Supported by the recent and extraordinary bullish rally – which seems to have begun to write a new chapter in 2025 -, the Argentine capital market expands year after yearin a movement that is not entirely linear, but constant, within the framework of a transformation process, which combines technology and cultural change of investors. The data is conclusive: In the last seven years, client accounts (investments) increased by approximately 90%, reflecting the interest of retailers in diversifying – there is increasing awareness of the loss of value of the dollar in the face of sustained inflation in the US – but also because generate returns, under a challenging and volatile context.
In an interview with Scope, the economist Juan Martin Aguadodirector of IEB+with a Master’s Degree in Finance and outstanding expertise in innovation, summarized the current picture of the local market: “It is in full evolution towards a more accessible and dynamic model, where the small investor is beginning to play a leading role.” In this sense, the platform developed by IEB Groupwho leads Juan Ignacio Abuchdidis committed to consolidating this trend with innovative proposals such as the possibility of operate international assets without commissions and a strong focus on financial education, keys to attracting and retaining new market participants.
Journalist: We are coming from a colossal year in terms of returns for Argentine assets, with the S&P Merval in dollars recording its biggest rise in more than two decades, to what do you attribute this performance and what overall assessment does it make of the capital market 2024?
Juan Martín Aguado: Last year’s balance was exceptional. It was a period with results rarely seen in recent history. This is due to a combination of stronger macroeconomic factors that allowed a general rise in assets. Although similar events occurred in the past, such as in 2016 during the Macri government, this year had a more robust basis: low inflation, improvement in the fiscal surplus and a real economy with optimistic indicators. Furthermore, growth was not only in terms of returns, but also in the number of participants entering the market. It is notable that the increase in client accounts, which grew by 90% in the last seven years, was a reflection of how the retail investor began to change their mentality.
Q: What do you consider to be the main reasons for this change in investors?
JMA: There are several factors. In 2024 it was key because there was no significant increase in the MEP dollar, which had been the main attraction in previous years. Instead, investors began to diversify their portfolios and think about assets that not only store value, but also generate returns. This represents a cultural change in how investment is approached in Argentina. Furthermore, access to more accessible technology and platforms helped encourage many people to take the step into the capital market.
Q: How do IEB+ manage to attract and retain investors under the context you describe?
JMA: Our main focus is to educate the investor and simplify their experience. We work to identify risk profiles and offer personalized solutions. At IEB+ we promote diversification through Common Investment Funds and international assets. We also offer a platform that allows commission-free trading, which significantly lowers the barriers to entry. This is aligned with global trends, where technology plays a key role in democratizing access to the capital market. For example, we have implemented recommended portfolios, educational tools, and a strong focus on transparency.
Q.: Returning to issues of the local situation, with possible effects on investments, what impact do you think the lifting of the exchange rate could have on the market?
JMA: A lifting of the stocks could mark a turning point. It would allow Argentina to rejoin international indices, attracting foreign capital flows. However, we must be cautious: the macroeconomic context must be orderly and with controlled inflation for this opening to be sustainable. It is also important to consider that direct access to the foreign exchange market from banks could cause some investors to shy away from the capital market. But we believe that the retail investor is here to stay in the market, thanks to technology and the offer of accessible and diversified products. Today, technology makes trading simpler and more convenient from platforms that also offer added value such as personalized information and advice.
Juan Martin Aguado IEB+ IEB Group
Mariano Fuchila
Q.: IEB+ recently launched the possibility of operating international assets from Argentina. What response did you receive from investors?
JMA: It was one of our most successful innovations. Now, from a single account, investors can operate both in the local market and in the United States without commissions. This allows for broader diversification and eliminates historical barriers, such as minimum investment amounts. The response from the public has been excellent, in part, because we are aligned with the needs of the Argentine investor, who seeks to protect their capital in a volatile context. We have seen a constant increase in the number of users opting for this modality, which shows that there is great interest in accessing international assets without complex intermediaries.
Q: How do you plan to continue innovating in the coming years?
JMA: Innovation at IEB+ has two fronts: technology and education. In technology, we will continue to expand our offering, including tools such as digital wallets and cards linked to account balances. In education, we want to build a community that fosters a culture of savings and responsible investment. We are developing recommended portfolios and rankings that encourage users to learn and improve their financial decisions. Additionally, we plan to expand our presence in universities and colleges, offering educational programs that allow young people to better understand how the capital market works and the investment options available.
Juan Martin Aguado IEB+ IEB Group
Mariano Fuchila
Q: What do you think are the main outstanding issues in the Argentine capital market?
JMA: The market needs to grow in diversity and depth. Currently, the leading panel is focused on sectors such as energy and banks, leaving out many key industries. In addition, there is a long way to go so that SMEs can finance themselves through the market in a simpler way. Finally, it is crucial that incentives continue to be generated so that more people enter the market and find reliable tools to manage their capital. Technology is a key ally, but we also need the regulatory framework to be more accessible and for companies to see the market as a viable financing tool.
Q.: At what evolutionary stage do you think the Argentine market is today?
JMA: We are in a stage of foundational growth. The foundations that are being laid now will determine future development. It is essential that this growth is sustainable and not limited to one situation. At IEB+, we are optimistic about the potential of the Argentine market and we are actively working to contribute to its consolidation. This includes initiatives to attract new investors, educate them and offer them a comprehensive experience that motivates them to stay in the market long term.
Q: What final message/advice can you give to investors?
JMA: It is a key moment for the capital market in Argentina. We are seeing growth that not only reflects the current situation, but also a structural change in how people perceive investment and savings. My message is to encourage you to learn, diversify and trust that the market can offer valuable tools to achieve your financial goals. At IEB+, we will continue working to make this transition as accessible and transparent as possible for everyone.
Source: Ambito
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