Third Avenue Management

Martin J. Whitman, Founder and Co-Chief Investment Officer

Martin Whitman is a veteran value investor with a long, distinguished history as a control investor. He is Co-Chief Investment Officer of Third Avenue Management and has successfully identified value in securities for more than 50 years.

Mr. Whitman founded the predecessor to Third Avenue Funds in 1986 and M.J. Whitman LLC, a full-service broker-dealer affiliated with Third Avenue, in 1974. He has managed the flagship Third Avenue Value Fund since its inception.

Mr. Whitman has taught at the Yale School of Management for over 30 years. He is the author of The Aggressive Conservative Investor and Value Investing - A Balanced Approach. He received a Masters degree in Economics from the New School for Social Research and graduated from Syracuse University magna cum laude. Syracuse University's Whitman School of Management is named in his honor.

Mr. Whitman is an honorary member of the Board of Trustees of Syracuse University. He also serves on the Board of the Institute for National Security Studies, an external institute of Tel Aviv University.

Mr. Whitman is a CFA Charterholder.

Curtis Jensen, Co-Chief Investment Officer and Portfolio Manager

Curtis Jensen is Co-Chief Investment Officer of Third Avenue Management. He also manages the Third Avenue Small-Cap Value Fund and several sub-advised portfolios. Additionally, Mr. Jensen is Co-Manager of Third Avenue Variable Series Trust.

He joined Third Avenue Management in 1995. Previously, Mr. Jensen held various corporate finance positions with Manufacturers Hanover Trust Company and Enright & Company, a private investment banking firm.

Mr. Jensen received an M.B.A. from the Yale School of Management, where he studied under Third Avenue Management’s founder, Martin Whitman. He received a B.A. in Economics from Williams College. Mr. Jensen is a recipient of The Richard L. Rosenthal Award for Innovation in Investment Management/Corporate Finance.

Mr. Jensen currently serves on the Board of Opportunities for a Better Tomorrow, a nonprofit organization, which provides academic support, job training and life skills primarily to disadvantaged and at-risk youth.

David M. Barse, President and Chief Executive Officer

David Barse is the President and Chief Executive Officer of Third Avenue Management LLC. Additionally, he sits on the Advisory Board of the Special Situations Fund, a private partnership investing in distressed and special situation investments. Mr. Barse joined Martin Whitman in 1991, soon after the inception of the Third Avenue Value Fund. Under Mr. Barse's strategic business development, Third Avenue has grown assets under management and has expanded its offerings to include separate accounts, subadvised portfolios and alternative investment vehicles. Mr. Barse is also the CEO of M.J Whitman LLC, a full-service broker-dealer affiliated with Third Avenue.

Previously, Mr. Barse practiced bankruptcy and corporate law. He received a J.D. from Brooklyn Law School and a B.A. from George Washington University.

Mr. Barse is a member of the Brooklyn Law School Board of Trustees.

Michael Winer, Portfolio Manager

Michael Winer is a senior member of the investment team. He manages the Third Avenue Real Estate Value Fund, as well as Third Avenue Management's real estate private and institutional advisory business. Mr. Winer is also the senior portfolio manager of the Third Avenue Real Estate Opportunities Fund, L.P., a private partnership investing in real estate securities and special situations. Additionally, Mr. Winer sits on the Advisory Board of the Special Situations Fund, a private partnership investing in special situation and distressed investments. He joined Third Avenue in 1994.

Previously, Mr. Winer was Vice President of the Asset Sales Group for Cantor Fitzgerald, L.P., where he participated in the analysis and distribution of distressed real estate loan and asset portfolios. Earlier in his career, Mr. Winer owned and managed a real estate development business.

He received a B.S. in Accounting from San Diego State University. Mr. Winer is a Certified Public Accountant (inactive).

Amit Wadhwaney, Portfolio Manager

Amit Wadhwaney is a senior member of the investment team. He manages the Third Avenue International Value Fund. Mr. Wadhwaney is also a portfolio manager for Third Avenue Management's international private and institutional advisory business. Additionally, Mr. Wadhwaney is portfolio manager of the Third Avenue Global Value Fund, L.P., a private partnership investing in undervalued companies worldwide. 

