Thomas LaPointe has been promoted to co-manager of the Focused Credit Fund, joining Jeffrey Gary, who has managed the fund since its inception just over a year ago; together they will share responsibility for management of the $900 million fund, which was highlighted by Morningstar as one of the best new funds of 2009. LaPointe worked with Gary since joining the firm in building the credit team and launching the fund.
According to Third Avenue, the fund is a concentrated fund that invests throughout the capital structure; investments include high-yield bonds, bank loans, capital infusions and debt-to-equity exchanges.
Jason Wolf, CFA, senior research analyst, has been appointed as co-manager of the Real Estate Value Fund. Wolf will join Michael Winer, who has managed the fund since its inception in September of 1998. The fund has a four-star rating from Morningstar and holds $1.6 billion in assets.
Wolf has worked closely with Winer for more than six years, and serves with him as co-manager of Third Avenue Real Estate Opportuities Fund, L.P., Third Avenue Real Estate Value Fund (UCITS), and Manulife Global Real Estate Fund (Canada). Wolf is largely responsible, says Third Avenue, for the firm'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."