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Push is on to bring in hedge funds and private equity firms

The Isle of Man is moving into the alternative investment sector to attract fund business.

The Manx government is working with the IoM Funds Management Association to promote the island as an investment domicile for hedge management and private equity.

Speaking to Money Marketing last week, Isle of Man Finance director John Spellman said: “The investment market will return and hedge management and private equity will always have a part to play.

He said the push into the market started a year ago and six hedge fund managers are already operating on the island.

The Isle of Man’s fund industry totals around £20bn, taking into consideration writedowns over the last 12 months.

Spellman said the island’s 2010 growth forecasts are under revision due to the dramatic market conditions.

The government is pushing ahead with negotiations to sign double-taxation agreements, with at least two more on the way, one with Belgium.

Isle of Man government income tax division deputy assessor Paul Martin said: “With a big country like Belgium, it takes time. We can ratify these agreements fairly quickly but it takes the other side longer.”

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