Ömer Tetik, the CEO of Banca Transilvania (TLV), Romania's biggest lender by assets, was voted in the General Shareholders Meeting as a member in Fondul Proprietatea's Board of Nominees.

The position became vacant following the expiration of Piotr Rymaszewski's term. Rymaszewski represented the US hedge fund Elliott in Fondul Proprietatea's Board of Nominees, but Elliott has sold most of its holdings in the Romanian fund.

Nicholas Paris, a hedge fund manager from London, was also voted for another position in the Board previously held by Julian Healy, who represented the British investment fund City of London. Both Rymaszewski and Healy had been elected to Fondul Proprietatea's Board in 2012.

Local pension fund NN Pensii, now one of the Fondul Proprietatea's biggest shareholders, proposed Omer Tetik for a position in the Fondul Proprietatea's Board of Nominees while Nicholas Paris was nominated by AVI Global Trust PLC.

Fondul Proprietatea is managed by an alternative investment fund manager, Franklin Templeton, under the supervision of a Board of Nominees, made of 5 members.

The other three members of the Board are former US Ambassador Mark H. Gitenstein, Ilinca von Derenthall, and Ciprian Ladunca. Fondul Proprietatea, which is listed on the Bucharest Stock Exchange and London Stock Exchange, manages total assets worth over EUR 2 bln.

(Photo courtesy of Banca Transilvania)

andrei@romania-insider.com