Turkish Sovereign Wealth Fund to manage state-owned insurance companies

The Turkey's Wealth Fund (TVF) shall monitor state-owned insurance and pension management companies. The transaction is expected to be completed in the first quarter of 2020.

The operation aims at enhancing the competitiveness of those firms. The TVF will now manage six insurers: Halk Sigorta, Gunes Sigorta, Ziraat Sigorta, Halk Hayat, Ziraat Hayat and Vakif Emeklilik. Established in 2016, the Fund currently manages nearly 50 billion USD.