US fund manager Silver Point, which manages several investment funds specialized in distressed assets, has reached 5.07% of Romanian investment fund Fondul Proprietatea’s voting rights.

Silver Point holds the equivalent of 302.6 mln FP shares through five entities, according to a report issued by Fondul Proprietatea’s manager Franklin Templeton International Services.

Its stake is currently worth RON 520 mln (EUR 105 mln), based on the closing price of FP shares on Wednesday  - RON 1.72.

Meanwhile, the Irish based funds AIO V and AIO VI have reduced their holdings in Fondul Proprietatea from 6.7% to 4.05% of the voting rights, according to another report from the fund’s manager.

Fondul Proprietatea’s shareholding structure has changed significantly in recent years. US hedge fund Elliott, an early investor in FP shares, liquidated its position in the fund as the share price increased significantly.

Meanwhile, local pension funds have accumulated FP shares. The biggest pension fund manager in Romania, Dutch group NN, has reached a stake of about 10% in Fondul Proprietatea. The fund’s shares are now trading close to their all-time high, after gaining almost 50% in the last 12 months.

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andrei@romania-insider.com