Research recently released by Fitzrovia International has revealed that the fund industry in the Isle of Man has grown by nearly US$400 million, an increase of nearly 8% on the previous year.
In its ninth annual Isle of Man Fund Encyclopedia, Fitzrovia announced that total fund assets on the island had reached US$7.04 billion as at June 30, 2003.
The fund research firm stressed the importance of Experienced Investor Schemes to the Manx finance centre, revealing that such schemes now represent 63% of all funds notified to the Financial Supervision Commission.
According to Fitzrovia, the largest fund administrator on the island is the Bank of Bermuda, with US$1,952.5 million in assets under administration.
KPMG has maintained its position as the largest fund auditor, ahead of PricewaterhouseCoopers and Deloitte & Touche.
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