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.