Previously, Mr. Wadhwaney was portfolio manager of the Carl Marks Global Value Fund, L.P. Prior to that he was a principal of Glenrock Asset Management Associates, L.P.; both firms are investment partnerships investing worldwide. Earlier in his career, Mr. Wadhwaney was a securities analyst, and subsequently Director of Research, for M.J. Whitman, Inc.  Mr. Wadhwaney was also paper and forest products analyst at Bunting Warburg, a Canadian brokerage firm.

He received an M.A. and a B.A. (Hons.) with distinction in Economics from Concordia University in Montreal, Canada, as well as a B.S. in Mathematics and a B.S. in Chemical Engineering from the University of Minnesota.

Mr. Wadhwaney received an M.B.A. in Finance from the University of Chicago.

Yang Lie, Director of Research and Portfolio Manager

Yang Lie is a senior member of the investment team. As Director of Research, she is responsible for ensuring the integrity of the research process at Third Avenue. Additionally, Ms. Lie is the portfolio manager for one of the firm's largest subadvisory relationships. She joined M.J. Whitman, Third Avenue’s affiliated broker dealer, in 1996.
Ms. Lie began her career in the software and hardware design/development area of Motorola, then was an equity analyst with Prudential Securities.
Ms. Lie received an M.B.A. in Finance from the University of Chicago and a B.S. in Electrical Engineering from Marquette University.

Michael Lehmann, Portfolio Manager

Michael Lehmann is a senior member of the investment team. He is a portfolio manager for Third Avenue Management's private and institutional advisory business, responsible for value equity separately managed accounts. Mr. Lehmann joined Third Avenue in 1998. 

Earlier in his career, Mr. Lehmann was a small-cap equity analyst with the research boutique, Robert M. Cohen & Co. Prior to that, he worked at Gabelli Funds, an asset management firm, where he held various positions, including associate portfolio manager of separately managed portfolios.

Mr. Lehmann received a B.S. in Finance from Fordham University.

Ian Lapey, Portfolio Manager

Ian Lapey is a senior member of the investment team. He is a portfolio manager for the firm’s value and small-cap value sub-advised portfolios, as well as Third Avenue Value Equity Offshore Fund Ltd., a commingled fund for offshore investors. Additionally, Mr. Lapey is Co-Manager of Third Avenue Variable Series Trust, and the designated successor to Martin Whitman, as the portfolio manager of the Third Avenue Value Fund. He joined the firm in 2001.

Prior to joining Third Avenue, Mr. Lapey was an equity research analyst with Credit Suisse First Boston, covering the housing and furniture industries. Previously, he held various research positions with Salomon Brothers, Hampshire Securities and Lord Abbett & Co. Earlier in his career, Mr. Lapey was a financial analyst for Revlon and a staff accountant for Ernst & Young.

Mr. Lapey received an M.B.A. from New York University Stern School of Business, an M.S. in Accounting from Northeastern University Graduate School of Professional Accounting, and a B.A. in Economics from Williams College. Mr. Lapey is a Certified Public Accountant (inactive).

Jason Wolf, Portfolio Manager and Senior Research Analyst

Jason Wolf is a senior research analyst with Third Avenue Management, focusing on real estate securities. In addition, Mr. Wolf is a portfolio manager of the Third Avenue Real Estate Opportunities Fund, L.P., a private partnership investing in real estate securities and special situations, as well as the firm’s real estate sub-advised business. He joined Third Avenue in 2004.

Prior to joining the firm, Mr. Wolf was an equity research analyst for European Investors, Inc., where he was responsible for the research and analysis of a wide range of real estate securities, with an emphasis on the retail and lodging industries. Earlier in his career, Mr. Wolf held various research positions at Moody's Investor Service, Viceroy Investments, LLC, and the Trammell Crow Company, where he was involved with the research and management of real estate securities.

Mr. Wolf received a B.B.A. in Finance and Real Estate from Southern Methodist University. He is a CFA Charterholder and a member of the New York Society of Security Analysts.

