Templeton gets 4.3m euros for first three months of FP management
Franklin Templeton US group, the sole manager of Fondul Proprietatea (FP), collected 18.3m lei (4.3m euros) for the first three months of its mandate (September 29-December 29, 2010), shows the 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 in
the fund's portfolio, through BRD-SocGen stock purchases.
Since September 29, 2010, FP and its assets worth around 3.8bn
euros have been managed by Franklin Templeton US company through
the Bucharest subsidiary.
In the first three months of mandate, Franklin Templeton's priority
was to prepare FP listing on the BSE, a procedure that was
completed in January 25, 2011, when FP started trading.
In the Bucharest office, Franklin Templeton has 25 employees, out
of whom six are Romanian investment experts recruited last year,
being supervised by the fund's manager, Greg Konieczny. The members
of Franklin Templeton's Bucharest team analyse the situation of
companies part of the fund's portfolio, seek investment
opportunities on the domestic and foreign markets, and are part of
the boards of over 20 companies where the fund is a
shareholder.