Turkey Fund Crisis Triggers Regulatory Liquidation
Turkish regulators are liquidating 131 investment funds after asset managers failed to meet redemption payments amid a market manipulation probe. The crisis has drawn in hundreds of thousands of investors and officials, threatening economic growth forecasts.
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Turkey ordered the liquidation of 131 investment funds managing over $20B after managers failed to meet redemption payments. The collapse follows a three-year retail boom driven by half a million investors chasing returns above inflation. The crisis dragged local equities into a bear market, pushing the main index to its worst monthly decline since 2008.
