September 11, 2012 / 7:13 PM / in 5 years

David Resnick joins Third Avenue as president

NEW YORK (Reuters) - Third Avenue Management LLC, an investment firm with approximately $11 billion in assets, announced on Tuesday that David Resnick has joined as president and member of its investment team.

Resnick previously served as chairman of Rothschild Inc.’s Global Financing Advisory practice, where he advised various deals including the restructuring of insurer American International Group with the U.S. Treasury Department.

The U.S. Treasury, which rescued AIG with bailouts in 2008 and 2009, sold $18 billion worth of the insurer’s shares on Monday, cutting its stake in the company to about 21.5 percent from 53 percent in what could yet be the largest ever secondary offering in U.S. history.

Resnick will join a 31-person investment team at Third Avenue and will focus on the firm’s distressed investing and the expansion of its alternatives business, the company said.

Reporting by Sam Forgione; Editing by Diane Craft

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