from Zero Hedge
In 2015, at the peak of the commodity-crush induced wave of energy defaults, a high-yield bond fund at Third Avenue in froze withdrawals to avoid having to divest holdings at fire-sale prices. That set off a chain of events that rattled credit markets and deepened one of the worst selloffs in years.
Fast forward to today, when Swiss multi-billion asset manager, GAM Holdings announced it has frozen withdrawals at some of its bond funds after a surge in redemptions from clients who sought withdraw their money following the suspension of manager Tim Haywood, the latest in a series of setbacks that sent the company’s shares into a tailspin.
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