Turkey's market regulator suspended operations of three brokerage firms—Alnus Yatirim Menkul Degerler AS, Bulls Yatirim Menkul Degerler AS, and Pusula Yatirim Menkul Degerler AS—citing weak financial strength. The firms, which employed over 300 people, face liquidation of funds tied to a broader crisis. Treasury & Finance Minister Mehmet Simsek will meet portfolio management executives amid industry contraction.
Strateji Portfoy Yonetimi CEO Burak Cetinceker warned that assets under management and revenues will decline while costs rise, impacting employment. Info Yatirim Menkul Degerler AS recently cut over 50 jobs. The turmoil follows 131 funds with 500,000 investors ordered into liquidation after Tera and Pusula failed to meet redemption requests.
Over $100 billion has been erased from Turkish stock market values since mid-September, with Borsa Istanbul 100 Index trading volumes down 30% year-over-year.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing