Third Avenue Names Chief Risk Officer

Jul 22 2011 | 6:45am ET

New York-based financial advisor Third Avenue Management has appointed Thomas Gandolfo as chief risk officer. 

Gandolfo, who joined Third Avenue in 2008 and is a member of the investment team and risk management committee, will assume the newly-created role effective August 1, 2011. He will oversee the firm's investment and enterprise risk management processes by identifying, analyzing and monitoring risk, and enforcing the policies and controls over portfolio management and other operational functions within the firm. Based in the firm's New York City headquarters, he will report to David Barse, president and chief executive officer.

Prior to Third Avenue, Mr. Gandolfo was managing director of the capital markets and structured credit group at Ambac Financial Group. Previously, he served as chief financial officer of Ambac and led all aspects of the company's capital management and financial reporting.  Earlier in his career, Mr. Gandolfo was a senior audit manager at PriceWaterhouseCoopers.

Said Barse: "Since the firm's founding more than two decades ago, Third Avenue has embraced a risk-conscious culture.  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." 

Third Avenue Management offers mutual funds, UCITS, separate accounts and alternative investment vehicles.

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