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Isle of Man Treasury Minister, Hon. Allan Bell, announced in his 2007 Budget speech to the parliament Tynwald, the completion of a major report, to review the Island’s funds sector. The key strategic Report identified “huge potential for growth” said Treasury Minister, and will be followed by similar high level reviews of the Island’s banking and captive insurance sectors.
The review was chaired by international funds expert, Paul Smith, until recently global head of HSBC’s Alternative Fund Services Division. It is one of several measures announced in the Budget designed to advance further the Island’s economy over the next five years, under the banner of securing the future.
The review follows the positive impact on the economy, including a surge in company incorporations, since the implementation of Isle of Man’s new package of measures to attract business. This comprised the introduction of a 0% Corporate Tax as standard, a GBP100,000 per annum cap on personal income tax and the modernisation and streamlining of the Isle of Man Companies Act.
The Island’s fund sector is growing rapidly – with funds under management rising by 50% from GBP15 billion in 2005 to around GBP21 billion in 2006.The Smith Report looks to secure the sector’s long term prospects, capitalising on market opportunities in the international investment funds arena, including the institutionalising of alternative asset management...................... To view our full article Click here
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