Allan Bell, the Isle of Man Treasury Minister, has announced in the Budget the completion of a review into the Island's funds sector, and the establishment of a £20m economic development fund.
The report is the result of an in-depth review chaired by international funds expert Paul Smith, previously global head of the alternative fund services division at HSBC, and is one of the measures Bell unveiled in the Budget designed to further advance the economy over the next five years. Bell claims the 58-page report identifies areas of “huge financial growth” and will be followed by similar high level reviews for the Island’s banking and captive insurance sectors. The main objective of the recommendations in the ‘Smith Report’ is to ensure the Island’s funds industry is in a positi...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
