'Turkey's Wealth Fund to become international brand'

Turkey's Wealth Fund will become an international brand exactly like Singapore's Temasek, Malaysia's Khazanah Nasional and Russia's RDIF, general manager of the fund said on Wednesday.

Speaking at the 9th Istanbul Finance Summit (IFS18), Zafer Sönmez said wealth funds around the world were worth $8 trillion.

Turkey's Wealth Fund is worth $40 billion, he added.

All wealth funds are managed by government leaders or experienced politicians around the world, he said.

Turkey's President Recep Tayyip Erdoğan will also manage the fund, he added.

Sönmez said: "Our approach will be result-oriented, innovative, accountable, transparent and inclusive."

Last week, Erdoğan was appointed the fund's new chairman and Treasury and Finance Minister Berat Albayrak the acting chairman.

Sönmez was assigned the role of general manager.

The fund, established in 2016, holds the total or part of shares of several Turkish companies such as flag carrier Turkish Airlines, telecommunications giant Turk Telekom, private lenders Ziraat and Halk, Turkish Petroleum and Borsa Istanbul.