Why did Norway's sovereign wealth fund end its relationship with Istanbul Portfoy?

The fund terminated its relationship after Turkish regulators fined one of Istanbul Portfoy's managing partners for market manipulation.

Is Norway's sovereign wealth fund looking for a new investment manager in Turkey?

Yes, the fund is currently searching for a new investment manager in Turkey, with a decision expected in the early months of this year.

Home / Business and Economy / Norway Fund Cuts Turkish Ties Over Trading Fine

Norway Fund Cuts Turkish Ties Over Trading Fine

Q: What was the fine imposed by Turkish regulators?

A managing partner of Istanbul Portfoy was fined 18.5 million liras ($423,000) for creating a misleading impression about share supply, demand, and price.

13 Feb

•

Summary

Norway's sovereign wealth fund severed ties with an asset manager in Turkey.
The firm's partner was fined for market manipulation in local shares.
The fund is now seeking a new investment manager in Turkey.

Norway Fund Cuts Turkish Ties Over Trading Fine

Norges Bank Investment Management, Norway's sovereign wealth fund valued at $2.1 trillion, has ended its partnership with Istanbul Portfoy Yonetimi AS. The decision, made in November, came after Turkish regulators imposed a fine on a managing partner of the Turkish firm for market manipulation concerning shares of two local companies. This partner was fined 18.5 million liras ($423,000) for creating a misleading impression regarding share supply, demand, and price. Although the penalized trades were not related to the Norwegian fund's Turkish investments, the finding and the firm's delayed disclosure prompted the fund's action. The fund is now actively seeking a new investment manager in Turkey, with other Turkish asset-management firms having submitted proposals. A decision regarding the new manager is anticipated within the first few months of this year.

Disclaimer: This story has been auto-aggregated and auto-summarised by a computer program. This story has not been edited or created by the Feedzop team.