Ensign Advisory Partners

Ensign Advisory Partners

Ensign Advisory Partners was formed to steward the family capital of Martin J. Whitman following his long tenure running Third Avenue Management. Whitman became known as one of the foremost distressed-debt and deep-value investors of his generation, authoring The Aggressive Conservative Investor and running the Third Avenue Value Fund for decades. The family office separates personal wealth management from the public-facing mutual fund complex, investing across a concentrated set of public equities, private equity interests, and real estate. The firm has been associated with holdings in companies such as Brookfield Asset Management and Navistar International, reflecting Whitman's preference for asset-heavy, undervalued businesses. The investment posture skews toward special situations, distressed opportunities, and direct equity stakes. Geographically, the portfolio spans North America and select international markets, with real estate investments concentrated in major US metropolitan areas. As a single-family office, Ensign Advisory Partners does not report assets under management publicly. Third Avenue Management, before its eventual restructuring, oversaw approximately $20 billion in peak assets, but Whitman's personal wealth was generated separately through carried interest, equity ownership in the management company, and personal co-investment alongside his funds. The family office likely deploys capital in the range of several hundred million dollars. No team size or office locations are publicly disclosed. In recent years, the firm was referenced in SEC filings related to Whitman family holdings, including a 13D filing showing a significant stake in a publicly traded company through the Ensign entity. What distinguished Whitman's approach — and by extension the family office — was his focus on "safe and cheap" investing. He sought companies with strong balance sheets, real assets, and management teams he trusted, often holding positions for decades. Ensign Advisory Partners continues to reflect that philosophy, avoiding leverage, derivatives, and short-term trading. The office is not known to participate in venture capital, startup investing, or momentum-driven strategies, setting it apart from many contemporary family offices that chase technology exposure. Martin J. Whitman passed away in 2018. His son, David Whitman, has been associated with the family's investment activities and is presumed to oversee Ensign Advisory Partners. No named CIO or managing director has been disclosed publicly. The succession structure appears to keep investment decision-making within the immediate family, with outside counsel and administrative support from a small dedicated team.