The Common Investment Fund that is accessed through Mercado Pago is the largest in the country for retail investors, exceeding $367 billion.
This Monday, the BIND Common Investment Fund offered through Mercado Pago, became the largest money market fund in the country for retail investors. It is the fund with the largest number of people, and now, with the largest volume, exceeding $367 billion, according to data provided by the consultancy 1816 Economía y Estrategia.
The fund generated in the last year total returns of more than 90 billion pesos to its usersunlike a bank savings account that yielded 0. In the second quarter of 2023 this amount was more than 43 billion pesos.
At the moment, invested balances yield a TNA of 81.2% (average of the last 30 days) and more than 7.8 million Argentines use it. This tool was created four years ago by Mercado Pago and BIND.
“Until 2018 in Argentina there were less than 400,000 principal accounts and there was no fund for small savers. After 5 years, more than 7.8 million people are generating returns on their money through Mercado Pago and thanks to them we became the main channel to subscribe the largest fund in the country”, said Alejandro Melhem, Vice President of Mercado Pago.
And he added: “It is an innovation that changed the habit and behavior of millions of people. It became a very powerful tool that today allows people to protect themselves, to a large extent, against inflation.having the money always available to use it”.
Source: Ambito
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