Turkey's Pusula Portfoy defaulted on of some of its investment funds (updated)

Tera Yatirim Menkul Degerler

15/09/2026 14:44

Updates with Tera Yatirim's announcement on exchange, stock movements, new from paragraph 4
Sept 15 (Reuters) - Turkish fund manager Pusula Portfoy defaulted on redemption payments of some of its investment funds, according to an exchange filing published by the company on Tuesday.
The company said reconciliation processes and liquidity management with brokerage firms were ongoing.
Tera Group on Monday said it had reached a deal to take over the Pusula group, which includes Pusula Portfoy, and was awaiting regulatory approval.
Tera's unit Tera Yatırım TERA.IS has said the liquidity issues surrounding Pusula Portfoy's fund should not be associated with the financial strength, liquidity or operations of Tera Group. It added that the investment funds are not yet the responsibility of Tera Group companies, as the legal processes for the take over is still ongoing.
Once the take over is complete, the operation of the Pusula Group companies within the same structure as Tera Group would make significant contributions to strengthening their existing operations and supporting their long-term sustainability, Tera Yatirim said in its exchange filing on Tuesday.
Tera Yatirim TERA.IS shares were up 3.5% at 1323 GMT, while Pusula's sole exchange traded company Katilimevim KTLEV.IS hit the 10% daily loss limit well before the announcement was made.

 (Reporting by Mirac Eren Dereli; Editing by Susan Fenton, Alexandra Hudson)
 ((miraceren.dereli@thomsonreuters.com;))