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 an...
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