(Bloomberg) -- Third Avenue Management, which took the rare step of freezing redemptions in a distressed debt mutual fund last month, saw investors also pull money from its equity funds, contributing to a 21 percent decline in the firm’s assets last quarter.

Third Avenue managed $6.3 billion as of Dec. 31, down from $8 billion as of Sept. 30, Daniel Gagnier, a spokesman, said in an e-mail. Investors withdrew an estimated $720 million, or almost 13 percent of total assets, from Third Avenue’s four equity mutual funds in December, according to data compiled by Bloomberg.

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