Turkey's SPK suspends Tera and Pusula portfolio firms, orders fund liquidation
The Capital Markets Board suspended capital market activities of Tera and Pusula Portfolio Management and assigned Is Bankasi and Ziraat Bankasi to liquidate their funds.
KEY POINTS
- SPK temporarily suspended capital market activities of Tera and Pusula Portfolio Management on October 26, 2026.
- The suspension was based on Article 97, first paragraph, of Law No. 6362 on Capital Markets.
- Investment, real estate, and venture capital funds established by the two companies will be liquidated, excluding funds already under liquidation from September 17 decisions.
- Is Bankasi will liquidate Tera's funds; Ziraat Bankasi will liquidate Pusula's funds.
- September 17 SPK decisions had already placed seven portfolio management companies' funds into liquidation.
Turkey's Capital Markets Board (SPK) announced on October 26, 2026 that it had temporarily suspended the capital market activities of Tera Portfolio Management A.S. and Pusula Portfolio Management A.S. The decision was published in an SPK bulletin and cited Article 97, first paragraph, of Law No. 6362 on Capital Markets.
The board also ordered the liquidation of investment funds, real estate investment funds, and venture capital investment funds established by the two companies. Funds already placed under liquidation by SPK decisions dated September 17, 2026 were excluded from this new order.
“The capital market activities of Tera Portfolio Management A.S. and Pusula Portfolio Management A.S. were temporarily suspended.”
Is Bankasi was assigned to liquidate the funds established by Tera Portfolio Management. Ziraat Bankasi was assigned to carry out the liquidation of funds established by Pusula Portfolio Management.
The September 17 decisions had previously covered seven portfolio management companies, including Tera and Pusula. At that time, Is Bankasi was authorized for Tera's funds and Ziraat Bankasi for the funds of the other six companies.
The latest decision extends the liquidation process to funds that had not previously been subject to liquidation orders. Both banks will now oversee the winding up of the relevant portfolios.
SPK did not state a date for resuming the suspended activities of Tera and Pusula. The companies remain barred from capital market operations until further notice.
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