The British company Cordea Savills won the bid for strategic consultancy to manage the Proprietatea Fund, leaving behind names such as Citigroup, Nabarro Wells & Co Limited, Forex Invest Online LLC, Reyl & Cie (France) SAS, Frank Russell Company. The decision was taken on Monday, one week later than previously established, due to extra explanations requested by the bidders.

Cordea Savills is to offer consultancy for the organisation of the bid that will establish the manager of the fund.

The Proprietatea portfolio boasts shares belonging to 114 companies and a social capital of 3.9 bln Euros. The Fund was established in 2005 in order to provide restitution to the victims of the wrongful and abusive confiscations of their homes and properties by the Communist authorities after 1945.

The Fund is to be traded on the Bucharest Stock Exchange and internationally.