The new contract announced on Friday, June 24, will come into effect in August, after the current contract with Bancpost expires.
The main responsibilities of the depositary bank are to safely keep all the fund’s assets, to calculate and certify the net asset value (NAV) that the fund publishes monthly, make sure that the fund’s revenues are managed and calculated in line with the law. As an asset custodian, the bank has to pay for all the deals the fund seals and check whether investment limits are observed.
Bancpost was the first depositary and custodian of FP assets after having gained a one-year mandate in August 2008 that could be renewed.
The monthly depositary fee Bancpost charged the fund stands at
0.0007% of the net asset value average. The bank’s mandate was
extended one year in each of the past three years.
Bancpost is also the asset depositary of the investment funds
managed by Cluj-based Globinvest, with total assets of RON60
million.
The ING Bank NV subsidiary is also a depositary for the assets of
three of the financial investment companies, namely SIF
Banat-Crisana with RON1.431 billion, SIF Transilvania with RON1.521
billion and SIF Oltenia with RON1.688 billion.
Franklin Templeton, Fondul Proprietatea manager, did not reveal the details of the new contract, the fee or the names of the other banks that participated in the selection procedure.
(EUR1=RON4.216)