Sunday, December 13, 2015

GONE: CEO of Troubled Junk Bond Fund MoneyManager; Not Allowed Back in Building

Third Avenue Management LLC has parted ways with Chief Executive David Barse, reports WSJ.

According to WSJ, a security guard at the firm’s New York headquarters said Sunday that Barse had been let go and isn’t allowed back in the building.

On Thursday, the firm said that it was closing its $789 million Third Avenue Focused Credit Fund and and not permitting withdrawals from the fund.

Barse had led Third Avenue since 1991. The Focused Credit Fund was loaded up with highly illiquid debt that was difficult to sell when redemptions mounted.


1 comment:

  1. CEO since 91? Investment Advisers/Mgmt. cos don't do this kind of thing. Even when a fund blows up due to bad bets. I wonder what the real story is...