Argentine banks create new funds, eyeing tax amnesty
By: Jorge Otaola
Banks and brokerages in Argentina are creating dozens of investment funds to soak up billions of dollars they hope will return to the country under a tax amnesty announced by its new, market-friendly government.
The CNV securities regulator is studying requests for 28 new funds, a spokesman said, as fund managers bet they can convince Argentines to end their long-held habit of parking spare cash in safe-haven real estate.
"The industry is very dynamic and we do not rule out adding more," a CNV spokesman said, while noting the funds should be operating by the end of the year.
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