Turkey’s Wealth Fund to become international brand: Fund chief

ISTANBUL-Anaodlu Agency

Turkey’s Wealth Fund will become an international brand just like Singapore’s Temasek, Malaysia’s Khazanah Nasional and Russia’s RDIF, the general manager of the fund said on Sept. 19.

Speaking at the 9th Istanbul Finance Summit (IFS18), Zafer Sönmez said wealth funds around the world were worth $8 trillion.

Turkey’s Wealth Fund is worth $40 billion, he added.

All wealth funds across the world are managed by government leaders or experienced politicians, he said.

Turkey’s President Recep Tayyip Erdoğan will also manage the fund, he added.

“Our approach will be result-oriented, innovative, accountable, transparent and inclusive,” Sönmez said.

Last week, Erdoğan was appointed the fund’s new chair and Treasury and Finance Minister Berat Albayrak as the acting chair.

Sönmez was assigned the role of general manager.

The fund, established in 2016, holds the total or part of shares of several Turkish companies such as flag carrier Turkish Airlines, telecommunications giant Turk Telekom, private lenders Ziraat and Halk, Turkish Petroleum and Borsa Istanbul.