Your fund is in liquidation. What is happening to your money?

Av. Dr. Mustafa Aykanat

·

Fund Crisis 2026: investor information
OverviewProcess ongoing

On 17 September 2026 the Capital Markets Board (SPK) decided to place 131 funds belonging to seven portfolio management companies in liquidation. This guide explains what happened, how payment will be made and what you can do now, based on official documents.

Last updated 19 October 2026 · General information based on official sources

131funds placed in liquidation1
7portfolio management companies2
455,758affected individual investors (SPK, 23 Sept 2026)3
17 Sept 2026suspension of trading and liquidation decision2

In brief

  • Liquidation does not mean your money is wiped out. The fund’s assets are sold and the proceeds are transferred to your account in proportion to your fund units. 1
  • You do not need to apply separately for payment. Payment is made to the bank or brokerage firm account in which your units are registered. 1
  • There is no principal guarantee. The amount you receive depends on what the fund’s assets can actually be sold for.
  • Gather your documents now. If an application or a lawsuit becomes necessary later, your records as they stand today will be the most valuable evidence.

What happened?

The SPK announced that in the last quarter of 2025 it had found that hedge funds and money market funds belonging to certain portfolio management companies had caused price movements “that could not be explained by economic reality” in thinly traded shares. 4

On 17 September 2026 the Board suspended buying and selling in every fund of the Tera, Pusula, Hedef, Atlas, A1 Capital, Pardus and Bulls portfolio management companies that is traded on TEFAS. Of these, it decided to place the 131 funds named in the list in liquidation. The Board based its decisions on subparagraph (a) of the first paragraph of Article 128 of Law No. 6362, and the liquidation decision additionally on the first paragraph of Article 96. 2 1

A fund suspended from trading is not the same as a fund in liquidation

These companies’ funds that are not on the list were also suspended from trading, but they are not being liquidated. These funds may be reopened to trading in the future. You can check which group your fund is in on the fund lookup page. 5

Start from your situation

1 minuteIs my fund on the liquidation list?Search the official list of 131 funds by fund code or name and see which bank is conducting the liquidation.Search for my fund → PaymentHow and when will my money arrive?The steps of the liquidation, from reconciliation to the transfer into your account, and where to follow the payment.See the process → TRY 1 millionWho is covered by the interim payment?The differences between the rule in the SPK decision and the rule in the Bill.Read about the interim payment → CompensationWhich claims can be brought, and against whom?The portfolio management company, the custodian, the distributor, the SPK and other counterparties, with the legal bases, venues and preconditions.See the routes → 16 November 2026How much time do I have?Deadlines for the annulment action, compensation and the application to the SPK, on a conservative calculation.Open the calendar → Sell orderI had placed a sell order on 17 SeptemberOrders placed that day were cancelled. What this means for you.Find out about my order → Do this todayWhich documents should I keep?A checklist of the records you need to gather to protect your rights.Open the list → CautionThose who say “We will recover your money”Scam methods targeting victims and how to protect yourself.Read the warning →

Brief chronology

  1. The qualified investor threshold was raised from TRY 1 million to TRY 10 million. 4

  2. The Guide on Investment Funds was comprehensively amended. The amendment restricted unsecured borrowing between related parties. 4

  3. The seven companies’ funds on TEFAS were suspended from trading. 131 funds were placed in liquidation and the liquidation procedure was announced. 2 1

  4. The SPK extended the maximum period envisaged for the liquidation from three months to six months. 6

  5. The SPK announced that the orders transmitted to TEFAS on 17 September had been cancelled. 7

  6. The interim payment procedure was set for the Tera, Pusula, Atlas and Hedef funds. The liquidation sequence was announced for the A1 Capital, Bulls and Pardus funds. 8

  7. According to the official statement, the amounts payable in 17 funds of A1 Capital, Bulls and Pardus were transferred to the banks and brokerage firms. 9

  8. The Bill specific to the funds was adopted by the Planning and Budget Committee of the Turkish Grand National Assembly. The Bill has not yet become law. 10 11

  9. The Hedef funds were removed from the interim payment scheme; they will be liquidated in the same order as the A1 Capital, Bulls and Pardus funds. 12

  10. According to the official statement, liquidation transactions of approximately TRY 40.8 billion were completed for more than 45,000 people in 66 funds of A1 Capital, Bulls and Pardus; the number of funds in liquidation fell to 65. 13

