Third Avenue Blocks Redemptions From Credit Fund Amid Losses
- Fund suffered almost $1 billion in redemptions this year
- Assets were placed in liquidating trust to avoid fire sales
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As signs of stress mount in credit markets, a $788 million mutual fund is blocking clients from pulling their money so its holdings can be liquidated in an orderly fashion.
Martin Whitman’s Third Avenue Management put some of the assets in the Third Avenue Focused Credit Fund in a liquidating trust that will seek to sell them over time, the New York-based firm said in a statement on its website dated Dec. 9.