World's biggest currency fund found 5m euros for Fondul Proprietatea

The world's largest money manager, BlackRock, with assets under management worth 3,500bn dollars (2,500bn euros), invested 5m euros on the Romanian stock market through an investment fund dedicated to frontier markets, being attracted by Fondul Proprietatea (Property Fund - FP).

With 106m-euro assets, BlackRock Frontiers equity fund has an exposure of 5.1% of assets to the Romanian market, according to the monthly report issued by the manager.

Though the manager only details the fund's ten largest interests, Romania has a special paragraph dedicated to it in the presentation to investors.

Since FP floatation one month ago, BlackRock has been the first major name in global finance to announce its arrival in Romania. In 2009, the US giant qualified on the shortlist of five contenders for FP management.

Together with Franklin Templeton, BlackRock is among the few winners of the financial crisis.