Romania: Investment Banks Vie For Managing Proprietatea Fund

Deutsche Bank,Merrill Lynch,Morgan Stanley,Nomura Securities,Dexia Kommunalkredit,Cheyne Capital,3i plcandYFMare ready to bid for the management contract atProprietatea Fund[Restitution Fund], according to the fund's interim managerNicolae Ivan. The fund manager will be selected in May or June, Ivan estimates. The tender book is going to be drafted by a consultant that is being selected now. The government intended to list Restitution Fund, whose assets are estimated at €3.9 billion, on the local stock exchange in Q1, but it realized that the deadline is unrealistic and postponed such plans until all the details are fixed.Raiffeisen's brokerage arm will manage the listing.