Funds run by Barings, JPMorgan Asset Management and Edmond de Rothschild are among those with big exposures to the unfolding Turkish crisis, with managers having placed big bets on a country that makes up a small part of emerging market benchmarks.

Many fund managers have been sceptical about Turkey’s foreign debt burden and high inflation for much of the past year, and President Recep Tayyip Erdoğan’s re-election in June and appointment of his son-in-law as finance minister heightened political concerns.