Argentina grants third AAGI license

Pedro Gonçalves
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Argentina grants third AAGI license

Buenos-Aires based firm Fundamenta Capital is the latest company to  gain a global advisory licence from Argentina's financial watchdog.

Known as AAGI, the licence allows firms to advise local clients on both onshore and offshore assets, an activity that used to be illegal under previous regulation.

It obtained its Argentina's Agente Asesor Global de Inversiones (AAGI) license on November 15 from the country's market regulator, the Comisión Nacional de Valores (CNV).

Argentina's global advisory program is been hampered by its slow progress after only three licenses to have ever been granted since the program was created over a year ago with seven groups still awaiting regulatory approval.

Fundamenta joins Quinto Inversiones and Silver Cloud Advisors as the only companies to have been granted a license since the regulation was introduced in September 2017, as reported by International Investment

The industry at first welcomed the move, however, with only two licences given so far, many complain about the very slow process of obtaining a AAGI.

The seven other companies in line for the license are Badesk S.A.S, Cifisa Inversiones, Kahn Wealth Management, Quantum Asset Management, Quiena Argentina, T&P Asesores and The Investment Company Agente Asesor Global de Inversión, according to the CNV website.