Third Avenue Manager Departs
Plus, Ameriprise wins fee battle, Franklin Templeton prevails in market-timing case, and more.
Jeff Gary, who helped launch Third Avenue Focused Credit (TFCIX) in August 2009 following a six-year stint managing BlackRock High Yield Bond (BHYAX), has left Third Avenue. Focused Credit's mandate is to invest in distressed securities, high-yield bonds, bank loans, and "busted" convertibles (bonds or preferred stocks whose stock prices are trading below their conversion value).
Comanager Tom LaPointe, who joined the firm with Gary and who was named to this offering in September 2010, will continue to run the fund. Third Avenue is planning for LaPointe to serve as the sole manager of the $1 billion fund. From its inception through Dec. 15, 2010, the fund has returned 16.1%, lagging the high-yield bond category's 19.1% gain.
Courtney Goethals Dobrow does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.