Turkish capital markets regulator appointed the country's largest public and private banks Friday 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 TL 890 billion ($18.3 billion).
The Capital Markets Board (SPK) said Ziraat Bank and Işbank would convert fund assets into cash and distribute proceeds to investors, with the liquidation process expected to be completed within three months unless extended.
Işbank was mandated to oversee the liquidation of Tera Pörtfoy's funds and Ziraat Bank to oversee funds established by A1 Capital, Atlas, Bulls, Hedef, Pardus and Pusula, the regulator said.
Turkish authorities announced Thursday a series of measures to contain market volatility after some investment funds defaulted on redemption requests.
