A small family of mutual funds said today that an error by its accounting agent caused the company to post erroneous net asset values Monday for two of its three products.
Third Avenue general counsel James Hall attributed the misrepresentation to a clerical mistake and said the problem was corrected before purchase or redemption orders were processed. But the numbers were not changed before they appeared in several publications, he said.
Such snafus are rare, Hall said, but they likely had no direct correlation to last weeks attack on the World Trade Center and the ensuing strain on the financial industrys infrastructure.
Third Avenue Trust offers a small-cap value product in addition to the two other funds. Its accounting agent is
