Stock at Heart of Turkish Fund Crisis Ejected From Top Indexes
Borsa Istanbul is removing a factoring company at the center of Turkeyโs crackdown on investment funds from its indexes of the countryโs most valuable stocks.
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Borsa Istanbul is removing a factoring company at the center of Turkeyโs crackdown on investment funds from its indexes of the countryโs most valuable stocks.
Turkey is considering to establish a pool of assets from funds frozen by regulators following defaults that sparked investor panic last week, an official familiar with the matter said.
Turkish authorities on Saturday detained high-profile finance executives as part of an investigation into a โponzi-likeโ funds scheme.
Turkeyโs sovereign wealth fund bought stocks on Thursday to prop up the nationโs equity market, according to people with knowledge of the matter, the latest move to contain fallout from a crash in the countryโs fund management industry.
Turkish officials are trying to stop a meltdown at some of the countryโs most prominent asset managers from infecting the wider financial industry.ย Several top finance executives were either detained or given travel bans as part of a widening investigation related to mass outflows from asset managers this week.ย Bloomberg's Beril Akman reports. (Source: Bloomberg)
Turkey has turned to two of its biggest banks to oversee the liquidation of 131 investment funds caught up in turmoil that has shaken the countryโs asset-management industry.
Turkeyโs market regulator said it will liquidate some funds managed by seven asset management companies, including Tera Portfoy and Pusula Portfoy.
Turkeyโs market regulator filed criminal complaints against dozens of people and imposed trading bans over alleged share-price manipulation by asset managers at the heart of turmoil thatโs shaken the countryโs investment fund industry.