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Argentina’s Consultatio Halts Investment Fund, Cronista Says

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Aug. 15 (Bloomberg) -- Argentina’s Consultatio Asset Management halted the presentation of an investment fund after regulators ordered all funds to use the official exchange rate to value foreign-currency assets, El Cronista reported.

The presentation of the new fund was scheduled for Aug. 16, the Buenos Aires-based newspaper said, citing a statement by the country’s Securities and Exchange Commission.

The new fund was suspended after regulators issued a statement on Aug. 7 saying mutual funds couldn’t value investment abroad at the so-called blue chip swap rate, which is set by the difference in prices for securities in local markets and overseas, El Cronista said. Consultatio had planned to use that rate to value its new fund.

To contact the reporter on this story: Eliana Raszewski in Buenos Aires at eraszewski@bloomberg.net

To contact the editor responsible for this story: Philip Sanders at psanders@bloomberg.net

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