The Tennessee Consolidated Retirement System was, as of earlier this summer, the largest institutional investor in a Turkey exchange-traded fund. (Photo: Shutterstock)
Tennessee's public employees should be keeping a close eye on Turkey's economic woes.
Its currency crisis could end up hurting the state's retirees, since the Volunteer State's retirement system is the largest institutional investor in a Turkey exchange-traded fund.
Reuters reports that the Tennessee Consolidated Retirement System manages a retirement plan for public employees statewide. And as of June 30, it held more than 880,000 shares valued at approximately $19 million.
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Marlene Satter
Marlene Y. Satter has worked in and written about the financial industry for decades.
