Visit of head Templeton to Moscow
Despite all lacks of stock market of Russia as, for example, absence of due legislative base or high political and economic risks of investments, interest of foreign investors to securities of the domestic enterprises does not weaken at all. To judge it activity Templeton Emerging Markets Fund Inc allows at least., the first western mutual fund which has received in the Commission under securities of the USA (SEC) the permission to operations in the Russian market of capitals. About three months ago American fund has opened in Moscow the representation, and one of these days capital of Russia head Templeton Emerging Markets Fund Inc has personally visited. Mark Mobius who on a place has familiarised with working conditions of the firm. With g - nom correspondent VADIM ARSENYEV has met Mobiusom.
Templeton Emerging Markets Fund Inc. - one of 95 subfunds of group Franklin - Templeton Mutual Fund Group. The group has been formed in 1992 as a result of merge of two funds - Franklin and Templeton. The staff - group apartment is in a city the Dignity - Mateo (the State of California, the USA). The group operates 111 mutual funds, and the size of its actives makes $118 billion Templeton Emerging Markets Fund has two staff - apartments - in Singapore and Gongkonge. Fund actives make $7 billion According to Reuter, Templeton Emerging Markets Fund has entered into the five of the companies having the maximum growth of actives over the last 5 years.
president Templeton Emerging Markets Fund Inc. Mark Mobius has informed that the size of new Russian fund to begin with will make $60 million It is rather small sum, however g - n Mobius has noticed that at successful coincidence of circumstances it can be increased to $1,4 mlrd, and it about 20 % of actives Templeton Emerging Markets. Mark Mobius also has underlined that created fund - “ long-term portfelnyj the passive investor “. It means that the fund is not going to get more than 10 % of shares of company - the emitter (such obligation is stipulated in the company charter).
In general if to judge under messages of the western mass media, Templeton Emerging Markets Fund Inc. Seriously considers Russia as one of perspective regions. So, still on December, 12th, 1994 the fund has declared that in the activity considers as priority regions the republic of South Africa and Russia. About old interest Templeton to the Russian stock market says also that fact that during the visit to Sweden in also in December of last year Mark Mobius has suggested to bring the most liquid actions of the Russian and Baltic companies in listing of the Stockholm stock exchange. On April, 19th this year Templeton the first of the American mutual funds has obtained permit SEC to conducting operations in the Russian stock market.
Most as a graphic evidence of interest of the American fund to Russia the visit which has come to the end one of these days to Moscow its president Mark Mobiusa can serve. Abundantly clear that this the trip testifies to desire more close to get acquainted with the Russian market: emitters, brokers, the government officials responsible for its functioning. By words g - on Mobiusa, he has visited “ LUKOIL “ “ Rostelecom “ Mosenergo and the Russian Open Society “ UES of Russia “ and especially president Templeton Emerging Markets has allocated the two first companies. Under data, the head of fund has visited as well at factory “ Red October “ where it very much liked firm sweets and their packings. However, the American businessman has noticed that at all does not exclude probability of purchase by fund of actions of other Russian enterprises: “ the Main thing for us - civilisation of management and liquidity of actions “.
Mark Mobius has met and other participants of the market: representatives of company Brunswick, CS First Boston, FK “ the Three - dialogue “ FTS “ the Grant “ FK “ Olma “ FTS “ Aton “ and the Russian broker house. Thus g - n Mobius, seemingly, yet has not chosen the constant partner. On an extreme measure he asserts that the fund will work through some broker offices: “ it is More than brokers, it is more than communications, it is more than possibilities “. From Mark Mobiusa`s other meetings it is necessary to note its visits to the State Property Committee, the Ministry of Finance and the Federal commission on securities. Mark Mobius is exclusively happy remained conversation with the chief executive of the commission Dmitry Vasilevym.
G - n Mobius has promised to begin operations in the Russian market in a month. Hardly probable it is necessary to expect that fund arrival on the Russian market will affect at once quotations of securities (while the fund not so is great), but that thoroughness, with what chief Templeton Emerging Markets bypassed participants of the market and state officials, testifies that the fund is really interested in the Russian market.