Franklin Templeton to run Romanian closed ended fund another two years

Investors in Fondul Proprietatea, the $3bn London Stock Exchange listed closed ended fund, have approved Franklin Templeton as manager for another two years, following the Extraordinary and Ordinary General shareholder meetings on 29 October.

The fund is one of the largest in the LSE’s Specialist Fund market, and listed earlier in 2015 to manage investments in Romanian companies. It was set up by the Romanian government in 2005 as a mechanism to provide Romanians shares in assets that were seized by former communist governments.

Currently institutional investors own some 36% of the fund’s shares, with retail investors holding 28%, and GDR holders some 33%.

According to individual shareholder data published in October this year, Manchester Securities Corp and Beresford Energy Corp, both part of the Elliot group of companies, are among the biggest shareholders.

 

ABOUT THE AUTHOR
Jonathan Boyd
Editorial Director of Open Door Media Publishing Ltd, and Editor of InvestmentEurope. Jonathan has over two decades of media experience in Japan, Australia, Canada and the UK. Over the past 16 years he has been based in London writing about funds and investments . From editing the newsletter of the Swedish Chamber of Commerce in Japan in the 1990s he now focuses on Nordic markets for InvestmentEurope.

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