Turkish Funds With $7.5 Billion Assets Default on Redemptions
12 Articles
12 Articles
Turkish Funds With $7.5 Billion Assets Default on Redemptions
Tera Portfoy Yonetimi AS said two of its funds with a combined 366 billion liras ($7.5 billion) in assets failed to meet redemption requests, making it the second Turkish asset manager to announce defaults on some funds this week.
Pusula Portfolio announced that payments to investors who wished to withdraw their money from some investment funds could not be made on time, resulting in defaults.
The problems of the management company Pusula Portföy brought down the main index of the Istanbul Stock Exchange on Wednesday 16 September.
Pusula Portfolio announced to the Public Disclosure Platform (KAP) that some investment funds have defaulted on redemption payments. While the company stated that liquidity management is ongoing, Tera Investment stated that these processes are not its responsibility due to the transfer not yet being completed.
Pusula Portfolio Management Inc. announced that a default has occurred in the redemption payments of the participation units of its fund, 'Pusula Portfolio Money Market (TL) Fund', and 'Pusula Portfolio Second Money Market (TL) Fund'. The company stated that the reconciliation and liquidity management process for these funds is ongoing.
"Some of the investment funds we founded have defaulted on the repayment of their participation units. Reconciliation with the brokerage firms that handle transactions on behalf of the relevant funds and the liquidity management process are ongoing." "Necessary measures are being carefully taken regarding this matter, and our investors will continue to be informed about developments."
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