Cohen

What Cohen does

Cohen S.A., operating as Cohen Aliados Financieros, is an Argentine independent financial services group with origins dating to 1938 (when Máximo Cohen began representing Oppenheimer Bank in Argentina) and formally established as Cohen Bursátil in 1975 by Jorge H. Cohen. The firm is structured under the Grupo Cohen holding company (founded 2005) and delivers an integrated platform across Wealth Management (HNW individuals and families), Capital Markets (institutions and corporations), Asset Management (mutual funds), and SME Financing (PyMEs), complemented by insurance brokerage (Mackinlay) and non-bank leasing (CGM Leasing). Cohen operates as a registered Agente de Negociación on four Argentine markets — BYMA (Agent 46), ROFEX (Agent 327), MAE (Agent 673), and MAV (Agent 537) — under CNV licenses and runs the Cohen Connect client portal and the Perspectivas Cohen research platform on an open-architecture technology stack.

The firm monetizes through transaction commissions on securities trading, recurring fund management fees on mutual funds, advisory fees on wealth management (USD 40,000 minimum account opening), professional services fees from structuring Cheques de Pago Diferido, Pagarés Bursátiles, Obligaciones Negociables, and Fideicomisos Financieros for SMEs, and commission income from insurance and reinsurance brokerage via Mackinlay. Cohen is family-owned across three generations (Julián Cohen as External Advisor and former CEO; Anna Cohen as President and CEO since 2017), holds ISO-9001:2008 certification for fiduciary processes (first in market, 2015), and is FATCA/OCDE compliant, distributing services through dedicated financial advisors, the Cohen Connect digital platform, and registered market agents.

Name

Cohen

Legal name

Cohen S.A.

Website

https://cohen.com.ar

Company type

Private

Founded year

1975

Operating status

Operating

Headcount range

11–50 employees

Short description

Cohen S.A. (Cohen Aliados Financieros) is an Argentine independent financial services firm offering wealth management, capital markets, asset management, and SME financing to high-net-worth individuals, institutions, and PyMEs across BYMA, ROFEX, MAE, and MAV under an open architecture model.

Ownership category

akta.pro rank

Product category

Wealth Management & Capital Markets

NAICS

Open-End Investment Funds (525910), Sales Financing (52222), Trusts, Estates, and Agency Accounts (52592)

SIC

Security Brokers, Dealers & Flotation Companies (6211), Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Asset-Backed Securities (6189)

akta.pro primary industry

Independent Broker-Dealers (Retail Network) (FSAAAAAC)

akta.pro secondary industry

Registered Investment Advisor (RIA) Wealth Management (FSAEABAA)

Keywords

• Wealth management services
• Capital markets advisory
• Asset management
• Mutual fund management
• SME financing solutions

Headquarters

HQ city

El Calafate

HQ country

Argentina

HQ region

Latin America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Commissions on Securities Trading: Cohen earns commissions on securities transactions executed through its platform, including stocks, bonds, options, futures, and other listed instruments. Operating as a registered Agente de Negociación, Liquidación y compensación integral, the firm processes trades across Argentine markets including BYMA, ROFEX, and MAE.
2. Fund Management Fees: Revenue generated from managing Cohen's mutual funds (Fondos Comunes de Inversión). Cohen S.A. operates as a Sociedad Gerente de Fondos Comunes de Inversión, charging management fees on assets under administration.
3. Wealth Management Advisory Fees: Premium personalized advisory services for high-net-worth individuals and families, including tailored portfolio construction and holistic financial planning.
4. Corporate Finance and Financing Services: Fees from structuring and placing financing instruments for PyMEs including Cheques de Pago Diferido, Pagarés Bursátiles, Obligaciones Negociables, and Fideicomisos Financieros. Also includes fiduciary fees for trust administration.
5. Insurance Brokerage through Mackinlay: Revenue from insurance and reinsurance brokerage services provided through Mackinlay Broker de Seguros, part of Grupo Cohen.

