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Affiliated Managers Invests in Third Avenue Manage

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May 22, 2002 — Affiliated Managers Grp (AMG) said it agreed to acquire a 60% majority interest in Third Avenue Management, a holding company for money management firms EQSF Advisers Inc. and MJ Whitman Advisers Inc. Terms were not disclosed.

Third Avenue, which oversees about $5.6 billion in assets, is the investment adviser for the Third Avenue family of mutual funds. The value-oriented firm was founded in 1974 by its chairman, Martin Whitman, also lead manager of its flagship $2.9 billion Third Avenue Value Fund (TAVFX). Third Avenue also manages accounts for institutions and wealthy individuals as well as non-proprietary mutual funds.