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September 3, 2014, New York, NY – Third Avenue Management LLC (“Third Avenue”), an investment adviser to private and institutional clients, today announced that Robert “Chip” Rewey, III, CFA, currently Lead Portfolio Manager of Third Avenue’s flagship Value strategy (TAVFX, TVFVX) and Co-Lead Portfolio Manager of Third Avenue’s Small-Cap strategy (TASCX, TVSVX), will assume sole lead management responsibility for the Small-Cap strategy upon the departure of Curtis Jensen, Co-Lead Portfolio Manager of the Small-Cap strategy, at the end of September 2014.
“The Firm and our investors will benefit from Chip leading both our Flagship Value and Small-Cap strategies as an integrated investment team,” said David Barse, Chief Executive Officer at Third Avenue. “Chip’s team-based investment style will serve the Firm and its investors well as he leads both the Value and Small-Cap strategies going forward.”
“Third Avenue has exceptionally talented investment professionals across all of our strategies, and I have strong faith in our disciplined investing approach and team methodology. I look forward to fully utilizing the Firm’s vast resources, enhancing synergies and fostering best practices between the Value and Small-Cap teams and strategies,” said Mr. Rewey. “Tim Bui will continue in his analytical and risk management role as Portfolio Manager with me on the Small-Cap team. Evan Strain, who has been with Third Avenue for over three years, will continue in his analyst role in support of the Small-Cap strategy.”
Marty Whitman, Founder, Chairman and Portfolio Manager at Third Avenue said, “Chip has enhanced our collaborative investment process, and his desire to improve performance using Third Avenue’s long-practiced, deep-value investment philosophy will benefit shareholders over the long term.”
Mr. Rewey has more than 23 years of experience in the investment management industry. Prior to joining Third Avenue, Mr. Rewey was Senior Vice President and Senior Portfolio Manager at Cramer Rosenthal McGlynn, LLC (“CRM”) for more than 10 years with increasing levels of responsibility, including oversight of the smid, mid, large and all cap investment strategies. Previous to CRM, he was Senior Portfolio Manager at Sloate Weissman Murray & Company, where he worked directly with the founder on research and portfolio construction. He began his career as an Associate at Smith Barney after completing his MBA at Duke University and graduating Magna Cum Laude from Boston College.
Commenting on the departure of Mr. Jensen, Mr. Barse said, “I’d like to thank Curtis for his significant contributions over almost two decades at Third Avenue, including his many leadership roles at the Firm and his efforts to help shape Third Avenue’s value-driven research culture.”
“I’m extremely grateful for my time at Third Avenue,” said Mr. Jensen. “Having the opportunity to work with a legend like Marty Whitman for nearly two decades is a highlight in my career and an experience of which I’m very proud. I began thinking about making a professional transition early in the year, and Chip’s arrival perfectly solidifies that transition for the Small-Cap team.”
Third Avenue also announced that, as part of the Firm’s effort to streamline the portfolio management team, Charles Page, currently a Portfolio Manager for the Small-Cap strategy, will also be departing the Firm. Third Avenue recognizes and thanks Charlie for his service to the firm.