Pricing tiers

Go-to-market motion1 record

Distribution channels6 records

Marketing channels7 records

Core offering

Cohen S.A. (Cohen Aliados Financieros) is an independent Argentine financial services group offering wealth management for high-net-worth individuals and families, capital markets services for institutions and corporations (including debt and equity instrument structuring), and asset management through mutual funds (Fondos Comunes de Inversión). It also provides SME financing instruments such as deferred payment checks, SGR-backed bank loans, electronic promissory notes (Pagaré Bursátil), negotiable obligations, and financial trusts.

Product overview

Cohen Aliados Financieros is an independent financial services group with over 80 years of history in Argentine capital markets. The company operates as a multi-service platform organized around three core service lines: Wealth Management (for individuals and families), Capital Markets (for institutions and companies), and Asset Management (mutual funds). The product portfolio spans investment products including stocks, bonds, mutual funds, futures, options, and margin lending; and financing products including deferred payment checks, SGR-backed loans, electronic promissory notes, negotiable obligations, and financial trusts. Cohen serves retail clients with a minimum account opening of USD 40,000 and provides specialized SME financing solutions through its Capital Markets division.

Differentiator

Problem solved

Functional benefit

Products and services

• Wealth Management Premium personalized advisory service for individuals and families, focused on managing financial needs and investment objectives with a holistic approach and tailor-made portfolio design. Requires minimum patrimony of USD 40,000 to open an account.
• Capital Markets Services for institutions and companies seeking financing solutions and capital market access, including structuring and placement of debt and equity instruments, MAV-based SME financing instruments, and corporate finance advisory.
• Asset Management Management of mutual funds (Fondos Comunes de Inversión) and other pooled investment vehicles for investors seeking diversified market exposure. Cohen operates as a registered Sociedad Gerente de Fondos Comunes de Inversión.
• Fondos Comunes de Inversión Mutual funds offering investment access to various asset classes including money market, fixed income, and equity strategies, with minimum investment starting at ARS 1,000 or USD 1,000 for dollar-denominated funds.
• Acciones Stock trading services on Argentine markets via BYMA, with no minimum investment amount specified.
• Bonos Government and corporate bond trading services through BYMA/MAE/MAV, with no minimum investment amount.
• Cauciones Bursátiles Margin lending service allowing investors to finance positions using securities as collateral, with a minimum investment of ARS 10,000.
• Futuros Derivatives trading including futures contracts on commodities, currencies, and financial assets through the ROFEX market.
• Opciones Options trading services providing derivatives exposure with no minimum investment amount.
• Cheques de Pago Diferido Deferred payment check discounting service enabling SMEs to access financing by selling guaranteed checks in the market to investment funds, with minimum investment of ARS 5,000.
• Préstamos Bancarios Avalados SGR SGR-backed bank loan facilitation service connecting SMEs with preferential credit conditions through mutual guarantee societies (Sociedades de Garantía Recíproca).
• Pagaré Bursátil Electronic promissory note financing instrument for SMEs with US dollar operating flows, with a maximum term of 3 years and dollar-linked settlement structure.
• Obligaciones Negociables Corporate debt securities issued by private companies with fixed or variable interest rates, including SME-guaranteed negotiable obligations with simplified reporting requirements.
• Fideicomisos Financieros Financial trust structuring and organization services, with Cohen positioned as a market leader in SME financial trust arrangements.
• Cohen Connect Online client portal for account management, trading, and access to market information and reports.
• Perspectivas Cohen Market insights and research platform providing macroeconomic analysis, investment strategies, fixed income, equities, foreign exchange, ESG, and financial market reports for clients and subscribers.

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Ten partnerships are on record, tiered minor and core.

