The Turkish government is unwinding 131 investment funds using the oversight of two of its largest banks to stabilize the asset-management industry. This regulatory action targets high-flying funds that collapsed this week, including those associated with Altunc Kumova, one of the nation's wealthiest individuals, after market turmoil shook the domestic sector.

The Financial Times reports that the funds at the center of the liquidation were part of a "Ponzi-like scheme." This process seeks to address the fallout from the fund failures and liquidate the remaining assets to mitigate broader risk within the country's investment firms.