American group Franklin Templeton International Services, the sole manager of Fondul Proprietatea, recommended the fund's shareholders to support its bid for another four-year term.

The recommendation comes in the context of the Romanian state (a 6% shareholder at FP) announcing plans to pick up another manager for Fondul Proprietatea sooner or later – in line with the revised strategy of more active investment activity.

The state reportedly wants Fondul Proprietatea to contribute to projects financed under the Resilience Facility scheme, while Templeton has implemented a policy of generating liquid resources for FP's shareholders.

Franklin Templeton promises to "ensure stability and create the conditions for the continuation of the proven history of value creation for all FP's shareholders," Ziarul Financiar reported. It also promises "the implementation of an investment strategy that will strengthen the development of the capital market in Romania."

In its turn, the Ministry of Finance justifies its call for a new manager with the need to implement "a medium and long-term investment path, aligned with Romania's economic development priorities." This alignment can be done by drawing a new mandate for the fund manager and changing the performance evaluation and remuneration indicators.

iulian@romania-insider.com

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