Whitman's protege Curtis Jensen will be Third Avenue's sole investment chief, according to the paper's online edition.
There will not be any changes in the way the firm's portfolios are managed, the paper cited Jensen as saying in a statement.
We intend to continue our long-term practice of following the philosophy that Marty created, the paper quoted Jensen as saying.
Whitman, 85, will remain co-manager of the Third Avenue Value Fund, according to the paper.
Third Avenue could not be immediately reached for comment by Reuters outside regular U.S. business hours.
(Reporting by Ajay Kamalakaran in Bangalore; Editing by Anshuman Daga)
![White Tiger Genetic Secret Unveiled: Single Mutation In Single Gene Removes Orange Color [PHOTOS]](http://s1.ibtimes.com/sites/www.ibtimes.com/files/styles/v2_thumbnail/public/2013/05/23/white-tiger-2-flickr-wikicommons_0.jpg "White Tiger Genetic Secret Unveiled: Single Mutation In Single Gene Removes Orange Color [PHOTOS]")
![Obama Heckler Medea Benjamin Of Code Pink Acknowledged During President's Drone Speech: 'That Woman Is Worth Listening To' [VIDEO, PHOTO]](http://s1.ibtimes.com/sites/www.ibtimes.com/files/styles/v2_thumbnail/public/2013/05/23/medea-benjamin.jpg "Obama Heckler Medea Benjamin Of Code Pink Acknowledged During President's Drone Speech: 'That Woman Is Worth Listening To' [VIDEO, PHOTO]")
![English Defence League (EDL) Riots, Violence Escalates After Woolwich 'Beheading' [PHOTO]](http://s1.ibtimes.com/sites/www.ibtimes.com/files/styles/v2_thumbnail/public/2013/05/22/edlll.jpg "English Defence League (EDL) Riots, Violence Escalates After Woolwich 'Beheading' [PHOTO]")
![Helen Mirren: Dying Boy, Oliver Burton, Gets His Last Wish Thanks To Actress Dressed As Queen Elizabeth [PHOTOS]](http://s1.ibtimes.com/sites/www.ibtimes.com/files/styles/v2_multimedia/public/2013/05/22/helen-mirren-visits-dying-boy_1.jpg "Helen Mirren: Dying Boy, Oliver Burton, Gets His Last Wish Thanks To Actress Dressed As Queen Elizabeth [PHOTOS]")
![Great GoogaMooga In Brooklyn: Music, Food And Disappointment As The Festival Gets Cancelled [PHOTOS]](http://s1.ibtimes.com/sites/www.ibtimes.com/files/styles/v2_medium/public/2013/05/21/matt-kim_4.JPG "Great GoogaMooga In Brooklyn: Music, Food And Disappointment As The Festival Gets Cancelled [PHOTOS]")
![Oklahoma Tornado 2013: Photos And Footage Of The Twister's Devastation [PICTURES, VIDEO]](http://s1.ibtimes.com/sites/www.ibtimes.com/files/styles/v2_multimedia/public/2013/05/20/oklahoma-tornado_1.png "Oklahoma Tornado 2013: Photos And Footage Of The Twister's Devastation [PICTURES, VIDEO]")
![Billboard Music Awards 2013: All The Fashion On The Billboards Red (Er, Blue) Carpet [PHOTOS]](http://s1.ibtimes.com/sites/www.ibtimes.com/files/styles/v2_medium/public/2013/05/20/keha-givenchy.jpg "Billboard Music Awards 2013: All The Fashion On The Billboards Red (Er, Blue) Carpet [PHOTOS]")
![Fort Worth Texas Tornadoes Claim 6 Lives: Pictures And Videos During The Storm And Its Aftermath [PHOTOS/VIDEO]](http://s1.ibtimes.com/sites/www.ibtimes.com/files/styles/v2_medium/public/2013/05/16/tornado.PNG "Fort Worth Texas Tornadoes Claim 6 Lives: Pictures And Videos During The Storm And Its Aftermath [PHOTOS/VIDEO]")
![5 Incredible Future Campuses For The World's Tech Giants [PHOTOS]](http://s1.ibtimes.com/sites/www.ibtimes.com/files/styles/v2_small/public/2013/05/22/amazons-biodome_0.jpg "5 Incredible Future Campuses For The World's Tech Giants [PHOTOS]")
Like or Follow us for updates on the biggest stories!