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November 23, 2022

Franklin Templeton’s FP final offer to be discussed July 27

The Extraordinary General Assembly of Proprietatea Fund shareholders will convene July 27 to discuss the final offer tendered by Franklin Templeton Investments, Mediafax quoted a FP release as saying. The meeting’s agenda includes setting up the administration commission fees to be paid by the Proprietatea Fund to the winning administrator, the terms of the contract to be concluded, as well as the investment policy, according to the documents conveyed to the fund by the selection committee.

The Proprietatea Fund general director, Daniela Lulache, told the press yesterday that, if the general assembly resolved to green light Franklin Templeton as the fund’s administrator, the contract will come into effect this coming autumn, late September, mot likely, yet it depends on certain conditions being met. One of it refers to the contract receiving the go-ahead from Proprietatea Fund stockholders, the other, to Franklin being authorised to open an office in Romania. Lulache says that if the two conditions are met, the Franklin contract will be signed in early August. If Franklin Templeton gets the all-clear to becomes the Fund’s new administrator, a new General Assembly will be scheduled for late September to name Franklin Templeton as the new administrator. Referring to the commissions asked by Franklin, Lulache said the investment commission stands at 0.379 percent and that for fund management, at 0.1 per cent. The pharmaceutical sector – most affected by legislative instability in Romania

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