Turkey Weighs Pooling Assets From Frozen Funds

What Ankara Is Weighing

Policymakers are studying a pooled vehicle funded by assets from frozen investment funds, according to an official briefed on the discussions who asked not to be named. The idea is still at an early stage and could change, and there is no final decision yet on which entity would oversee the pool. The Finance Ministry and the Capital Markets Board declined to comment.

Who Is Included and Who Runs It

The plan envisions tapping assets from 131 funds which the Capital Markets Board ordered to be wound down. Together, these vehicles manage in excess of $18 billion across investments and count about 350,000 investors. Officials are also debating who would manage the pool if it moves forward.

Why It Is Being Considered

The pooled assets could help process money investors are seeking to reclaim after a fund-industry crisis that triggered failed redemptions, arrests and a sharp equity selloff last week. Separately, the government is considering lifting the threshold for qualified investors above 10 million liras ($205,000). The Capital Markets Board last raised that floor in December.

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Market Reaction and Recovery Ideas

Istanbul-based Marmara Capital's managing partner, Haydar Acun, said pooling money "could provide a greater sense of fairness among investors and help them recoup some of their losses." He previously posted on X that "only a fraction" of the approximately $20 billion put into the affected stocks, whether directly or indirectly, may be recoverable through market sales, citing what he viewed as inflated valuations. In a Saturday post, he added: "As in the Madoff case, a separate 'escrow account' should be established, separate from fund liquidations, to ensure that all those responsible - including individuals, fund management companies, and stock exchange firms that knowingly and willingly participated in the manipulation and profited from it - pay the price with their assets."

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