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Erdogan Names Himself Turkey Wealth Fund Chairman in Shakeup

  • Fund also gets a new general manager from Malaysia’s Khazanah
  • Erdogan had expressed disappointment with fund’s management
Bloomberg business news
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President Recep Tayyip Erdogan appointed himself chairman of Turkey’s sovereign wealth fund and got rid of the entire management staff that had presided over two years of inaction.

Zafer Sonmez, head of Turkey and Africa for Malaysia’s government investment vehicle Khazanah Nasional Bhd, was named general manager. Treasury and Finance Minister Berat Albayrak, Erdogan’s son-in-law, will also sit on the board, according to a decree published in the Official Gazette.