Affiliated Managers Group acquired a majority stake in Third Avenue Management, the holding company for the money management businesses of value investor Martin J. Whitman. Third Avenue Management is the holding company for EQSF Advisers, manager of the three Third Avenue Funds, and MJ Whitman Advisers Inc., which manages separate accounts. The company has $5.6 billion under management.
Mr. Whitman said in a statement that the AMG affiliation permits him to remain involved with the firm and plan for succession with an equity ownership plan, while the firm retains its autonomy, investment processes and culture.
AMG also is taking a majority interest in the companys affiliated broker-dealer, MJ Whitman Inc. Terms were not disclosed for any part of the deal.