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2026-09-18 13:44:12
[Turkey Entrusts Two Largest Banks to Liquidate 131 Funds, Involving Over $18 Billion and 350,000 Investors] (1) Turkey has entrusted two of its largest banks to liquidate 131 investment funds caught in a turmoil that has shaken the country’s asset management industry. (2) The Turkish Capital Markets Commission said in a statement Thursday evening that Bank Turk, Turkey’s largest private bank, and state-owned Agricultural Bank will oversee the liquidation. (3) The funds ordered to be liquidated hold more than $18 billion in investments, involving approximately 350,000 investors. (4) According to the regulator, Bank Turk will handle the funds established by Tera Portfoy Yonetimi AS; Agricultural Bank will oversee funds managed by six other asset management companies, including Pusula Portfoy Yonetimi AS. (5) The regulator said the two banks will sell the assets held by the funds in stages and transfer cash to investors in proportion to their shareholdings. (6) Redemption requests submitted after 1:30 p.m. on September 17 will be given priority.
