The Isle of Man sees increases in funds under management and banking deposits in the last year.
The IoM Financial Supervision Commission reveals the island has seen 41.5 per cent increase in the net asset value of funds under management of collective investment schemes in the year to March 31, 2005.
There is a 17 per cent net increase in the number of funds managed or administered, while banking deposits have increased 16.4 per cent.
The FSC puts expansion down to growth in the experienced investor fund and the overseas fund sectors, reflecting the popularity of hedge and alternative funds.
The IoM fund increase is attributed to the Treasury Minister’s 2003 budget, introducing a fund initiative, including a zero rate tax for all administrators and managers of EIFs and professional investor funds and VAT exemption for EIFs and Pifs.
FSC chief executive John Aspden says: “The figures from the annual report show that the Isle of Man is a jurisdiction of growth and change. The recent changes in regulation, particularly in the funds sector show that we are responding positively to the globalisation of business and business needs.”