Franklin Templeton Investments To Manage Romanian Proprietatea Fund

US-based Franklin Templeton Investments won the auction to select the manager of Romanian investment fund Fondul Proprietatea, created to compensate Romanians whose properties were confiscated during the communist era.

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Enache Jiru, the head of the selection commission, told MEDIAFAX that further details would be announced after the contract is approved by the fund’s shareholders and the government.

After the approvals, Franklin Templeton would take the helm of the Proprietatea fund from the current management.

In the final phase of the selection process, Franklin Templeton Investments competed with Morgan Stanley Investment Management.

Fondul Proprietatea was set up in December 2005 to compensate Romanians whose properties were confiscated during the communist regime. It owns shares in nearly 90 companies, including the likes of Transgaz, Transelectrica, Alro, Romgaz and several power distributors.

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