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Turkish Wealth Fund’s Chief Leaves in Policy Maker Shakeup

  • Departure follows that of head of the stock exchange
  • Both were appointed as Erdogan son-in-law Albayrak ran economy
Zafer Sonmez
Zafer SonmezSource: Turkish Wealth Fund
Updated on

President Recep Tayyip Erdogan replaced the chief executive officer of Turkey’s sovereign wealth fund, deepening a shakeup at top economic institutions that began with the resignation of the stock exchange head.

Arda Ermut was named CEO of the Turkey Wealth Fund, replacing Zafer Sonmez, according to a decree published Tuesday in the Official Gazette, confirming an earlier Bloomberg News report. Ermut in the past served as the head of the investment office of Turkey’s presidency and a board member at the wealth fund.