Turkey mandates Isbank and Ziraat to liquidate $18.3 billion funds
Turkey mandates Isbank and Ziraat to liquidate $18.3 billion funds ISTANBUL, Sept 18 (Reuters) - Turkey's Capital Markets Board (SPK) on Friday appointed Isbank and Ziraat Bank to oversee the liquidation of 131 investment funds managed by seven portfolio companies, following earlier decisions to suspend trading in the funds.
The assets under management of liquidated funds exceed 890 billion liras ($18.3 billion).
The regulator said the banks would convert fund assets into cash and distribute proceeds to investors, with the liquidation process expected to be completed within three months unless extended.
Isbank was mandated to oversee the liquidation of Tera Portfoy's funds and Ziraat Bank to oversee funds established by A1 Capital, Atlas, Bulls, Hedef, Pardus and Pusula, the regulator said.
Turkish authorities on Thursday announced a series of measures to contain market turmoil after some investment funds defaulted on redemption requests.
($1 = 48.7400 liras)
(Reporting by Mirac Eren Dereli and Ezgi Erkoyun)
((ezgi.erkoyun@thomsonreuters.com; +90-212-350 7051; Reuters Messaging: ezgi.erkoyun.thomsonreuters.com@reuters.net;))
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