Massachusetts’ Galvin Opens Probe Over Third Avenue Fund Closure

Massachusetts Secretary of the Commonwealth William Galvin said Monday that he is opening a probe into the liquidation of Third Avenue Management’s junk bond fund and whether some investors had early knowledge of what was coming. The news comes as the SEC says that it is closely monitoring events at the firm.

Meanwhile, the U.S. Securities and Exchange Commission said in a statement that its staff is on site and continue to closely evaluate the fund’s efforts to ensure it provides an orderly process that best protects investors.

Third Avenue abruptly shuttered its Focused Credit Fund

As outlined by ValueWalk, Third Avenue Management said last week that...