Long Tenured Management Team

Third Avenue’s Management Committee has full responsibility for the leadership of the Firm. The Management Committee has been in place since 2002 when Affiliated Managers Group (“AMG”) invested in Third Avenue. Collectively, the Management Committee has provided five decades of service to the Firm. Our refined management structure ensures that its leadership team is represented by senior members of each of our functional departments.

Our investment strategies leverage the collective expertise across investment teams. Our team approach enables us to generate and evaluate ideas from multiple perspectives and to efficiently identify the part of the asset class or capital structure that offers the most compelling risk/return opportunity.

Portfolio Management Team

Victor Cunningham, CFA | Portfolio Manager, Small-Cap

Portfolio Manager  |  Joined in 2017
Third Avenue Small-Cap Value Strategy

Mr. Cunningham is the Portfolio Manager of the Third Avenue Small-Cap Value Fund. Prior to rejoining the firm in 2017, Mr. Cunningham spent four years with Third Avenue as a portfolio manager.  He initially joined Third Avenue in 2012.

Previously he was founder and owner of Lucid Asset Management where he spent six years running his own long-only value fund catering to high net worth individuals and institutions. Prior to forming Lucid, Mr. Cunningham spent five years as the Research Director at Olstein Funds.

Mr. Cunningham holds an M.B.A. in Finance from the University of Notre Dame and a B.S. in Accounting from Fairfield University. He is a CFA charterholder, an (inactive) Certified Public Accountant and is a member of the CFA Society of New York.


Ryan Dobratz, CFA | Portfolio Manager, Real Estate

Lead Portfolio Manager  | Joined in 2006
Third Avenue Real Estate Value Strategy 

Mr. Dobratz is the Co-Lead Portfolio Manager of the Third Avenue Real Estate Value Fund and the Third Avenue Real Estate Value Fund UCITS. In this role he assists in overseeing Third Avenue’s Real Estate strategy including the Firm’s investments in real estate equities, debt, restructurings, and other special situations. During his tenure as Portfolio Manager, the Funds have received the Best Global Real Estate Fund distinction from Lipper five-times.  He also serves as a member of Third Avenue’s Management Committee.

Prior to joining Third Avenue in 2006, Mr. Dobratz was a research analyst at Morningstar where he was the primary analyst on several North American Real Estate Investment Trusts, real estate holding companies and homebuilders.

Mr. Dobratz holds an M.B.A. with distinction and a B.S. with honors in Business Administration from the University of Missouri. He is a CFA© charterholder, has studied at the Imperial College of Science & Technology in London, England, and is a member of the CFA Society of Austin. Mr. Dobratz has also served on the Advisory Board of the Jeffrey E. Smith Institute of Real Estate & Capital Markets at the University of Missouri and frequently teaches classes on value investing and real estate securities including previous lectures at Columbia University, Fordham University, the University of Missouri, and the University of Texas.

Matthew Fine, CFA | Portfolio Manager, Value

Portfolio Manager  | Joined in 2000
Third Avenue Value Strategy

Mr. Fine is a Portfolio Manager of the Third Avenue Value Strategy portfolios including the Third Avenue Value Fund and related separately managed accounts. Previously, Mr. Fine was Portfolio Manager of the Third Avenue International Value Fund.  Mr. Fine is a principal of the Firm and serves as a member of Third Avenue’s Management Committee.

Mr. Fine joined Third Avenue in 2000 and began working with Third Avenue’s international team in an effort to identify investment opportunities in the wake of the Argentine crisis of 2001. He was promoted to Senior Research Analyst in 2008 and became Portfolio Manager of the Third Avenue International Value Fund in 2014. Mr. Fine assumed portfolio management responsibilities for the Third Avenue Value Fund and related portfolios in 2017. During his career, he has accumulated extensive global investment experience across developed and developing markets throughout North America, Latin America, Europe and Asia.

Mr. Fine holds a B.A. in Economics from Hamilton College. He is a member of The Economic Club of New York and a member of the Board of Trustees of Suffield Academy, where he serves as Chairman of the Investment Committee. Mr. Fine is a CFA charterholder and a member of the CFA Society of New York.


Quentin Velleley, CFA | Portfolio Manager, International Real Estate

Portfolio Manager  | Joined in 2020
Third Avenue International Real Estate Value Strategy 

Mr. Velleley is Portfolio Manager of Third Avenue’s International Real Estate Value Fund, which he has led since the fund’s inception in March 2014. In November 2020 Mr. Velleley joined Third Avenue, along with the fund’s transfer from REMS Group, where he was Chief Investment Officer.

Mr. Velleley has more than 20 years of experience in global real estate analysis, and prior to joining REMS he was a Director at Citi Global Markets where his role included covering US retail and healthcare REITs, and coordinating products for Citi’s global listed real estate research. At Citi, Mr. Velleley was previously the Head of Australian Property Research. Prior to that, he was a Manager in Real Estate Corporate Finance for a top 4 accounting firm.

Mr. Velleley is a CFA charterholder and graduated from The University of Melbourne with a Bachelor of Arts degree, and from RMIT University with a Bachelor of Business degree.

Jason Wolf, CFA | Portfolio Manager, Real Estate

Lead Portfolio Manager  | Joined in 2004
Third Avenue Real Estate Value Strategy 

Mr. Wolf is Co-Lead Portfolio Manager of Third Avenue’s Real Estate strategies—the Third Avenue Real Estate Value Fund, the Third Avenue Real Estate Value Fund UCITS and the Third Avenue Real Estate Opportunities Fund L.P.—and a member of Third Avenue’s Management Committee.