Jakub Rehor, Senior Research Analyst

Jakub Rehor is a senior research analyst with Third Avenue Management, focusing on foreign securities. Mr. Rehor joined Third Avenue in 2004.

Prior to joining the firm, Mr. Rehor was a research analyst at Putnam Investments where he covered small-cap non-US stocks, primarily in the financial, healthcare and transportation industries. Earlier in his career, Mr. Rehor worked for Sanford C. Bernstein as an equity research associate and for McKinsey & Co. as a business analyst.

Mr. Rehor received a B.A. in Economics from Yale University. He is a CFA Charterholder and a member of the New York Society of Security Analysts.

Michael Fineman, Portfolio Manager and Senior Research Analyst

Michael Fineman is a senior member of the investment team. He is portfolio manager of the Third Avenue Special Situations Fund, a private partnership investing in special situation and distressed investments. Additionally, Mr. Fineman is a senior research analyst. He joined the firm in 2006.

Prior to joining Third Avenue Management, Mr. Fineman was an investment analyst at Sanno Point Capital Management, a credit-driven opportunities hedge fund, where he focused on distressed and deep value securities, as well as complex capital structures. Prior to Sanno Point, Mr. Fineman worked in the Investment Banking and Restructuring Advisory Services divisions of Ernst & Young Corporate Finance (now part of Macquarie Group), where he implemented corporate restructurings and reorganizations. Earlier in his career, he held research and investment banking positions at prominent investment firms, including Goldman Sachs and Alex Brown.

Mr. Fineman received an M.B.A. from Columbia Business School. He graduated magna cum laude with a B.S. in Business Administration from the University of Delaware. Mr. Fineman is a CFA Charterholder and a member of the New York Society of Security Analysts. He holds a Certification in Distressed Business Valuation (CDBV).

Henry Patner, Senior Research Analyst

Henry Patner is a senior research analyst with Third Avenue Management, focusing on real estate securities. Additionally, he sits on the Advisory Board of the Special Situations Fund, a private partnership investing in special situation and distressed investments. Mr. Patner joined Third Avenue in 2003.

Previously, Mr. Patner was a private equity associate with Warburg Pincus and Bain Capital. Earlier in his career, he was a financial analyst at Credit Suisse First Boston.

Mr. Patner received an M.B.A. from Harvard Business School. He graduated from Amherst College summa cum laude with a B.A. in Economics and Law, Jurisprudence and Social Thought.

Anita Krishnamoorthy, Senior Research Analyst and Head of Singapore Office

Anita Krishnamoorthy is a senior research analyst with Third Avenue Management focusing on foreign securities, and Head of the firm’s Singapore office. She joined the Firm in 2008. Prior to joining Third Avenue, Ms. Krishnamoorthy was at First Eagle Funds, where she served as a Vice President of Equity Research since 2004, and was responsible for global coverage of various industries, as well as coverage of Asian securities.

Prior to joining First Eagle, Ms. Krishnamoorthy was an Investment Banking Analyst in Morgan Stanley Asia’s Hong Kong office. Earlier in her career, she was a Business Analyst with Standard Chartered Bank, working out of the firm’s Singapore and London offices. She began her career as a Tax Associate at PricewaterhouseCoopers, in Singapore.

Ms. Krishnamoorthy holds an MBA in Finance from The Wharton School of Business, and a Bachelor in Accountancy from the Nanyang Business School in Singapore. She is a CFA Charterholder.

Matthew Fine, Research Analyst

Matthew Fine is a research analyst with Third Avenue Management, focusing on foreign securities. Previously, Mr. Fine was a research assistant for Third Avenue Management. He joined the firm in 2000.

Mr. Fine received a B.A. in Economics from Hamilton College. He is a CFA Charterholder and a member of the New York Society of Security Analysts.

Kathleen K. Crawford, Assistant Portfolio Manager and Research Analyst

Kathleen Crawford is a research analyst with Third Avenue Management and an assistant portfolio manager for the firm’s value and small-cap value sub-advised portfolios. She joined Third Avenue in 2003. Previously, Ms. Crawford was an equity research associate for Alliance Capital Management.

