FYI: Third Avenue Management LLC received approval from U.S. regulators to temporarily suspend redemptions from its $788.5 million high-yield bond fund.
The New York-based management firm will be required to put in place investor and market protections for its Third Avenue Focused Credit Fund, and be subject to ongoing oversight by the Securities and Exchange Commission, as a condition of the approval, a spokeswoman for the regulator said in a statement.
If the fund were unable to suspend redemptions, institutional investors would be best positioned to take advantage of any withdrawal opportunities, to the detriment of retail investors, the SEC said Wednesday in a regulatory filing.
Regards,
Ted
http://www.bloomberg.com/news/articles/2015-12-16/third-avenue-allowed-to-temporarily-suspend-redemptions-by-sec
