Third Avenue Management, an investment adviser to private and institutional clients, has named Thomas Lapointe as portfolio manager of Third Avenue Focused Credit Fund and a partner in the firm.
Lapointe joined Third Avenue Management in June 2009 and has worked on building Third Avenue’s credit team and launching the USD1bn Focused Credit Fund since his arrival.
Previously, Lapointe was co-manager of the fund.
Lapointe has more than 18 years of investment experience and, prior to joining Third Avenue, was responsible for managing approximately USD6bn in mutual fund and institutional assets as co-head of high-yield investments for Columbia Management.
The fund invests throughout the capital structure; investments include high-yield bonds, bank loans, capital infusions and debt-for-equity exchanges.
"This is a dream come true for me," says Lapointe. "I have invested in the Third Avenue Funds for over a decade and have admired Third Avenue for my entire career. I am thrilled to now have the opportunity to manage a fund and become a partner with a legend like Marty Whitman and the other accomplished professionals at Third Avenue."
Jeff Gary, former co-manager of the Focused Credit Fund, is no longer with the firm.