Ms. Crawford received an M.B.A. from Columbia Business School and a B.A. in Economics from Northwestern University.

Charles Page, Research Analyst

Charles Page is a research analyst with Third Avenue Management, focusing on small cap securities. He joined the firm in 2006.

Prior to joining the firm, Mr. Page was a small cap value analyst with Citizens Advisers, Inc. where he covered a broad range of stocks with an emphasis on financial, consumer, industrial, and technology sectors. Earlier in his career, he held equity research positions with an independent investment research firm and Robertson Stephens, where he helped provide coverage of technology companies.

Mr. Page has an M.B.A. from MIT Sloan School of Management, a B.A. in Economics and a B.S. in Earth Systems from Stanford University. He is also a CFA Charterholder and a member of the New York Society of Security Analysts.

Steven Chua, Research Analyst

Mr. Chua is a Research Analyst with Third Avenue Management, focusing on distressed opportunities and special situations. He joined the firm in 2008.

Previously, Mr. Chua was an associate in the Leveraged Finance Group within the Investment Banking Division at Goldman, Sachs & Co., where he was actively involved in the origination, structuring and execution of leveraged loans and high yield bonds. Earlier in his career, he was a Senior Associate Consultant with The Boston Consulting Group.

Mr. Chua holds an M.B.A. in Finance and Healthcare Management from the Wharton School of the University of Pennsylvania, and a B.A. and M.A. in Electrical and Information Engineering from the University of Cambridge, U.K.

Jonathan Krautmann, Research Analyst

Jonathan Krautmann is a research analyst with Third Avenue Management focusing on distressed opportunities and special situations. He joined the firm in 2006. Previously, he was an analyst in the restructuring group of Lazard Freres & Co.

Mr. Krautmann received an M.B.A. from Harvard Business School and a B.S. in Biology from Cornell University.

Ryan Dobratz, Research Analyst

Ryan Dobratz is a research analyst with Third Avenue Management focusing on real estate securities. He joined the firm in 2006. Previously, he was an equity research analyst for Morningstar, Inc., where he covered real estate-related securities.

Mr. Dobratz received an M.B.A., with distinction, and a B.S., cum laude, in Business Administration from the University of Missouri. He is a CFA Charterholder and a member of the New York Society of Security Analysts.

John Mauro, Research Analyst

John Mauro is a research analyst with Third Avenue Management focusing on foreign securities. Previously, Mr. Mauro was a research assistant for Third Avenue Management. He joined the firm in 2003.

Mr. Mauro graduated summa cum laude with a B.A. in Economics from Fordham University. He is a CFA Charterholder and a member of the New York Society of Security Analysts.

David McEvoy, Associate Portfolio Manager and Research Analyst

David McEvoy is an associate portfolio manager with Third Avenue Management's value equity private and institutional advisory business. He is also a research analyst for Third Avenue Funds. Mr. McEvoy joined the firm in 1998. Earlier in his career, Mr. McEvoy was a listing analyst for the American Stock Exchange.

Mr. McEvoy received an M.B.A. from Pace University and a B.A. in Political Science from the University of Michigan.

Michael Campagna, Research Analyst

Michael Campagna is a research analyst for Third Avenue Management focusing on real estate securities. He joined the firm in 2007. Previously, he was an analyst for J.P. Morgan Private Bank.

Mr. Campagna received a B.S. in Finance and Information Systems from New York University. He is a CFA Charterholder and a member of the New York Society of Security Analysts.

Lucas Huang, Research Analyst

Lucas Huang is a research analyst with Third Avenue Management, focusing on foreign securities. He joined the Firm’s Singapore office in 2007. Previously, Mr. Huang interned at JP Morgan’s Asian Institutional Equities Research division and at Citicorp Investment Bank’s Debt Capital Markets unit.

Mr. Huang holds a Bachelor of Science in Economics and a Bachelor of Business Management degree from Singapore Management University.

Eve Wu, Portfolio Associate

Eve Wu is a Portfolio Associate with Third Avenue Management. She joined the firm in 2000.

Ms. Wu received a B.S. in Economics and Business Management from Stonybrook University.