“Franklin Templeton Investment Management will take over its duties after the asset-management contract is unanimously passed by the shareholders. Additionally, there are other liabilities under the contract, such as the registration of the administrator in Romania and its authorization by RNSC”, Jiru told The Money Channel.

The bid by FranklinTempleton Investment Management Ltd beat the offer made by Morgan Stanley Investment Management Ltd. The two asset managers were required to submit bids by June 9, 2009 at 16:00, while the opening of final bids took place at 18:00.

“We sought a fund manager capable of adding value to our portfolio. It is a special fund, as it combines private equity features, asset management and cash management. From this point of view, it is a unique fund, and this is why we required a thorough expertise. We hope this would increase shareholder value”, Bogdan Dragoi, state secretary at the Ministry of Finance told The Money Channel.

Franklin Templeton Investments was founded in 1947 in New York. Since 1973, the company’s headquarters are located south of San Francisco, in San Mateo, California. The company offers financial services, with special focus on mutual funds and pension schemes. Franklin Templeton Investments has over 8,680 employees and posted 1.77 billion dollar profit in 2007. The company is present in 29 countries and provides financial solutions in over 150 countries.