Massachusetts’s Galvin Opens Probe of Third Avenue Fund Closure

Massachusetts said it’s investigating the closure of the Third Avenue Focused Credit Fund.

The Massachusetts Securities Division sent out a subpoena today to probe the fund closure and the liquidation plan, according to a statement by Secretary of the Commonwealth William F. Galvin on Monday.

“My office is opening this investigation to determine when and how this decision was made and to determine the extent of Massachusetts investors who have been impacted by this unprecedented decision on the part of fund management,” Galvin said in the statement.

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