The Isle of Man has launched a new fund proposition to attract more hedge funds in an effort to double its funds under administration to $100bn over the next three years.
IOM Finance says the regime offers a new and enhanced suite of fund categories, including specialist fund and qualified fund products.
It says it is continuing to focus on alternative funds in an effort to secure business for incorporation, domiciliation and administration on the island.
The initiative follows the publication of the Smith report in February, which set out the intention to position the island as a cost-effective and zero-tax location for fund companies to locate their middle and back office operations.
Isle of Man Finance director of foreign direct investment Brian Donegan says: “The Isle of Man government treasury is delighted to launch this initiative with the Isle of Man Fund Management Association. The island’s fund industry has grown immensely in the past five years, with funds under management and administration standing at $50.1bn in June.
“We anticipate that our new funds initiatives, when coupled with the Isle of Man’s existing taxation advantages, will treble this figure and position us as the jurisdiction of choice for fund management and fund administration operations.”