Thomas Gandolfo will become chief risk officer at Third Avenue Management effective Aug. 1.
The position is new, according to a news release from the firm. Mr. Gandolfo will oversee investment and enterprise risk management and be responsible for enforcing risk management controls over both portfolio management and operational activities inside the company.
“While we have always focused on guarding against investment risk, the world post-2008 has become riskier and more strictly regulated. I established the role of chief risk officer to formalize and enhance our existing risk assessment and mitigation processes,” David Barse, Third Avenue’s president and CEO, said in the release. Mr. Gandolfo will report to Mr. Barse.
Mr. Gandolfo, who joined Third Avenue in 2008, is a senior research analyst, according to the firm’s website. Bridget Wysong, a Third Avenue spokeswoman, did not return calls seeking information about Mr. Gandolfo’s successor.