Isle of Man domiciled funds up 15% despite crunch

The total value of funds under management reached nearly $57.7bn in June 2008, up from the $50.1bn managed to June 2007. Mirroring the funds’ success, the Isle of Man’s banking deposits reached nearly £54bn in the year ending June 2008; up 9.9% on June 2007’s figure of £48.92bn. The latest figures show that the success and growth of the island’s fund and banking industry has continued despite the current economic climate, said the government. John Spellman, director of the financial services division for the Treasury, Isle of Man Government, said: “These figures highlight the signific...