or sending money. Please read the prospectus and carefully consider investment objectives, risks, charges and expenses before you send money. Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than original cost.
SOURCE Third Avenue Management LLC