Fund Management

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Fondul Proprietatea has been managed by entities of the Franklin Templeton Investments Group starting with September 2010. At that time, the Fund was managed by Franklin Templeton Investment Management Ltd. United Kingdom Bucharest Branch.

In October 2015, as the Directive 2011/61/EU on Alternative Investment Fund Managers (“AIFMD”) entered into force and whereas the Fund qualifies as alternative investment fund, the Fund’s shareholders approved that starting with 1 April 2016, Franklin Templeton International Services S.À R.L. (“FTIS”) to be the alternative investment fund manager and sole manager of the Fund.

At that time, FTIS delegated to Franklin Templeton Investment Management Ltd. United Kingdom Bucharest Branch the portfolio management and the performance of administration services over the Fund, while being exclusively responsible of the Fund.

FTIS is a société à responsabilité limitée qualifying as an alternative investment fund manager under Article 5 of the Luxembourg Law of 12 July 2013 on alternative investment fund managers, authorized and registered with the Commission de Surveillance du Secture Financiere under no. A00000154/21.11.2013, whose registered office is located at 8A rue Albert Borschette, L-1246 Luxembourg and registered with the Luxembourg Register of Commerce and Companies under number B 36.979, and registered with the Romanian Financial Supervisory Authority (“FSA”) under number PJM07.1AFIASMDLUX0037/10 March 2016.

Following the implementation of Brexit at the level of the Fund’s management, starting with 1 December 2020, Franklin Templeton Investment Management Ltd. United Kingdom Bucharest Branch ceased to provide the services on the basis of the delegation agreement. Thus, FTIS through its Bucharest branch provides towards the Fund all the activities concerning the portfolio management, the risk management and the performance of administration services.

Fund Manager Overview

We seek to identify the underlying worth of a business and determine what its assets can generate in earnings and cash flow.

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Permanent Representative

A legal entity director has the obligation to appoint one individual as its permanent representative in the managed entity.

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Management Agreement

Details regarding the delegation of the portfolio management and the administration services of the Fund can be found in the Management Agreement.

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