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Winner of the year: Franklin Templeton will manage Proprietatea Fund

American giant Franklin Templeton won the tender to manage the assets worth almost 3 billion euros of the Romanian Proprietatea Fund (FP), according to sources close to the selection process, quoted by Ziarul financiar daily.

The winner was selected based on the most advantageous financial offer, the lowest management commission more precisely. Thus, Morgan Stanley, the second competitor in the final race for the FP was disqualified by Franklin Templeton who offered a lower management commission, with a value estimated below 1 percent of the FP.

Franklin Templeton manages assets of more than 400 billion euros and was set up in 1947 in New York by Rupert Johnson. The company benefits of a mutual fund management expertise, world or regional market exposure of shares, commodities and real estate.

The new manager of FP will have to get the approval of the General Shareholders Assembly (AGA). The Romanian Minister of Finance controls 66 percent of the FP stakes, with the remaining being in the possession of 2,471 legal and natural persons.

Besides Morgan Stanley, there had run in the tender for the FP Aviva Investors, ING Investment Management and BlackRock Investment and also FINAG Holding (Erste), Julius Bae and the consortium made by Credit Suisse and OT, which didn't make to pass the first stage.

 

Sursa: http://www.rompress.ro

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