Turkey hiring senior bankers to run wealth fund
08 Feb 2017 - 0:53
Turkey is seeking to recruit senior bankers to help run the country’s newly-established sovereign wealth fund, according to people with knowledge of the matter.
The Turkey Wealth Fund Management Inc., approved by parliament in August, is working with international executive search firms to hire for positions including chief investment officer and chief financial officer, said unidentified sources. Potential candidates are already being interviewed, they said.
Turkey is setting up Turkiye Varlik Fonu Yonetimi AS - as the fund is known in Turkish - to finance large infrastructure projects with Economy Minister Nihat Zeybekci saying its eventual asset size could reach $200bn. The government will transfer its holdings in the country’s biggest bank by assets, a state-owned phone company, Turkish Airlines and a oil-and-gas producer to the fund, it said this week.
President Recep Tayyip Erdogan is seeking to boost economic growth after a series of terrorist attacks damaged consumer confidence and tourism.