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Global Trading Desk

Michael Warlan
Head of Global Trading

For over 10 years, Mr. Warlan has executed trades for Third Avenue's foreign, emerging market, and domestic equity and debt portfolios as a member of the firm's affiliated broker dealer, M.J. Whitman. He now heads Third Avenue's Global Trading Desk where he manages execution of trades for all of Third Avenue’s investment strategies. He joined Third Avenue's affiliated broker dealer in 1998, and was instrumental in creating and developing its global execution capabilities.

Mr. Warlan has contacts established in more that 30 local markets and experience trading options, derivatives, ETFs, fixed income and distressed securities. M.J. Whitman's trading desk was ranked among the top execution-only brokerages by Institutional investor in 2004.

He holds a B.A. in government from St. Lawrence University and is a member of the Security Traders Association of New York.

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Benny Yau
Distressed Credit Trader

Mr. Yau is the head credit trader focused on distressed and high-yield securities across the capital structure. He manages credit trading for all of Third Avenue funds and is experienced with bank debt, bonds, busted convertibles, credit derivatives and reorganized equity.
 
Mr. Yau was attracted to Third Avenue Management because of the firm's emphasis on deep-dive credit analysis and its roots in distressed investing. In addition to credit trading, Mr. Yau is responsible for generating new trade ideas and providing market color with his extensive sales & trading relationships with the broker dealers and other buy side firms. He joined the firm in 2009.

Most recently, Mr. Yau was a High-Yield Credit Trader at Barclays Capital where he managed the cable, media and utilities trading pod. Prior to that, he was a Credit Derivatives Trader at Credit Suisse that helped launch the CDS business in 2000. Prior to that, he worked in the Principal Finance Group at Goldman Sachs which invested in distressed companies.

Mr. Yau received an MBA from the University of Chicago and a B.S. in Mechanical Engineering from Massachusetts Institute of Technology.


Clay Bernabeo
Equities Trader

Mr. Bernabeo works on Third Avenue’s Global Trading Desk executing domestic and foreign equity trades through brokers in the U.S. and around the world.  He joined Third Avenue in 2001 as part of the operations team and started trading in 2004.

Mr. Bernabeo has a B.S. in Economics with a specialization in Finance from Rutgers University.

Christopher LaRegina
Equity Trading Assistant

Mr. LaRegina helps find the best global execution for Third Avenue's orders as part of the investment company's global trading desk. He joined Third Avenue in 2007 after working as a junior trader at Swiss American Securities, which is part of the Credit Suisse Group. He has also worked for Bloomberg L.P. in brokerage sales for Tradebook and as a financial analyst.

Mr. LaRegina holds a B.S. in Marketing with an emphasis in Management from the University of Scranton.