Third Avenue Management has a two-pronged expansion in the works. The New York-based fund firm just unveiled yet another round of hires and a new fund slated to launch in the third quarter. Jeffrey Gary and Thomas Lapointe join the firm's investment team, following the addition of two new managing directors and a sales chief hired last month (see MFWire , 05/20/2009 and , 05/12/2009).

The two additions are part of the company's vision of expanding its product line. They fall in line with a new mutual fund, called Third Avenue Focused Credit Fund, which is scheduled to start trading at the end of the summer. The fund will zone in on performing credit opportunities and high-yield investments.

Gary, who was a portfolio manager at BlackRock Financial since 2003, will be holding the same position at Third Avenue. He is tasked with looking out for new credit opportunities and building the company's portfolio. Lapointe, meanwhile, joins the team as a senior research analyst. He will focus on identifying high-yield investment opportunities. Lapointe previously worked at Columbia Management as the co-head of high-yield investments. 

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