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Indeed. He left at year's end but, on his Linked In page, still lists himself as responsible for 40% of the TAVFX fund's assets.
Ian Lapey worked as Marty Whitman's co-manager then the sole manager for much of 2012. The fund performed brilliantly that year but was hemorrhaging cash (AUM was down despite a 27% return) and, at the start of 2013, added three co-managers. Since then they've dropped from $2.6 billion to $1.1 billion in AUM and two of the three co-managers have departed.
Not sure whether it's a reflection fund size or different staffing preferences between the Whitman/Lapey and Rewey eras.
Comments
Ian Lapey worked as Marty Whitman's co-manager then the sole manager for much of 2012. The fund performed brilliantly that year but was hemorrhaging cash (AUM was down despite a 27% return) and, at the start of 2013, added three co-managers. Since then they've dropped from $2.6 billion to $1.1 billion in AUM and two of the three co-managers have departed.
Not sure whether it's a reflection fund size or different staffing preferences between the Whitman/Lapey and Rewey eras.
David
wow, that must be some kind of record