The first Fondul Proprietatea budget put together by its newmanager, Franklin Templeton, is conservative compared with marketexpectations and with the around 15 million-euro per year fee thatTempleton will collect for managing the 3.5 billion-euroassets.
Investors have hoped that the coming of UK-based FranklinTempleton to the helm of Fondul Proprietatea will mean an end topassive asset management and to assets being kept in a bank, andthat the Fund will start to invest on its own. The draft budget for2011, as put together by Franklin Templeton, reveals, however, thatdividends and interest rates will continue to be the main source ofrevenue.
"The budget is very conservative and, strictly as a piece ofinformation, it can be perceived negatively. However, one needs tokeep in mind that Templeton does not yet hold full control of theFund, and that the priority for a manager is to manage therelationship with the state at Petrom, Romgaz and the two bigenergy companies," says Ovidiu Fer, analyst with Czech brokerageWood&Co, a 2.7% shareholder in the Fund. For next year, theFund has budgeted a 207 million-RON net profit, 6% more than thisyear's budget, and nearly 300 million RON in revenues, 8% more than2010 estimates.
The draft budget will be voted on by shareholders during theGeneral Meeting of November 29th.
Pentru alte știri, analize, articole și informații din business în timp real urmărește Ziarul Financiar pe WhatsApp Channels
