The CNV granted its first AAGI license in April to Silver Cloud Advisors and had to wait until September before the second one was awarded to Quinto Inversiones. A couple of months later the third license was handed to Fundamenta Capital in November with the latest one awarded just over a month later.

In a statement announcing the news, FDI’s chief executive Mariano Sardáns said: ‘With AAGIs, clients will no longer need to depend on advisors located abroad, given that now, in cases where there is any doubt regarding the management of their advisor, they will be able to legally act in the country and with local lawyers. This, clearly, is more protection for the Argentine investor.’

FDI was founded by Sardáns in 1998 and his team is composed of three directors, Fernando Díaz, Rodrigo Gamarci and Juan Cruz Acosta Güemes, according to its website.

It is understood there are seven other groups currently waiting in line to be granted their AAGI license.