Isle of Man Treasury minister Allan Bell has announced a high-level review of the island's banking a...
Isle of Man Treasury minister Allan Bell has announced a high-level review of the island's banking and captive insurance sectors, following the completion of a major report of its funds sector.
In his speech at the principality's 2007 Budget, Bell revealed a number of recommendations to come out of the recently-completed review, including the introduction of a specialist fund category. Another area is to focus on the target market of front and middle-office functions of London-based alternative fund managers, as well as managers in other key fund centres.
The review, chaired by international funds expert Paul Smith, also recommended a revised offering to fund managers to include a tailored business proposition for relocation to the island and a set up assistance package.
In addition, Bell announced the establishment of a £20m economic development fund. The vehicle will extend the financial support available to new businesses to include new categories, prioritising high-value opportunities that provide the best prospects for fostering economic growth and inward investment.