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SEC Announces Fraud Charges Against Investment Adviser

The SEC alleges that Atlantic Asset Management LLC (AAM) invested more than $43 million of client funds in illiquid bonds issued by a Native American tribal corporation without disclosing the conflict of interest that the bond sales generated a private placement fee for the broker-dealer, whose parent company partially owns AAM. “As alleged, Atlantic violated […]

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High-Yield Bond Funds: Increasing Blood in the Water

As reported by Bloomberg on December 13, 2015 (“Investors See Third Avenue Fueling More Bond Market Carnage”), “top bond managers are predicting more carnage for high-yield investors amid a market rout that forced at least three credit funds in the past week to wind down.” The three bond funds that suffered losses within the past week […]

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High-Yield Investors Suffer Bond Fund Losses

The U.S. High-Yield bond rout deepened Monday, with the bonds of dozens of low-rated companies falling anew and the shares of some large fund-management firms tumbling as well. Investors are rushing out of junk bonds, spooked by last week’s closure of a mutual fund focused on some of the lowest-quality, highest-yielding bonds. The shutdown comes […]

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Third Avenue CEO Leaves Firm After Collapse of Focused Credit Fund

Third Avenue Management LLC has parted ways with Chief Executive Officer David Barse after the collapse of the company’s Focused Credit bond fund last week. The collapse of Third Avenue’s Focused Credit Fund jolted Wall Street and renewed worries about the difficulty of trading securities on the U.S. bond market. New York-based Third Avenue is […]

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Third Avenue Focused Credit Fund halts investor withdrawals

A firm founded by legendary vulture investor Martin Whitman is barring investor withdrawals while it liquidates its high-yield bond fund, an unusual move that highlights the severity of the monthslong junk-bond plunge that has swept Wall Street. The decision by Third Avenue Management LLC means investors in the $789 million Third Avenue Focused Credit Fund […]

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