A radical shake-up of the Isle of Man's financial services announced by the Manx Department of Economic Development will usher in "a more collaborative approach with industry and the creation of a new public private sector promotional model allowing the sharing of resource and funding between all parties."This new organisation replaces Isle of Man Finance.
The intention of the Manx government is to create a new hybrid body of government and private sector which allows for a more effective use of talents and resources of both industry and civil service.
Called the The Isle of Man Finance Partnership, it will be headed up by Mike Hennessy, current CEO of the Island’s Chamber of Commerce. Initially, the government is to be represented on the Board by Chairman Juan Watterson and Tim Craine, Director of the Business Development Agency.
While it will be funded by the Government, its “unique structuring” will enable it to pursue marketing and other commercial opportunities.
For example, a core focus will be on creating sales opportunities for Isle of Man finance sector, whether supporting those on the Island or assisting them promoting overseas.
It will have a key role in generating inward investment into the Island in the finance sector.
To start with the new organisation will be coordinating a programme of international visits focusing on both the private individual and corporate financial solutions which the Isle of Man believes it is renowned for, in key business centres throughout Middle East, China and UK.
It is intended that the programmes extend over the next two years ensuring the reputation, commitment and the expertise of the Isle of Man is properly showcased in these key market areas.
Colin Kniveton, Chief Executive of Department of Economic Development, said: “As I have always said, to be successful we need to support our businesses both in the products they sell and where they sell them.
This change combined with other developments put in place during the past 12 months means we are putting together a structure which puts business at the heart of the Island’s future.
We have a fantastic story to tell and that needs to be supported with the right resources and in the right international market places working hand in hand with the private sector.”
Two global vehicles
'Further plug advice gap'
Must appoint separate CEOs and boards
Advisers do come out well
Will report to Mark Till