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Romania’s Proprietatea Fund To Select Manager By Dec

The manager of Romania's investment fund Fondul Proprietatea will be selected in November or December, by a method to be established through the task book in August, and subsequently approved by government, the fund's representatives said Tuesday.
Romania’s Proprietatea Fund To Select Manager By Dec
05 aug. 2008, 13:30, English

The 28 companies interested in the position are: Morgan Stanley Investment Management; Great Britain’s HSBC Bank Plc – HBEU; Swiss UBS, AG, Global Asset Management; Deutsche Bank –Germany; UK’s Intrinsic Value Investors; Goldman Sachs Asset Management –Great Britain); The Royal Bank of Scotland Asset Management- Great Britain; the consortium formed of Unicredit and Proctor Investment Managers; UK’s Morley Fund Management Limited; Stellar Asset Management in partnership with Bank Julius Baer&Co. –Switzerland; Sweden’s East Capital AB; UKs Barclays Capital; Franklin Templeton Investments Poland; France’s Societe Generale Asset Management; Austria’s BNP Paribas Asset Management; US-based NCH Advisors; Dutch ING Asset Management; Allianz Global Investors and Allianz Investment Bank AG – Austria; Romanian BCR Asset Management; Raiffeisen Capital Management – Austria; Fortis Investments – Austria; Eurobank EFG Fund Management Company (Luxemburg) in partnership with Eurobank EFG Asset Management Investment Firm (Greece); Germany’s Credit Suisse; Czech Generali PPF Asset Management; US-based Artio Global Management; Hungary’s OTP Fund Management, JP Morgan and Blackrock.

The fund’s general manager, Dana Lulache, said there are more companies interested in the position as well, and did not exclude the possibility to appoint several companies to manage the fund.

Investment fund Fondul Proprietatea, which was set up in December 2005 to compensate Romanians for the non-return of confiscated property, will be listed on the Bucharest Stock Exchange in the first part of 2009.

In May, Fondul Proprietatea selected UK’s Schroders Investment Management as its financial advisor, which will also provide support in selecting the fund’s manager.

Romania, through the Ministry of Economy and Finance, is the majority shareholder in Fondul Proprietatea.

In 2007, Fondul Proprietatea reported a net profit of 313.1 million lei (EUR1= 3.5010), 4.3-fold higher from 2006 profit and RON410 million in revenue.

According to the preliminary results, the fund reported a RON319 million profit in the first 6 months of 2008, and revenue worth RON337 million.