Franklin Templeton awaits mandate impatiently

Franklin Templeton Investment, the American investment management giant that last year won management of the Fondul Proprietatea (Property Fund – FP), reasserts its commitment to Romania and the Fund, while still awaiting the Government’s approval in order to effectively become the Fund’s manager.
On Friday June 18 Templeton officials issued a press release, just two weeks after their previous public outing and only a few days before the Chamber of Deputies votes in a plenary session the legislative modifications that will enable Templeton to take over management of the 2.9 billion euros in Fund assets.
If the Chamber of Deputies approves the amendments brought to Ordinance no. 81/2007, Templeton will be able to take over management of the Fondul Proprietatea in a few months’ time, and float the Fund on the Bucharest Stock Exchange, as well as on an international market.
The persistence of public statements made by the officials of Franklin Templeton on the Fondul Proprietatea over the last few months is proof of their impatience to start their management mandate, a contract that will bring them around 13 million euros a year.