Third Avenue Value Fund promotes Ian Lapey to sole portfolio manager

By Toni Weeks

San Diego, Feb. 10 - Third Avenue Value Fund announced that Ian Lapey will be the sole portfolio manager of the fund, effective March 1, according to a 497 filing with the Securities and Exchange Commission.

Martin J. Whitman, who has managed the fund since its inception in 1990, will no longer be co-portfolio manager of the fund but will remain as chairman of the Third Avenue Trust complex.

Lapey has served as co-portfolio manager of the fund since 2009 and was designated to serve as Whitman's successor prior to that. Lapey joined Third Avenue in 2001.

New York-based Third Avenue Management LLC is the fund's investment adviser.

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