Turkey’s Capital Markets Board said on Thursday it has appointed the country’s
largest private bank, Turkish Bank, and the state Agricultural Bank to oversee
liquidation of 131 investment funds. The funds hold more than $18 billion of
assets and involve about 350,000 investors. Turkish Bank will handle funds
established by Tera Portfoy Yonetimi AS; the Agricultural Bank will supervise
funds run by six other asset managers, including Pusula Portfoy Yonetimi AS. The
banks will sell assets in phases and remit cash to investors pro rata.
Redemption requests submitted after 13:30 on Sept. 17 will be prioritized.