INVESTMENT FUND INDUSTRY IN TURKEY: A DESCRIPTIVE STUDY

Öz

The purpose of this study is to discuss legal and regulatory enviroment, trends in fund industry in Turkey, a newly organized pension fund industry, new products to be introduced, and finaly policy issues that authorites should consider. For the last three years Turkish mutual fund industry grew at a annual compound rate of 78.63. The major change in the investment fund sector is the the launch of new private pension funds in October 2003. Exchange Traded Funds ETF’s are expected to be introduced in Turkey. The large number of small funds in Turkey is a rather troubling feature. Because it is acknowledged that there ara some significant economies of scale in running a mutual fund. Therefore, the Government and Capital Market Board should consider measures that would encourage the smaller funds to merge

Anahtar Kelimeler

• Investment funds,mutual funds,Type A,Type B,net asset value,pension funds,market capitalization,returns,performance,EFT’s

Kaynakça

1. CAPITAL MARKET BOARD OF TURKEY, Pension Mutual Funds: Brief Guide, http://www.cmb.gov.tr/kyd/yf/yf.htm.
2. DAVIES, Howard. (2201). ‘‘The Regulation of Fund Management in Europe,’’ 11th Annual Fund Forum International Conference, Grimaldi Forum, Monte Carlo, Jul 4, 2001.
3. GÜRSOY, Tuncer Gürsoy, Y. Ömer Erzurumlu. (2001). “Evaluation of Portfolio Performance of Turkish Investment Funds,” Doğuş Üniversitesi Dergisi.
4. INSTITUTIONAL INVESTMENT MANAGERS’ ASSOCIATION. KYD Newsletters. (September 2002- September 2004).
5. LADERMAN, Jeffrey. (1993). Guide to Mutual Funds, McGraw-Hill.
6. TEVFİK, Arman T. ve Gürman Tevfik. (1994). “A Tipi Yatırım Fonlarının 1993 Yılındaki Başarımı,” Banka ve Ekonomik Yorumlar.
7. TEVFİK, Gürman. (1995). Dünya’da ve Türkiye’de Yatırım Fonları, Türkiye İş Bankası Kültür Yayınları.
8. WORLD BANK. (2003). Non-Bank Financial Institutions and Capital Markets in Turkey.

9. REA, John, Brain Reis, and Kirberlee Millar. (1996). “Operating Expense Ratios, Asset and Economics of Scale in Equity Mutual Funds,” in Investment Companies Institute Perspectives.
10. REDHEAD, Keith. (2003). Introducing Investments: A Personel Finance Approach, Prentice- Hall.