In its eighth annual report on the Isle of Man, independent investment fund research company, Fitzrovia International revealed that the jurisdiction's funds industry has stood up remarkably well to the sustained pressure inflicted by difficulties in global equity markets.
According to Fitzrovia, the 45% jump in funds under management on the Island in the year which ended on June 30 can be attributed primarily to 'impressive growth' in certain specialised asset class types, such as funds of funds and alternative investment funds.
Reporting on the release of the report, the Isle of Man Online news service confirmed this, revealing that: 'The number of funds of funds have increased by nearly 80%, rising from 28 to 50 funds, while alternative investment funds have more than trebled from 9 to 29 funds, as at 30 June, 2002.
According to Fitzrovia, another key factor in the industry's impressive performance has been growth in the number of Experienced Investor Schemes. These schemes, launched in October 1999, now make up around 47% of all funds notified to the Financial Supervision Commission, and there are 112 in operation on the Island, up from just 48 a year ago.
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