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Turkey arrested high-profile finance executive Emre Tezmen and four others as part of an ongoing investigation into imploded funds that have caused billions of dollars of investors’ money to evaporate.
Goldman Sachs Group Inc. analysts said Turkish investors exiting money market funds during a redemption crisis are most likely transferring a majority of their savings to lira deposits.
Borsa Istanbul is removing a factoring company at the center of Turkey’s crackdown on investment funds from its indexes of the country’s 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 “ponzi-like” funds scheme.
Turkey’s sovereign wealth fund bought stocks on Thursday to prop up the nation’s equity market, according to people with knowledge of the matter, the latest move to contain fallout from a crash in the country’s fund management industry.
Turkish officials are trying to stop a meltdown at some of the country’s most prominent asset managers from infecting the wider financial industry. 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. 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 country’s asset-management industry.
Turkey’s market regulator said it will liquidate some funds managed by seven asset management companies, including Tera Portfoy and Pusula Portfoy.
Turkey’s 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 that’s shaken the country’s investment fund industry.
The UK is facing new competition from countries such as Greece and Turkey, which offer disaffected ultra-wealthy residents more favorable tax regimes. Nicole Sy explains. (Source: Bloomberg)