June 7, 2018 / 3:02 PM / 6 months ago

Aberdeen Standard Investments buys Turkey local debt after rate hike

LONDON, June 7 (Reuters) - Asset manager Aberdeen Standard Investments said on Thursday it had upped its exposure to domestic Turkish debt following the central bank’s bigger-than-expected interest rate hike.

The central bank decision to hike the key interest rate by 125 basis points to 17.75 basis points had been “positive”, said Kevin Daly, a senior investment manager for emerging market debt, adding the firm was moving towards a “neutral” position from its previous “underweight”.

“We are definitely more upbeat on the story in light of that move, (it) gives us confidence that policy makers have the upper hand now,” said Daly.

“How long that lasts remains to be seen, but for the time being these are positive steps and it has given us more confidence in the lira.”

Aberdeen Standard Investments has $14 billion invested in emerging market debt according to Daly. (Reporting by Karin Strohecker; editing by Marc Jones)

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