AIC backs offshore centres

The AIC is defending the role of British offshore financial centres and recommending HM Treasury supp...

The AIC is defending the role of British offshore financial centres and recommending HM Treasury supports their continued operation. In its response to the Foot review of British offshore centres, the AIC says the growth of the closed-ended investment company sector which has grown £16.5bn offshore over the past five years compared with just £2bn onshore, is a vote of confidence for the centres. In addition, the AIC estimates over £300m is paid to the UK in management fees each year by Channel Islands domiciled investment companies, illustrating the positive contribution the offshore inve...