A fund manager made 18% betting on Argentina's revival

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Argentina's change of leadership and return to global capital markets has been a boon to fund managers betting on revival.

Brevan Howard, which manages around $18 billion (£12 billion) in assets, is one of them.

The firm offered a special purpose vehicle to clients in January 2015 "in order to take advantage of anticipated political change and a subsequent resolution of the bond hold out dispute," a spokesman said in an e-mailed statement.

"Events unfolded as we had expected. Consequently we are winding down the fund and returning capital, as we had promised, to investors. Net performance since the fund was opened to investors Jan 2015 is approximately 18%," the spokesman said.

The country has travelled a long road back to being accepted by global financial players.

15 years after defaulting on more than $90 billion (£63 billion) of sovereign debt, Argentina returned to the bond market in April. The country raised around $15 billion (£10 billion) from its bond sale, but attracted orders worth $65 billion (£45 billion).

While former President Cristina Fernandez de Kirchner struck a combative tone in her dealings with bondholders, new President Mauricio Macri made finalising negotiations with creditors and issuing new debt a policy priority.

In February this year, Argentina reached a $4.7 billion (£3.2 billion) agreement with hold-out creditors, paving the way to the new bond issue.