Chilean firm Moneda Asset Management is working to expand into Argentina and has filed for a license to operate in that country.
The Santiago-based firm already has $1 billion invested in Argentina and is planning to open an office in Buenos Aires to have more direct contact with companies it has invested in and boost its client roster, according to Bloomberg, which first reported the news.
A spokeswoman for Moneda declined to comment any further on the news to Citywire Americas but said the firm hadn’t made any corrections to the original story.
Argentina has attracted the attention of banks and asset managers after president Mauricio Macri’s government removed currency controls and finished an amnesty program that resulted in $116.8 billion being declared, among other reforms.
Julius Baer is in talks to acquire a minority stake in Argentine local asset manager TPCG Group. In addition, BTG Pactual and Chilean investment firm LarrainVial have filed for brokerage licenses in Argentina.
Moneda isn’t looking for a brokerage license because that area isn’t among one of its specialties, according to Bloomberg.
The 23-year old asset manager has $7 billion in AUM and has an office in Santiago and New York, according to its website. It focuses on investing in equity and credit securities in Latin America.