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About Us

Our Roots

Founded by veteran value investor Martin J. Whitman, Third Avenue Management LLC, through predecessor firms, has been in the asset management business using the same disciplined value approach since 1986.

Prior to founding Third Avenue Management, Mr. Whitman established himself as an investment banker, expert witness for shareholder litigation, and turnaround specialist for bankrupt companies. He entered the world of money management upon effecting a take over of Equity Strategies Fund, a closed end mutual fund, which he and his team subsequently open ended. EQSF Advisers, Inc. was the investment adviser to the Fund. Due to the significant appreciation of one of the positions, the Fund lost its diversification status and was liquidated in compliance with regulations.

Consequently, Third Avenue Value Fund was launched in 1990 to act as the successor fund. The firm began to offer separate accounts to private and institutional clients in 1995. As Third Avenue enhanced its investment team with talented professionals, the firm launched three additional mutual funds - Third Avenue Small-Cap Value Fund, Third Avenue Real Estate Value Fund, and Third Avenue International Value Fund -- launched in 1997, 1998 and 2001, respectively. Third Avenue Management also manages a large subadvisory business, as well as three alternative vehicles.

In addition to its New York headquarters, Third Avenue Management LLC opened an office in Singapore in 2007. In order to better serve the investment needs of clients worldwide, Third Avenue Capital p.l.c. was established in 2009 and a new family of UCITS Funds was developed for non-U.S. investors.

The AMG Partnership

Third Avenue Management was formed in 2002 to act as successor to the firm's advisory businesses in anticipation of the acquisition by Affiliated Managers Group, Inc. ("AMG") of an indirect majority equity interest of Third Avenue Management. AMG is an asset management firm holding company, based in Prides Crossing, Massachusetts. AMG employs a hands-off approach vis a vis its affiliates and allows the companies to independently conduct business.

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Our Logo

Our logo features New York's Third Avenue Elevated train (or the El), which was in service from the late 1870s until the middle part of the 20th century. Marty Whitman, who took the train on a regular basis, believed it would be an apt symbol of our value heritage: the El cost a dime and allowed passengers to travel from the City Hall area on the southern tip of Manhattan, to the Bronx in the north.