Third Avenue Management LLC announced yesterday that Senior Analyst Ian Lapey has been appointed Co-Manager of the Third Avenue Value Fund. Lapey will assume his duties in managing the $5 billion fund alongside founder Marty Whitman effective July 31, 2009. Lapey's appointment comes nearly three years after Whitman named Lapey as his successor as manager of the Third Avenue Value Fund in 2006. Thursday's announcement has fueled speculation over when and whether the 84-year-old veteran will soon retire. Whitman has managed the New York-based flagship fund since its creation in 1990. 

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