Business Services Industry

Argentina: Irsa under new management.

South American Business Information, November, 2000

IRSA has decided to continue in the capital market without George Soros help. Ten years ago, Eduardo Elsztain and Marcelo Mindlin started the financial business with a cheque of US$10mil given by Soros. Now, Soros has left Dolphin Fund Management, which is the vehicle used since 1990 to attract local and foreign funds investing this money in severalbusinesses. With Soros withdrawal, Dolphin's capital was reduced from US$300mil to 150mil. Elsztain and Mindlin will continue with Dolphin which now is also a common investment fund for Latin America. It was qualified by Standard & Poors with the letter A, which allows the pension funds administrators (AFJP) to invest in Dolphin. The minimum to enter the fund is US$50,000. In the last ten years, Dolphin reached an average...

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