Fondspanikken i Tyrkia: Forvaltere utestenges fra Istanbul-børsen

Turkia's pension fund managers are facing liquidity issues this week, warning of difficulties in repaying the money deposited by clients. Major withdrawals have occurred from Turkish funds, causing the Istanbul Stock Exchange to plummet more than five percent on Wednesday, with financial traders experiencing a sharp decline. Turkish authorities have responded to the crisis, targeting both individuals and fund managers.

Reuters and Bloomberg reported that the market reacted positively on Thursday after the sharp decline the previous day. The main indices, BIST 100, rose nearly three percent, but remain down more than six percent this week. Two fund managers, Pusula Portfoy and Tera Portfoy, are at the center of the panic. Several executives of the companies are held by the police, while others have been issued travel bans.

The chairman of Pusula has been arrested. A total of 38 people are accused of market manipulation and have been barred from handling trades on the Istanbul Stock Exchange for two years, according to Turkey's financial watchdog. Pusula is also barred, according to Reuters. Charges are linked to trading in three specific stocks on the Istanbul Stock Exchange.

Authorities plan to delist funds run by Tera, Pusula, and other managers, according to Bloomberg. Additional measures include the central bank contributing to increased liquidity in the market and adjusting bankers' loan limits. Emre Tezmen, the founder of the Tera group, is among those issued travel restrictions. He defended his company on X on Wednesday, claiming they were facing a planned and speculative attack, and that it's only temporary liquidity problems.

Tera group had agreed to purchase Pusula Finans, including its fund management business, prior to the panic. The acquisition awaits regulatory approval. Problems for the managers can be traced back to August when authorities tightened rules on what types of settlements funds could have in stocks, with only a smaller percentage of stocks handled in the open market, potentially creating little liquidity in the stock. Stock sales following the rule change contributed to a rush to sell out.