The Isle of Man is named the Leading Offshore Centre and is second only to the City of London within the British Isles
The Isle of Man's City profile has risen exponentially in recent months as it further demonstrates the Island's ability to tap into the heartbeat of global business.
The City of London's latest Global Financial Centres Index names the Isle of Man the leading offshore centre for business – ahead of the Channel Islands, Cayman and Bermuda. The Isle of Man also ranks highest of seven centres appearing for the first time in the highly influential GFC report and means it is now second only to London within the British Isles.
This powerful endorsement of the Island's skill to continually 'come up with the goods' in attracting blue chip global business, follows the London launch of a major initiative to meet key demands of the important global hedge funds industry. Central to the package is new Isle of Man legislation providing for bespoke new and specialist funds, as well as transitional and retention arrangements for existing experienced investor funds.
Highly Desirable Location
An unprecedented tide of hedge fund money is still driving forward key areas of the international investment market, at a time when a shadow of uncertainty has been cast by the current credit crunch over the general economy.
The Isle of Man's enhanced reputation for entrepreneurship and innovative development of the economy - coupled with its risk based regulatory approach makes it a highly desirable location for the global hedge funds industry. The Island's 'AAA' Sovereign Credit Rating by Standard and Poor's and 'Aaa' rating from Moody's is another big attraction.
'In any market dislocation, opportunities are always generated and the funds business is highly entrepreneurial in its nature,' said David McGarry, Managing Director of accountants KPMG. 'I believe, therefore, that with our revised Isle of Man product offering and a market now exhibiting considerable volatility – and therefore opportunity - that we are very well placed to significantly grow the Island's funds industry. Our marketing efforts have already translated into two new hedge fund manager setups – Bridge Asset Management and Pelham Capital Management. This is obviously a very early success story,' he added.
The Isle of Man funds sector has expanded significantly in recent years and is now confident of achieving its goal of attracting (US)$150 billion funds under management and administration within the next two years.
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