A new term for Property Fund listing: January 2011

The representatives of US group Franklin Templeton estimate Fondul Proprietatea (Property Fund) will most likely be listed in January, provided that the Fund’s shareholders approve the manager’s mandate in September. “We have a stipulation in the management contract to list FP within 90 days from management takeover, and should the AGA (shareholders’ meeting) appointing Franklin Templeton as an administrator be held in September, listing may be carried out in January 2011,” said Greg Konieczny, coordinator of Franklin Templeton’s local office. The Americans have started losing patience, as they have been waiting for more than a year to take over the management of Romania’s biggest fund, with 2.8bn-euro assets. “We’re losing patience, but we’ve learnt that in Romania it takes patience to solve things. We are not upset, but we’d like things to move faster,” stated Mark Mobius, the executive chairman of the emerging market investment unit of Franklin Templeton. Mobius maintains the Fund’s listing is important as it will boost the visibility and liquidity of the Romanian capital market and attract foreign investors.