Post-communist Romanian fund appoints SocGen 22 October 2013Bucharest Reporter: Georgina Lavers
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Societe Generale Securities Services (SGSS) has been appointed by S.C. Fondul Proprietatea to act as its custody and depository agent bank in Romania.
The fund was established by the Romanian Government in 2005. Eligible claimants who lost property under former communist governments were awarded shares in the fund in lieu of compensation. It has been managed by Franklin Templeton Investment Management Limited UK, Bucharest Branch, since September 2010.
Societe Generale, through its subsidiary BRD, has been providing securities services in Romania for over 13 years.
SGSS overall offering in Romania now includes both local and global custody, clearing and settlement services across all asset classes and depository bank services.
Fondul Proprietatea is a joint stock company operating as a closed–end investment fund without a set lifetime, incorporated in Romania and trading on the Bucharest Stock Exchange since January 2011.
The fund's investment objective is long-term capital appreciation via investments, primarily in Romanian equities, with strict adherence to the principles of value investing. The portfolio is heavily weighted in the power, oil and gas sectors through a number of listed and unlisted, privately-held and state-controlled entities.
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