Franklin Templeton awaits mandate impatiently
Franklin Templeton Investment, the American investment
management giant that last year won management of the Fondul
Proprietatea (Property Fund - FP), reasserts its commitment to
Romania and the Fund, while still awaiting the Government's
approval in order to effectively become the Fund's manager.
On Friday June 18 Templeton officials issued a press release, just
two weeks after their previous public outing and only a few days
before the Chamber of Deputies votes in a plenary session the
legislative modifications that will enable Templeton to take over
management of the 2.9 billion euros in Fund assets.
If the Chamber of Deputies approves the amendments brought to
Ordinance no. 81/2007, Templeton will be able to take over
management of the Fondul Proprietatea in a few months' time, and
float the Fund on the Bucharest Stock Exchange, as well as on an
international market.
The persistence of public statements made by the officials of
Franklin Templeton on the Fondul Proprietatea over the last few
months is proof of their impatience to start their management
mandate, a contract that will bring them around 13 million euros a
year.