Whitman To Relinquish His Role At Third Avenue

Martin J. Whitman, the veteran value manager at Third Avenue Management LLC, will relinquish his role as the firm’s co-chief investment officer, according to a report by the Wall Street Journal.

Third Avenue Management plans to make the announcement today. Curtis Jensen, Mr. Whitman’s protégé, will be the sole investment chief at the firm after the announcement is made today. Mr. Whitman will remain as the co-manager of the flagship Third Avenue Value Fund. Mr. Whitman has gradually retreated from day to day money management at the firm. Third Avenue has $16 billion in assets under management. Mr. Jensen said in a statement that the firm will not make any changes in how it manages its portfolios.