Since joining Third Avenue in 2004, Mr. Wolf initiated Third Avenue’s foreign real estate coverage. He has since led the firm into Asia, Europe and other markets globally. As member of Third Avenue’s Management Committee and Risk Committee, Mr. Wolf assists in defining and implementing the firm’s strategic goals.

Previously, Mr. Wolf analyzed U.S. real estate equity securities for European Investors and U.S. debt securities with Moody’s Investor Service. Before joining Moody’s he worked in direct real estate investment and management at Viceroy Investments and Trammel Crow Realty Advisors in Dallas.

Mr. Wolf has a B.B.A. in Finance and Real Estate from Southern Methodist University. He is a CFA charterholder, a member of the CFA Society of New York.

Business Leadership

Michael Buono | Chief Financial Officer

Chief Financial Office  | Joined in 2006

Mr. Buono is Third Avenue’s Chief Financial Officer (“CFO”) and oversees the Firm’s Accounting department. Mr. Buono joined Third Avenue is 2006 and was previously the Firm’s Controller, responsible for managing the accounting, administration and certain aspects of the compliance processes and procedures for Third Avenue and the Funds.

Mr. Buono was previously a Vice President and Assistant Controller for Legg Mason and Citigroup Asset Management. He holds a B.A. in Accounting from St. Francis College.

Doug Cohen | Head of Risk and Analytics

 Head of Risk and Analytics| Joined in 2006

Mr. Cohen joined Third Avenue in 2006 as a member of the operations team and currently serves as the Head of Risk and Analytics. During his time at the firm, he has also been involved with business operations, streamlining multiple internal business workflows, and has been responsible for several data and business system integrations as well as being responsible for Firm-Wide GIPS Compliance as Senior Risk Analyst and Head of Operations. Prior to joining Third Avenue, he worked at Merrill Lynch in its Investment Managers Division primarily focused on calculating and analyzing institutional performance.

Mr. Cohen graduated from the Martin Whitman School of Management at Syracuse University with a double major in Finance and Supply Chain Management.

Joseph Dell | Chief Technology Officer & Chief Information Security Officer

Chief Technology Officer & Chief Information Security Officer | Joined in 2004

Mr. Dell joined the firm in April 2004 as Chief Technology Officer. In May of 2014 he was named the firm’s Chief Information Security Officer. In these roles Mr. Dell is responsible for Third Avenue’s technology infrastructure, IT third party service relationships, and the firm’s information security.

Prior to joining Third Avenue, Mr. Dell was co-owner of ZEI-ltd, an IT consulting business specializing in the Financial Services market.  Before relocating to New York to serve as IT Director for NDS America (a division of News Corp), Mr. Dell worked for various technology companies in California.

Mr. Dell holds a Bachelor of Science from California Polytechnic University San Luis Obispo.

Michael Warlan, CFA, CAIA | Head of Global Trading

Head of Trading and Operations | Joined in 1998

Mr. Warlan is a Managing Director and Head of Trading and Operations, where he is responsible for the execution and implementation of investments across all Third Avenue portfolios. Mr. Warlan also leads the Operating Committee, which oversees the daily business operations of the Firm including all functions, activities, and procedures not related to investing.

Mr. Warlan joined Third Avenue and its affiliates in 1998, focusing on Institutional Sales and Trading. In 2001, he joined the equity trading desk where he developed the Firm’s trading infrastructure and expanded access across global markets. Subsequently, Mr. Warlan took over the leadership of Third Avenue’s Global Trading Desk, as well as responsibilities for designing and implementing the Firm’s business strategies, plans, and procedures.

Mr. Warlan holds an M.S. in Banking and Financial Services Management from Boston University and a B.A. in Government from St. Lawrence University. He is a CFA© Charterholder, a CAIA Charterholder, and a member of the CFA Society of New York.

Erik C. Kleinbeck | Head of Business Development

Head of Business Development | Joined in 2019

Mr. Kleinbeck rejoined Third Avenue Management in December 2019 as Managing Director, Head of Business Development. He is responsible for leading Third Avenue’s institutional and intermediary sales, consultant relations, marketing and client relationship management. Prior to Third Avenue, he spent 3.5 years with Stralem & Company as Director of Business Development and Relationship Management and member of Stalem’s investment committee. Prior to joining Stralem, Mr. Kleinbeck spent 9 years as Senior Managing Director, Business Development at Third Avenue Management responsible for sales and client relationship management of Third Avenue’s alternative and traditional strategies covering domestic and overseas institutions and intermediaries. Previously Mr. Kleinbeck was Managing Director with SPARX Investment & Research, USA, Inc. from 2003 to 2007 after spending 9 years at Warburg Pincus Asset Management and Credit Suisse Asset Management in various business development, client relationship management and operational roles in both New York and Tokyo.

Mr. Kleinbeck holds a BA in economics from Denison University and an MBA from University of Connecticut School of Business.

Christopher LaRegina | Director, Business Development and Head of Digital Strategy

Director, Business Development and Head of Digital Strategy | Joined in 2007

Mr. LaRegina is responsible for Third Avenue Management’s institutional client services, client reporting, marketing and digital strategy including website and social media content. Mr. LaRegina also maintains relationships with distributors, custodians and the administrators of the Firm’s mutual funds. Since joining the Firm in 2007, he has also been involved with trading, operations, vendor management, and data integration and was promoted to Director of Business Development and Head of Digital Strategy in 2022 as recognition of his ongoing management of the Firm’s digital presence. Prior to Third Avenue, Mr. LaRegina was an assistant trader at Swiss American Securities, which was part of the Credit Suisse Group. He has also worked for Bloomberg L.P. in brokerage sales for Tradebook and as a financial analyst.

Mr. LaRegina holds a B.S. in Marketing with an emphasis in Management from the University of Scranton.