What is not yet known

  • Exact payment dates: Banks are making payments in periods they determine themselves; no single payment day has been announced for each fund. 1
  • End date of the liquidation: The maximum period was extended from 3 months to 6 months; counted from 17 September, it expires in mid-March 2027. The SPK has stated that the liquidation may be completed earlier depending on conditions; no definite end date has been announced. 1 6
  • The final form of the Bill: The Bill is expected to be debated in the General Assembly in the week starting 20 October. The text may still change, and it does not apply until it becomes law. 13

Sources

  1. SPK Bulletin 2026/6117 September 2026. Decision No. 57/1708: the liquidation procedures and principles (paragraph A), suspension of transactions outside TEFAS (B), the current list of 131 funds (C).
  2. SPK Bulletin 2026/6017 September 2026. Decisions No. 57/1706 and 57/1707 of the Board’s decision-making body: suspension of trading on TEFAS in the funds of 7 portfolio management companies and liquidation of the listed funds.
  3. Mahfi Eğilmez, Oksijen, 13 October 2026Summary of the article “Fon Krizi: Borsadan Ekonomiye Uzanan Etkiler” (The Fund Crisis: Effects Reaching from the Stock Exchange to the Economy). It reports the investor count in the SPK’s statement of 23 September 2026 and Reuters’ calculation of the size of the funds.
  4. SPK Press Release, 18 September 2026The preparatory process for the amendment to the Guide on Investment Funds: steps taken from December 2025 to August 2026.
  5. SPK Announcement, 1 October 2026The liquidation process for the funds founded by A1 Capital, Bulls and Pardus.
  6. SPK Press Release, 21 September 2026: Time Limit Arrangement for the Funds Subject to LiquidationBy Decision No. 59/1710 of 20 September 2026 of the Board’s decision-making body, only the 3-month period in paragraph (A/8) of the liquidation procedures and principles announced in Bulletin 2026/61 was changed to 6 months; the other provisions of the paragraph remain in force unchanged. The Board stated that six months does not mean the liquidation will necessarily take that long. (Text checked against the primary source, 16 October 2026.)
  7. SPK Press Release, 28 September 2026Cancellation of the orders transmitted to TEFAS on 17 September 2026, and payment to the holders of those orders from the liquidation balance in proportion to their units.
  8. SPK Bulletin 2026/6730 September 2026. Decision No. 64/1770 (order of liquidation for the A1 Capital, Bulls and Pardus funds) and Decision No. 64/1775 (interim payment for the Tera, Pusula, Atlas and Hedef funds).
  9. Lexpera Blog, 9 October 2026Prof. Dr. T. S. Küçük and Assoc. Prof. Dr. M. Duygun, “Fon Krizi Nedeniyle İdarenin Mali Sorumluluğu” (The Financial Liability of the Administration Arising from the Fund Crisis).
  10. Bill No. 2/3939“Tasfiyesine Karar Verilen Bazı Yatırım Fonları Hakkında Kanun Teklifi” (Bill on Certain Investment Funds Placed in Liquidation). Submitted to the Turkish Grand National Assembly on 9 October 2026 and adopted by the Planning and Budget Committee on 14 October 2026. Not yet enacted.
  11. Ekonomim, 14 October 2026“Fon teklifi komisyondan geçti: Yatırımcıya ödeme nasıl yapılacak?” (Fund bill passes committee: how will investors be paid?). A summary of the text adopted by the committee.
  12. SPK Bulletin 2026/7016 October 2026. Decision No. 70/1821 of the Board’s decision-making body dated 15 October 2026: the funds founded by Hedef Portföy Yönetimi A.Ş. were removed from the scope of interim payment decision No. 64/1775; their liquidation will follow the principles set by decision No. 64/1770 for the A1 Capital, Bulls and Pardus funds. (Content checked against the official statement and press reports, 19 Oct 2026.)
  13. Directorate of Communications statement, 18 October 2026: Sixth Fund Board MeetingIn-kind and cash liquidation transactions of approximately TRY 40.8 billion completed by Ziraat Bank for more than 45,000 people in 66 funds of A1, Bulls and Pardus Portföy; funds in liquidation down from 131 to 65; Hedef funds made subject to the same principles by the SPK decision of 15 October 2026; payments, starting with money market funds, planned for the coming week; the Bill expected to be debated in the General Assembly. (Reported by CNBC-e.)

Have a question?

These articles are general information. You can send questions about your own situation through the contact section or by e-mail.

Av. Dr. Mustafa Aykanat · Ankara Bar Association Reg. No 43042 · Yenimahalle, Ankara
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