The Isle of Man's fund industry is well placed to compete globally following the measures announced in Treasury Minister Alan Bell's budget earlier in the year, according to the chairman of the Manx Fund Managers Association (FMA) Liz Tansell.
According to the Isle of Man Online, speaking to the FMA annual dinner, Ms Tansell said it was now the fund industry's job to advertise to the world the benefits of these reforms.
"We desperately need a long-term marketing strategy that is fully supported by the government. We have an enormous amount of expertise in the funds industry. And the fact that we have not necessarily been the jurisdiction of choice has meant that we have had to be extremely flexible in meeting client requirements. If anything, this has actually increased our expertise and our commitment to customer service," Tansell told the fund managers.
The budget contained three key measures designed to boost the Island's fund industry. These included zero rate tax for all Third Party Fund Administrators; VAT exemption for Experienced and Professional Investor Funds; and overseas funds exemption in the context of Isle of Man regulation - effectively eliminating dual regulation of a fund incorporated in a jurisdiction considered to have an adequate regulatory framework.
The measures are expected to be in place by the summer of this year. However, Ms Tansell said that much work needed to be done to make the Isle of Man attractive to overseas investors.
"As things stand at the moment we have less funds under management and there is a perception that we offer less choice," said Ms Tansell, though she offered an optimistic outlook for future growth in the funds sector:
"I believe that we do have something to offer over and above the other jurisdictions: we have room to grow and we are keen to take on new business; we are not complacent, we're able to administer more complex structures; and we have a relationship with a sympathetic government which is the envy of our competitors," she observed.
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