Franklin Templeton US group, the sole manager of FondulProprietatea (FP), collected 18.3m lei (4.3m euros) for the firstthree months of its mandate (September 29-December 29, 2010), showsthe fund's annual report.
During this period, the manager prepared the Fund's floatation,filed a suit against the Romanian state and made the first moves inthe fund's portfolio, through BRD-SocGen stock purchases.
Since September 29, 2010, FP and its assets worth around 3.8bneuros have been managed by Franklin Templeton US company throughthe Bucharest subsidiary.
In the first three months of mandate, Franklin Templeton's prioritywas to prepare FP listing on the BSE, a procedure that wascompleted in January 25, 2011, when FP started trading.
In the Bucharest office, Franklin Templeton has 25 employees, outof whom six are Romanian investment experts recruited last year,being supervised by the fund's manager, Greg Konieczny. The membersof Franklin Templeton's Bucharest team analyse the situation ofcompanies part of the fund's portfolio, seek investmentopportunities on the domestic and foreign markets, and are part ofthe boards of over 20 companies where the fund is ashareholder.
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