Franklin Templeton pulls out from management of Romania's Fondul Proprietatea

Franklin Templeton International Services, the manager and the Sole Administrator of Romania's Fondului Proprietatea (BVB: FP), announced that, after careful analysis, it has decided not to participate in the ongoing selection process initiated by the Romanian state to pick up a new manager.

The Romanian state also seeks to redefine the mission of the Fund.

In September 2010, the Fund's shareholders approved the appointment of Franklin Templeton as the Fund's manager and sole administrator for a period of 4 years. From September 2014 until now, the mandate has been renewed at different intervals.

"Franklin Templeton International Services S.À RL, the manager of the Fund and the Sole Administrator of the Proprietatea Fund, announces that, after careful analysis, it has decided not to participate in the ongoing selection process for the Alternative Investment Fund Administrator of the Proprietatea Fund. Therefore, the company will not send a response to the request for offers (RFP) to the selection consultant, Deutsche Numis," FP said in a statement sent to the Bucharest Stock Exchange, quoted by Cursdeguvernare.ro.

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