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IoM Touts Its Competitive Advantage To London Funds Industry

by Jason Gorringe,, London

24 November 2011

The Isle of Man's Chief Minister, Allan Bell has underlined the strength and diversity of the Isle of Man's economy in a keynote address to forum attendees in the City of London.

Addressing Isle of Man Fund Management Association-organised Funds Luncheon, Bell said the task of stimulating further growth was at the heart of his vision for the island.

He stated: “When I talk about the Isle of Man, I describe it as an international business centre that fosters a range of successful sectors, some of which are among the best in the world. We are in a strong position for sustainable growth.”

“[This] success is built upon this healthy relationship [between the public and private sector], and the Isle of Man government’s supportive approach helps to create a nimble, responsive and business-focused environment. We cannot afford to be complacent, and there will be challenges ahead, but the latest indications suggest that our economy has continued to grow. So far, we have avoided recession, our unemployment rate is still low and we don’t have a budget deficit to contend with. This is an impressive performance given the global economic turmoil of the last couple of years and continuing instability in the euro zone.”

The Chief Minister said the funds industry is an important part of the Manx economy and urged more businesses and investment managers to make the Isle of Man their jurisdiction of choice. He highlighted that the island offers a well-regulated and responsible base which has witnessed political stability and boasts established links with the City of London and a long-standing policy of positive engagement with international standards.

As part of its promotion of the island as a funds domicile, the Isle of Man recently appointed Ian Morley as its London representative. Morley, the founding chairman of the Alternative Investment Management Association (AIMA), will support efforts to attract new UK and international business to the island.

The Funds Luncheon was the second London event to be hosted by the Isle of Man Fund Management Association this year, and saw a contribution from international investor and entrepreneur Jim Mellon.

TAGS: Isle of Man | tax | investment | business | investment funds | international financial centres (IFC) | offshore | alternative investment

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