Medical Alhype meets the messy real world - Mega-donors mask a deeper British malaise

Sep 18, 2026

Uploaded by Violet

Medical hype collides with complex real-world risks as Turkey struggles to stabilize its fund market after a speculative bubble rattles the Istanbul stock exchange. Authorities froze trading, ordered the liquidation of dozens of funds, and loosened lira liquidity access to limit forced selling. A multi-pronged response includes regulator referrals, attempts to isolate household savings via a treasury-backed bailout, and efforts to reassure investors amid redemption failures.

LanguageEnglish

CategoryResearch & Report

FormatPDF

Pages20

Reading Time50 min

AccessFree to download

Medical Alhype meets the messy real world

Authorities’ three-pronged stabilization approach

Market impact on BIST 100 and investor confidence

Redemption failures and regulatory actions

Treasury-backed support to contain contagion risk

FINANCIALTIMES FRIDAY 18 SEPTEMBER 2026 MIDDLE EAST # Medical Alhype meets the messy real world Mega-donors mask a deeper British malaiseROBERT SHRIMSLEY,PAGE 19 Turkey racesto stem falloutfrom run onmarket funds ●Vehicles liquidated to restore calm ● Blow to fragile financial reputation JOHN PAUL RATHBONE-ISTANBUL withdrawtheirsavings in what analysts called a“fundrun”. Turkish authorities have frozen tradingin funds run by seven asset managersand ordered 130 funds to be liquidatedas part of efforts to contain the falloutfrom a speculative bubble that hasshaken the Istanbul stock market andthreatened the savingsofinvestors. A second fund management group,Tera Portföy,said two of its funds hadbeent unable towmiake redemption ay-wait to redeem funds.Assets managedbythe threegroups total about S29bn. The central bank loosened access tolira liquidity to prevent forced selling,while the capital markets regulatorreferred 38 people to prosecutors oversuspected market manipulation.Astate-owned bank also opened talks tobuy two savings-finance companieslinked tothe turmoil. Turkey's financial authorities appearto be taking a three-pronged approachto containthe problem,analysts said. First,the central bank eased lendingand collateral requirements so thatTurkish inancial institutions hadample access to liquidity.Second,thebuying and selling of funds run byinvestment groups Tera,Pusula,Hedef,Atlas,A1,Pardusand BullsPortfoy. The market shakeout comes at anawkward moment for Turkey,which istrying to rebuild its international eco-nomic credibility under a stabilisationprogramme led by finance ministerMehmet Simsek,aformer Merrill Lyncheconomist and strategist. Third,authorities appear to be tryingto isolate ordinary household savingsbusinesses from the turmoil surround-ing the investment funds through aTreasury-backed bailout. Turkey's benchmark BIST 100 stockindex,which fellacombined 8 per centon Tuesday and Wednesday,reboundedas much as 2.5per cent in early tradingyesterday following the measures,beforelaterparing some gains. State-owned Islamic participationbank Emlak Katilm said its savings-finance subsidiary had opened talks toacquire two companies within thePusula group that pool customer sav-ings tofinance home andcarpurchases. "The problem is concentrated in aspecificsegment ofthe fund market andis temporary and manageable innature,"Turkey's Financial StabilityCommittee said after an emergencymeeting yesterday,adding the mainfocus was“preventing contagionrisk”. Emre Tezmen,chair of Tera Holding,one of the companies at the centre ofthestorm,blamed the turmoil on what hedescribed as a“planned,deliberate andorganised speculative attack"by"noto-rious malevolent forces". Mark Carney addresses the Europeanparliament in Strasbourg yesterday,hours after Donald Trump suggestedhe would consider EU approval of Can-ada's bid for associate membership as a In a landmark speech,Carney castany alliance with Brussels as a demo-cratic counterweight to mounting UStrade pressure. "Iam not proposing a third bloc inorder to become a great-power rival-only with better manners,"he quippedin referenceto the US. This week's sell-off was triggeredwhen leading Istanbul fund managerPusula Portfoy said some of its fundscould not meet redemption paymentstoinvestorsontime. On social media he also expressedstrong support for President RecepTayyip Erdogan.Tezmen now faces aforeign travel ban as partof the investi-gation launched by Istanbul prosecu-tors,localmedia reported. The Canadian prime ministerdefended his country'scloserties withthe European bloc,callingit a“positivething"that would make Canada“abetter partner fortheUS”. European Commission president Ursula von der Leyen on Wednesdaysaid she wanted to “open the door”for Alarmed retail investors rushed to # Merz skips UNtriptofightforsurvivalas German regionalelections lookgrim ANNE-SYLVAINE CHASSANY-BERLIN German Chancellor Friedrich Merz isparty

FAQs

What triggered the turmoil in Turkey’s fund market?

Turkey’s authorities responded after funds run by multiple asset managers faced issues tied to a speculative bubble and a “fund run” described by analysts, including redemption payment delays and inability to make redemptions on time.

What measures did Turkey’s financial authorities take to contain the fallout?

They froze trading in certain funds, ordered a large number of funds to be liquidated, loosened access to lira liquidity to reduce forced selling, and referred people to prosecutors over suspected manipulation.

How did authorities aim to protect ordinary household savings?

They appeared to isolate ordinary household savings businesses from the surrounding fund turmoil through a treasury-backed bailout, with regulators emphasizing preventing contagion risk.

Sep 18, 2026

Uploaded by Violet