The decision to liquidate hedge funds shook the market: 45 billion liras increased in one day

Investors' concerns continue in the market due to the regulation made in hedge funds and the subsequent decision to liquidate these funds due to the inability of these funds to pay their customers' money.

This situation is also reflected in the numbers. According to experts, investors who are afraid of the fund market mainly turn to bank deposits. It is also stated that there is a flow from the funds of relatively small institutions to bank money market funds.

The most striking example of the behavior of investors afraid of developments was seen in the money market fund of a large bank. Even though the private fund, which earned interest only by doing simple repo, did not make any losses, 1 billionaire investor was on the way to abandoning the fund.

DECREASED FROM 52.8 BILLION TO 7.4 BILLION

In the FVT application, which shows the status of the funds, it is seen that on September 18, there were 8 investors and 52.8 billion liras in the hedge fund of a large bank, while one business day later, on September 21, the number of investors decreased to 7 and the fund size decreased to 7.4 billion liras. This figure shows that one investor took approximately 45 billion liras (almost 1 billion dollars) and left the fund in one day. It was learned that the billionaire investor was a foreigner.

In the memorandum sent by the Istanbul Chief Public Prosecutor's Office to MASAK on September 17, it was requested to provide financial data regarding the managers of Pusula Finans Holding AŞ, Tera Yatırım Menkul Değerler AŞ, Hedef Holding AŞ and Bulls Yatırım Menkul Değerler AŞ and their subsidiaries.

HOW DID THE PROCESS WORK?

It was requested that the clear identity information of all managers of the companies be determined, and that their money and crypto asset transfers abroad from 2024 to the present, as well as all money inflows and outflows, be sent to the Chief Public Prosecutor's Office in raw data.

It was learned that the financial review, which covers the money and crypto asset movements of the managers of these companies as well as their first degree relatives, aims to determine whether money has been transferred abroad or crypto assets have been issued through these people.

In the investigation carried out by the Istanbul Chief Public Prosecutor's Office, Terrorism Financing and Laundering Crimes Investigation Bureau, Tera Yatırım Holding Chairman of the Board of Directors Emre Tezmen, Tera Yatırım Holding Board Member Emre Alkin, Tera Yatırım Independent Board Member Kerem Alkin, Tera Portföy General Manager Alper Öztürk and Pusula Holding Chairman of the Board Serdar Turhan were detained. Police teams had searched the office rooms of the suspects Emre Tezmen and Alper Öztürk. Doğa Sigorta Chairman Nihat Kırmızı, Tera Yatırım Board members Bülent Uygun, Abdulkadir Özkan and Selim Dağbaşı and Hamza Kablan were also detained.