Turan Corporation is an American

investment firm An investment company is a financial institution principally engaged in holding, managing and investing securities. These companies in the United States are regulated by the U.S. Securities and Exchange Commission and must be registered under th ...

that was founded as Turam (“Turkish-American”) Corporation by Robert P. Smith in 1978, and soon became one of the largest privately held

sovereign debt A country's gross government debt (also called public debt or sovereign debt) is the financial liabilities of the government sector. Changes in government debt over time reflect primarily borrowing due to past government deficits. A deficit occ ...

trading firms in the world. According to Smith, after a dispute with the original partners, Smith sold his interest to another party and reformed as Turan Corporation, in effect "selling the M". It was notable for being the first Western company to invest in Turkish sovereign debt, setting the investment strategy the company would follow later on in

Argentina Argentina, officially the Argentine Republic, is a country in the southern half of South America. It covers an area of , making it the List of South American countries by area, second-largest country in South America after Brazil, the fourt ...

Nigeria Nigeria, officially the Federal Republic of Nigeria, is a country in West Africa. It is situated between the Sahel to the north and the Gulf of Guinea in the Atlantic Ocean to the south. It covers an area of . With Demographics of Nigeria, ...

, and

El Salvador El Salvador, officially the Republic of El Salvador, is a country in Central America. It is bordered on the northeast by Honduras, on the northwest by Guatemala, and on the south by the Pacific Ocean. El Salvador's capital and largest city is S ...

History

Peter Marber, the author of ''From Third World to World Class: The Future of Emerging Markets in the Global Economy'' (Marber 1998), credits Smith as one of four individuals who contributed "significantly to the birth of the debt market, and possibly even the entire emerging markets investment community, well ahead of Wall Street's more prominent houses." The other individuals cited by Marber in this context are Giacomo DeFillippis of Giadefi, J. Player Crosb

of Finame

and Martin Schubert of Eurinam. In pioneering the trade in emerging market debt, Turan became involved with a number of risky assets, including

Iraq Iraq, officially the Republic of Iraq, is a country in West Asia. It is bordered by Saudi Arabia to Iraq–Saudi Arabia border, the south, Turkey to Iraq–Turkey border, the north, Iran to Iran–Iraq border, the east, the Persian Gulf and ...

Ecuadorian Ecuadorians () are people identified with the South American country of Ecuador. This connection may be residential, legal, historical or cultural. For most Ecuadorians, several (or all) of these connections exist and are collectively the source o ...

and even Soviet-era

Russia Russia, or the Russian Federation, is a country spanning Eastern Europe and North Asia. It is the list of countries and dependencies by area, largest country in the world, and extends across Time in Russia, eleven time zones, sharing Borders ...

n debt More recently, they profited from the Dubai World 2009 debt standstill by investing in

Nakheel Nakheel (, palm), el-Nakheel, Al Nakheel, may refer to: Places United Arab Emirates * Al Nakheel, Ras Al Khaimah,United Arab Emirates; a suburb * Sas Al Nakheel Air Base (ICAO airport code OMNK; IATA airport code XXX), Abu Dhabi, United Arab Emi ...

bonds that were in severe danger of default. Turan Corporation are one of the major private, non-governmental parties who did not accept the results of the

Argentine debt restructuring The Argentine debt restructuring is a process of debt restructuring by Argentina that began on January 14, 2005, and allowed it to resume payment on 76% of the US$82 billion in sovereign bonds that defaulted in 2001 at the depth of the worst ...

and remain in litigation to recover funds from the Argentine government.THE FACILITATION OF THE BRADY PLAN: EMERGING MARKETS DEBT TRADING FROM 1989 TO 1993
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Notes and references

External links

Official Website(locked)Riches Among the Ruins
{{DEFAULTSORT:Turan Corporation American companies established in 1978 Financial services companies established in 1978 Hedge fund firms in Boston