Third Avenue Management, which is a New York-based asset manager for private and institutional clients, has gone online on Ridgeline, which is the modern investment management platform with AI.
It is well to be noted that Third Avenue had a very focused team and also core strategies in global/international value and U.S. small-cap value as well as global and international real estate and was looking for a supplier of technology that could simplify processes and promote long-term growth, particularly with regard to SMA strategies. The firm chose Ridgeline to replace a patchwork of legacy systems with a unified, front-to-back platform that combines trade, compliance, accounting, reporting and customer service into one source of truth.
According to the head of trading and operations at Third Avenue, Mike Warlan, “As our business evolves, modernising our operating environment and improving efficiency are key priorities for us. Ridgeline gives us the real-time visibility and scalable infrastructure to reduce operational complexity, move faster, and better support our clients as we grow.”
Third Avenue’s reconciliation and post-trade operations were successfully implemented on the managed services platform of STP Investment Services. STP is going with the firm to assist with daily reconciliations and trade settlements.
Notably, Third Avenue has been a highly valued STP client for many years. Remarks SVP of Business Development at STP, Jeff Hooks, “Third Avenue has been a valued STP client for years. We’re proud to support this next chapter as their operations evolve and they migrate to Ridgeline.”
Third Avenue’s move to Ridgeline, an investment management platform with AI is indicative of a larger trend involving wealth and asset management firms aiming to deliver more customised customer experiences, simplify vendor relationships, organise data and contribute to shaping an AI-driven future. When companies switch to Ridgeline’s unified platform, they frequently replace 6-9 disparate systems.
According to the CEO of Ridgeline, Dave Blair, “The investment management industry has accepted operational drag as the cost of doing business for over thirty years. Firms like Third Avenue are calling that bluff and leading into the future. We’re proud they partnered with Ridgeline to help them do it.”
Apparently, Mike Warlan will address Third Avenue’s experience on Ridgeline at the Ridgeline Summit to be held on May 14th in New York City, including viewpoints from its implementation and how the company is taking advantage of the new platform so as to support its next phase of expansion.