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Fund Times

Third Avenue Value Fund Announces New Co-manager

Senior analyst Ian Lapey joins Marty Whitman at the helm.


The investment adviser to  Third Avenue Value Fund (TAVFX) announced that longtime analyst Ian Lapey would join founding manager Martin J. Whitman as comanager of the fund. Lapey will share responsibility for managing the 19-year-old value fund effective July 31.

Lapey joined Third Avenue in 2001 and was designated as Mr. Whitman's successor as manager of the fund in 2006. Prior to joining Third Avenue, Lapey was an equity research analyst with Credit Suisse First Boston and Salomon Brothers.

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Ryan Leggio does not own shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.