SPK decided to liquidate the funds of seven portfolio management companies; the number is 130 at Bloomberg HT and 131 in some reports. Seventeen funds of A1 Capital, Bulls and Pardus are on the list. According to the October 1 announcement, liquidation starts with funds titled “money market” and goes from the largest number of investors to the smallest. SPK’s September 30 decision provides for an interim payment of up to 1 million lira to investors in the Tera, Pusula, Atlas and Hedef funds whose reconciliation is complete; the date is not set (Hürriyet). On Sunday Vakıfbank General Manager Osman Arslan said the situation was temporary and posed no risk to banking (Bloomberg HT, Foreks); the chair of the Banks Association of Türkiye, Alpaslan Çakar, spoke similarly. The BIST 100 closed Friday up 0.17% at 12,270.18, with a weekly loss of 4.88% (629.17 points); the low of the week was 11,926.04 (Halk TV, CNN Türk, Referans).
Fund investors are numerous, and funds are the savings vehicle of most households. The speed of the liquidation and how payments will be made touch both small investors’ money and confidence in the stock market.
If you bought a fund, check SPK and MKK announcements to see whether your fund’s code is on the liquidation list. Until the date and terms of the interim payment are announced, do not trust any intermediary’s payment promise. Do not read short-term moves in the stock market as a trend.
Bankers and the regulator say the problem is confined to a limited group of funds and is not a systemic risk; the interim payment decision is the first concrete step for investors.
The bankers’ assurance is their own assessment and the investigation is ongoing. That the liquidation has spread to so many funds raises the question of whether oversight and supervision were adequate.
Today’s question is not “is there a crisis” but “when will whom be paid.” Watch two things: SPK’s interim payment date and whether the stock market holds above 12,000. The bankers’ “no risk” may be right; but the proof will be data, not statements.
Hürriyet, Bloomberg HT, Foreks, Halk TV, CNN Türk, Referans, Banka Dünyası (Sept. 30 – Oct. 4, 2026)
In the fund crisis SPK presses on with liquidations, BIST 100 ends the week down 4.88 percent; bankers say “no risk”
About 130 funds of seven portfolio management companies are being liquidated. The Istanbul Chief Public Prosecutor’s Office is running the investigation; no interim payment schedule for investors has been announced yet.
The Capital Markets Board (SPK) has decided to liquidate the funds of seven portfolio management companies. Bloomberg HT gives the number as 130 and other reports say 131; because of that gap DailyDrop writes “about 130.” Seventeen funds of A1 Capital, Bulls and Pardus are on the list. According to SPK’s October 1 announcement, liquidation starts with funds that have “money market” in their name and moves from those with the most investors to those with the fewest.
Under SPK’s September 30 decision, investors in the Tera, Pusula, Atlas and Hedef funds whose reconciliation is complete will receive an interim payment of up to 1 million lira; the payment date has not been announced (Hürriyet). On Sunday Vakıfbank General Manager Osman Arslan said the situation was temporary and posed no risk to the banking sector, and that no customer had asked for liquidity because of the funds (Bloomberg HT, Foreks). The chair of the Banks Association of Türkiye, Alpaslan Çakar, gave a similar assessment. According to agenda summaries, SPK also extended the equity ratio requirement for margin trading.
On Borsa Istanbul, the BIST 100 closed on Friday at 12,270.18, up 0.17 percent; trading volume was 124.8 billion lira. The index finished the week down 629.17 points, or 4.88 percent, from 12,899.35. Its lowest level of the week was 11,926.04 (Halk TV, CNN Türk, Referans). The bankers’ “no risk” remark is their own assessment; DailyDrop cannot verify it independently.