Capital Markets Board suspends activities of Tera, Pusula portfolios

Capital Markets Board suspends activities of Tera, Pusula portfolios

ISTANBUL

Türkiye’s Capital Markets Board (SPK) has decided to temporarily suspend the capital markets activities of portfolio management firms Tera Portföy Yönetimi and Pusula Portföy Yönetimi, according to decisions published on the regulator’s website.

The board also decided to include investment funds, real estate investment funds and venture capital investment funds established by the two companies, which have been closed to transactions but are not yet in liquidation, in the liquidation process.

As part of the decision, private lender İşbank was appointed to oversee the liquidation of investment funds, real estate investment funds and venture capital investment funds founded by Tera Portföy Yönetimi. State-owned Ziraat Bankası was assigned to carry out the liquidation of the corresponding funds established by Pusula Portföy Yönetimi.

The decision comes amid turmoil in Türkiye’s investment fund sector that began in September after several funds managed by portfolio companies encountered difficulties meeting investor redemption requests.

Regulators subsequently ordered the liquidation of 131 funds managed by seven portfolio management firms, affecting more than 455,000 investors.

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