Third Avenue Management Situation Unravels and SEC Goes 'On Site'

The situation at hedge fund Third Avenue Management is escalating very quickly with headlines out moments ago from Bloomberg noting the SEC is "on site" at the fund to closely monitor the situation.

The news follows an announcement earlier today that CEO David Barse was let go just days after the fund announced it would bar investor withdrawals from its junk bond fund.

The "gating" has sent shock waves through the market, which is already bracing for the first Fed rate hike in nearly a decade.

The SEC declined comment to StreetInsider on details of its "on site" visit, although they provided the following statement, confirming the Bloomberg headlines:

"Commission staff is on site, and we continue to closely evaluate the fund’s efforts to ensure it provides an orderly process that best protects investors."

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