Franklin Templeton Investment to list Proprietatea Fund within one year

Shareholders of Proprietatea fund (FP) approved the contract of administration with American company Franklin Templeton Investment, its officials announcing their intention to list the fund within one year.
If everything runs smoothly on the capital markets, the Fund might be listed within one year.

You have to be prudent when you take such a decision so that the price of the fund’s shares stand at a good level, said David Smart, the head of the department of sovereign and super national funds of Franklin Templeton Investment (FTI) cited by daily Business Standard.

The American company has already registered in Romania its subsidiary that will manage Proprietatea Fund, it has started the process of staff recruitment and is looking for an office in Bucharest.

The head of the Romania-based subsidiary will be Grzegorz Konieczny, who is at present, managing director for the operations of Poland.
Konieczny together with David Smart and Mark Mobius, general manager of Franklin Templeton Investment will be the people who will take over the management of assets worth 2.6 bullion euros belonging to Proprietatea Fund, reads the daily.

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