Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:Barse Turned to a PE Savior; Third Avenue Said No Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, December 24, 2015

Barse Turned to a PE Savior; Third Avenue Said No

News summary by MFWire's editors

A giant private equity firm almost swooped into the Third Avenue Focused Credit Fund [profile] collapse, but the deal never went through.

David Barse
Third Avenue Management
Then Chief Executive Officer
Matt Wirz and Gregory Zuckerkman of the Wall Street Journal provide a detailed account of the rise and fall of Third Avenue CEO David Barse. The piece reveals that, in his final day at the company, Barse pitched the Third Avenue team a plan to sell assets from the falling fund to Fortress Investment Group. The team (the article doesn't specify who) said no, and upon the persistence of Barse, they showed him the door.

Meanwhile, Reuters' Svea Herbst-Bayliss, Ross Kerber, and Tim McLaughlin offer their own deep dive into Third Avenue, focusing more on the fallen fund itself. Among other tidbits, the wire service says that, per unnamed Third Avenue employees (past and present), three of the eight people working on the Focused Credit Fund left in the first half of this year.

Martin J. Whitman
Third Avenue Management
Chairman, Portfolio Manager
Thanks to anonymous sources, the detailed WSj piece includes lots of insight into the drama at Third Avenue in its rough seven years since the financial crisis. In particular, the WSJ paints a picture of the tensions between Barse and famous Third Avenue founder Marty Whitman, who now serves as chairman of the firm after handing the CEO reins to Barse in 2002 and then retiring from PMing the flagship Third Avenue Value Fund in 2012.

The story also offers a perspective on how the rise of the Focused Credit Fund fit into what was going on at Third Avenue since 2009. 

Edited by: Neil Anderson, Managing Editor


Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE

0.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2025: Q4Q3Q2Q1
2024: Q4Q3Q2Q1
2023: Q4Q3Q2Q1
2022: Q4Q3Q2Q1
2021: Q4Q3Q2Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly


    Sorry, no records in the database matched your search parameters. Clich back and try again.



  1. WE Philadelphia - Fall Networking Happy Hour, October 16
  2. IMEA webinar - Rethinking Audience, Access, and Impact In Advisor-Facing Content, October 16
  3. WealthManagement.com webinar - Exploring the Longevity of the Manulife John Hancock/Boston Partners Collaboration, October 16
  4. MFDF webinar - From Awareness to Assets: Why Marketing Matters for Registered Funds, October 21
  5. Nicsa webinar - ETF Dual Share Classes: Preparing For Operational Success, October 22
  6. Citywire Pro Buyer Los Angeles Retreat 2025, Oct 22-23
  7. MFDF webinar - Latest in Closed-End Funds Litigations, October 23
  8. Samfund Soiree Manhattan 2025, October 23
  9. Tiburon CEO Summit XLIX, Oct 27-29
  10. IDC Fund Directors Conference, Oct 27-29
  11. 2025 Sohn San Francisco Investment Conference, October 28
  12. IMEA Leadership Planning Meeting, October 28
  13. IMEA Leadership Summit, Oct 28-29
  14. IMEA Rising Star luncheon, October 28
  15. IMEA Boutique Managers luncheon, October 28
  16. IMEA Philanthropic Day, October 28
  17. Nicsa ALFI webinar - The Proposed New Luxembourg Carried Interest Regime: Elixir of Life for Luxembourg Investment Funds?, October 29
  18. Schwab Impact 2025, Nov 2-4
  19. UCITS & AIFMD for U.S. Managers 2025, Nov 4-5
  20. MFDF In Focus webinar - Audit Committee Chair, November 5
  21. IMEA Digital Marketing Roundtable, November 5
  22. 2025 Nicsa Asset & Wealth Management Summit, Nov 11-12
  23. MFDF webinar - Mutual Fund CCO Compensations: The MPI Annual Survey Update, November 13
  24. ALFI Roadshow to Houston, November 13
  25. 2025 Expect Miracles In Boston Gala, November 13
  26. ICI Retail Alternatives and Closed-End Funds Conference, November 20




©All rights reserved to InvestmentWires, Inc. 1997-2025
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use