CEO exits after mutual fund implodes

The CEO of the risky junk bond mutual fund that blew up last week has stepped down.

Longtime CEO David Barse exited Third Avenue Focused Credit Fund, leaving a team of executives to run the fund.

Last week, the fund announced it was liquidating and blocked investors from getting their money back.

The fund focused on risky market sectors, including distressed debt of companies that were close to defaulting on their loans and ones that already had.

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