Turkey’s first hedge funds coming into being shortly

Todays Zaman- Licensed just a few months ago, Turkey’s first hedge funds will likely embark on operations by mid-September, Corporate Governance Association of Turkey (TKYD) President Gür Çağdaş has said.

Speaking to Reuters yesterday, Çağdaş said with the funds, an important and attractive financial instrument would be available to domestic and foreign investors.

The government opened the door in March 2008 for the establishment of hedge funds in Turkey and since then, Garanti Bankası, İş Yatırım and Oyak Securities have acquired the necessary licenses for creating and running such funds. Yapı Kredi also applied for permission to run a hedge fund but is still awaiting approval of its application.

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