• Investment holding company Aimia (TSX:AIM) has appointed former Portfolio Manager of Third Avenue Management, Michael Lehmann, as its new President
  • At Third Avenue, Michael also acted as Co-Manager of its Third Avenue Value Fund and as Lead Manager of the Third Avenue Separate Account business
  • He also previously held the position of Vice President at Gabelli Funds
  • The appointment comes after significant restructures within the company, which include a reduction in expenses from C$27 million to $15 million
  • Aimia (AIM) is currently up 1.71 per cent and is trading at $2.97 per share

Aimia (TSX:AIM) has appointed former Portfolio Manager of Third Avenue Management, Michael Lehmann, as its new President.

Headquartered in Montreal, the company focusses on long-term investments in both private and public companies through the acquisition of minority stakes.

It also operates an investment advisor business through its wholly owned subsidiary, Mittleman Brothers, and owns a diversified portfolio of assets across a range of industries.

With more than 25 years of experience in the investment sector, Michael was previously a Partner and Portfolio Manager at Third Avenue Management for more than 18 years.

During his time at Third Avenue, his commitments also included a position as Co-Manager of the Third Avenue Value Fund, the firm’s flagship investment product, and Lead Manager of the Third Avenue Separate Account business.

Prior to this, Michael held a position as Vice President at Gabelli Funds, and as an Associate Portfolio Manager of varying private investment portfolios.

Commenting on his appointment, he said that the establishment of Aimia as an investment holding company presents a tremendous opportunity to deliver significant asset value appreciation for all of the company’s the stakeholders.

“I am incredibly proud and fortunate to join this management team and continue to execute our strategy for many years to come.

“The changes that management and the Board have been able to accomplish in such a short period of time is, in a word, remarkable, and I am thrilled to be part of it. I look forward to a long and prosperous future for all Aimia stakeholders,” he said.

Since Aimia’s Board of Directors was reconstituted in February this year, the company has undergone several significant changes. This include the open market re-purchase of more than 890,000 of its shares, and a reduction in corporate expenses from C$27 million to $15 million.

Aimia (AIM) is currently up 1.71 per cent and is trading at $2.97 per share at 2:52pm EDT.

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