TURKEY - The Turkish Army pension plan is to invest outside of Turkey for the first time.
Speaking to Global Pensions, Caner Oner, chief investment officer, Oyak Group, said: "Oyak's main mission, as a pension fund and as a private equity-style investor, is to invest and to earn the maximum return for its members.
"Currently we have a considerable amount of cash available and we need to invest. A geographical diversification, we believe, is timely considering the general downward trend observed in the market values of companies.
"We would consider investing if a good opportunity arises. We do not have any set amount or any geographical preference. We'll decide on a case-by-case basis."
Oyak, turkey's largest privately-owned pension fund, provides pension benefits for 225,000 retired and serving officers. In 2006, the year for which the latest figures are available, the fund generated a 25.1% rate of return, far in excess of the 9.7% rate of consumer price inflation.
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