Norway Wealth Fund Fires Manager in Turkey After Trading Fines

Norges Bank Investment Management, Norway’s $2.1 trillion sovereign wealth fund, cut ties with a finance firm in Turkey after regulators fined one of its top managers for improper trading.

The Oslo-based fund terminated its relationship with Istanbul Portfoy Yonetimi AS, which had managed about $600 million on its behalf, in November, people familiar with the matter said. The move came soon after Turkish regulators fined one of the firm’s managing partners for a form of market manipulation in shares of a pair of local companies.