Exclusive: US giants Pimco, Vanguard invest in Turkey after its return to rate hikes

Source:Reuters Date:05Jan2024

U.S. investment giants Pimco and Vanguard have bought local Turkish assets in recent months, senior executives said, betting that the country will maintain high interest rates after years of erratic policymaking under President Tayyip Erdogan.

Interviews with the executives show that two of the world’s biggest investors, which together manage nearly $10 trillion in assets, have grown constructive on Turkey since its newfound economic orthodoxy, including rate hikes in June, following Erdogan’s re-election.