The Isle of Man Government Treasury is pleased to announce the appointment of Scorpio Partnership, strategic advisors, to manage the review of the Island’s banking sector which was first announced in the Treasury Minister’s Budget speech in March 2007.

Scorpio Partnership is a London based firm of specialist strategic advisors to the global financial services industry. The company has extensive experience of working with asset managers, investment banks, private banks, trust companies, global private client investment managers and industry suppliers, as well as high net worth and ultra high net worth individuals.

Representatives from the Isle of Man Government are working in partnership with banks on the Island to analyse the banking sector and in particular avenues for continued expansion. A committee group has been established with representatives from banking industry and Government to target opportunities for further growth within the industry. A strategic plan of how the Island will take full advantage of the increasing globalisation of banking and wealth management will be unveiled towards the end of 2007.

Nick Boon, business development manager for Isle of Man Finance commented: "To obtain the advice and assistance of such a well-known and highly regarded firm as the Scorpio Partnership is a great coup for the Island and for the banking sector.

The experience that Scorpio Partnership brings will assist us in creating the conditions for continued expansion of the banking and wealth management industry, and help us to capitalise on what is already an extremely well established and dynamic sector of the Island’s economy."

Sebastian Dovey, managing partner of Scorpio Partnership commented: "We are delighted to support the Isle of Man in this assignment and look forward to advising the Island’s representatives on confirming its status as a globally recognised financial centre for offshore banking services."

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