Fondul Proprietatea (BVB: FP) announced in a note to investors that three fund managers have submitted letters of intent to take over the management mandate of its assets, worth approximately RON 2.3 billion (EUR 460 million), by the deadline of March 15, 2026.

According to information published by the fund, the three candidates are Franklin Templeton International Services, the current manager, INVL Asset Management, which participates together with local partner Impetum Management, and SAI Muntenia Invest.

The selection process is ongoing, and the Remuneration and Nomination Committee is to announce the calendar of subsequent stages in the coming period. 

Franklin Templeton, which has been managing the fund since September 2010, last month received a new mandate of only one year, valid until April 2027. The decision was made in a shareholders' meeting in which the proposal for a four-year mandate was rejected by the votes of the Ministry of Finance and Lion Capital.

SAI Muntenia Invest, the administrator of Longshield Investment Group, formerly SIF Muntenia, is owned by Lion Capital. The alternative investment fund began acquiring Fondul Proprietatea shares after September 30 of last year, recently reaching a holding of 10.5% of the fund.

The involvement of Lion, which acted in concert with the Ministry of Finance at the last shareholders' meeting, is not approved by retail investors, who have had a difficult say at Fondul Proprietatea in recent times.

INVL Asset Management is an alternative asset manager from the Baltic countries and is part of the Invalda INVL group, which "manages or supervises assets worth two billion euros", covering multiple asset classes, according to the description on its own website.

The Baltic-based manager intends to act together with Impetum Management, part of the Impetum Group.

In September last year, Fondul Proprietatea shareholders cancelled the manager selection process that began at the end of 2023, at the end of which the Board of Representatives had selected the partnership between IRE AIFM HUB from Luxembourg and Impetum Management as the preferred candidate to manage the fund.

iulian@romania-insider.com

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