All New Wilmott Jobs Board                     (b)

Wall Street funds shutdown: Investors can't withdraw money

Photo credit: Mark Martinez

 

The closure of the two New York funds last week spooked investors who were already fretting about the expected increase in US interest rates — the first for a nearly a decade. 

Third Avenue Management barred investors from making withdrawals from a $788m (£518m) fund that invests in company debt, and Stone Lion Capital did the same with a $400m credit fund.

Third Avenue is the biggest retail fund to shut its doors since the 2008 crash, raising fears of a rout in the riskier parts of the bond market.

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