Ileana Isărescu, daughter of the NBR governor, resigned from the position of member of the FP Board of Representatives

Ileana-Lăcrămioara Isărescu, daughter of the NBR governor, Mugur Isărescu, resigned from the Board of Representatives of Fondul Proprietatea (FP), according to a report by the administrator Franklin Templeton published yesterday on the website of the Bucharest Stock Exchange (BVB).

The governor's daughter had been elected to the board in October last year, with a three-year mandate.

Last week, the FP Board of Representatives announced that it had selected the association between Impetum Management and IRE AIFM HUB, an alternative investment fund manager based in Luxembourg, to manage Fondul Proprietatea. IRE AIFM HUB collaborates with alternative asset managers from both the European Union and outside the EU, specializing in alternative investment funds in Private Equity, Real Estate, Venture Capital and Fund of Funds, according to information from the stock exchange. Impetum Management is a Romanian asset management consultancy, part of the Impetum group, which also includes ROCA Investments (private equity for small and medium-sized enterprises), Agista (growth capital and facilitation of IPOs on the AeRO market), ROCA X (venture capital) and CITR (insolvency and restructuring), the BVB report from the end of last week also shows. According to the Board of Representatives, the announcement of the choice of the association between the two entities represents only the next stage in the selection process of the FP administrator. "Any decision to propose a candidate for voting on the AGOA agenda remains conditional on the satisfactory completion of a due diligence process and the successful negotiation of commercial terms," the report says.

Fondul Proprietatea has been managed since 2010 by the Americans from Franklin Templeton, who have not run for a new mandate. FP holds stakes in companies of strategic importance such as Bucharest Airports, Constanţa Maritime Ports Administration, Salrom or Alro, with a stock market valuation of approximately 1.2 billion lei.