• AmicorpminorStrategic or Co-development Partner · 1 January 2022Commercial alliance formed in 2022. Amicorp is a global firm providing fund administration and fiduciary services.
• Delta Asset ManagementminorStrategic or Co-development Partner · 1 January 2020Commercial alliance formed in 2020 for asset management cooperation. Part of Cohen's strategy to expand capabilities and product offerings.
• Pershing (now Bank of New York)coreTechnology or Integration · 1 January 1999Technology and custody partnership established in 1999 for settlement and custody services. Pershing, now part of Bank of New York Mellon, provides institutional technology infrastructure.
• Mackinlay Broker de SeguroscoreOthersInsurance and reinsurance brokerage company within Grupo Cohen. Team of professionals with extensive experience in national and international insurance and reinsurance markets.
• CGM Leasing Argentina S.A.coreOthersPrincipal non-bank leasing company in the Argentine market. Founded in 2004, provides agile leasing solutions without bureaucratic delays. Part of Grupo Cohen.
• CGM Cohen Global Markets S.A.coreOthersInternational advisory services and global markets operations. Founded in 2002. Part of Grupo Cohen structure.
• Integra PymescoreOthersPyME financing platform founded in 2015. Offers financial and commercial guarantees to participant partners to consolidate Argentine PyME financing with their value chains.
• Cohen International Advisors (Montevideo)minorOthersInternational financial advisory registered in Montevideo, Uruguay since 2010, serving international clients and cross-border wealth management needs.
• SGRs (Sociedades de Garantía Recíproca)coreStrategic or Co-development PartnerPartnerships with multiple SGRs for providing guarantees to PyMEs accessing bank credit and capital market instruments. Cohen facilitates contact, pre-analysis, portfolio structuring, and sale of guaranteed instruments through SGR networks.
• MAV (Mercado de Valores de Buenos Aires)coreTechnology or IntegrationPrimary market for PyME financing instruments. Cohen operates as registered Agent N°537, specializing in Cheques de Pago Diferido, Pagarés Bursátiles, and other fixed income instruments for SMEs.

Scale indicators3 records

Recent moves12 records

Expansion highlights6 records

Broad incumbents

• Banco Macro: Large Argentine universal bank with capital markets and asset management divisions. Comparable in product breadth to Cohen's Capital Markets and Asset Management businesses, but operates as part of a much larger deposit-funded franchise.
• Banco Galicia: One of Argentina's largest private banks with a sizable brokerage, mutual fund, and wealth management arm. Overlaps with Cohen across all service lines but at much larger scale and with deposit-bundled offerings.

Direct peers

• SBS Group: Argentine financial group offering securities brokerage, asset management, and corporate finance through SBS Trading and SBS Asset Management. Competes head-to-head with Cohen across BYMA trading and mutual fund management.
• InvertirOnline (IOL): Major Argentine online brokerage offering stocks, bonds, mutual funds, and options trading via BYMA. Competes with Cohen on transaction execution and mutual fund distribution, particularly in the digital channel.
• Portfolio Personal de Inversiones (PPI): Leading Argentine retail investment platform offering brokerage, mutual funds, and advisory. Comparable to Cohen on the trading and asset management side, though focused on broader mass-affluent rather than HNW minimums.
• Consultatio Financial Services: Argentine wealth management and investment advisory firm serving HNW individuals and families. Direct peer to Cohen's Wealth Management division with similar premium-segment positioning in Buenos Aires.
• Balanz Capital: Argentine independent broker-dealer and wealth manager serving retail, HNW, and institutional clients with trading, mutual funds, and corporate finance. Closely comparable to Cohen in business mix, scale, and Argentine HNW focus.

Regional players

• Puente: Argentine investment bank focused on asset management, corporate finance, and brokerage. Comparable to Cohen's Capital Markets and asset management operations, with some differences in target segment.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/cohensa
• YouTubeyoutube.com/channel/UCsi21Za0L_M8jqGLIs3UVaw
• LinkedInlinkedin.com/company/cohenargentina

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries4 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Cohen