London’s investment banks and brokers are queueing up to work on a planned listing in London of the Romanian sovereign wealth fund, which could raise as much as €500m, according to Franklin Templeton, the fund manager put in charge of it.

Franklin Templeton is initially planning a local listing of the €2.7bn Fondul Proprietatea, on the Bucharest Stock Exchange, early next year. A London listing may follow, raising fresh capital worth as much as 20% of its value, according to Mark Mobius, executive chairman of Franklin's emerging markets group.