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Mutual funds, whose assets comprise the largest share of investment vehicles in Argentina, will expand "explosively" once regulatory changes are put in place by the pro-business government of President Mauricio Macri, an industry leader said on Friday. Free markets champion Macri has promised to update laws that heavily restricted mutual fund activities and take other measures to open and restart the stagnant economy. Financial markets were stifled under the previous center-left government.
Valentin Galardi, president of the Association of Argentine Mutual Investment Funds, said in an interview that fund assets of $16 billion represent the equivalent of 2 percent of the country's gross domestic product, compared with as much as 20 percent for other Latin American countries. "Right now we have an industry with certain restrictions," Galardi said. "But the world changed and Argentina is seeing it happening and that's what the current government is taking notice of."
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