The Isle of Man Fund Managers Association (FMA) in partnership with Isle of Man Finance has hosted “The offshore debate – the future of funds”, a conference in London for an international audience of fund managers, administrators and lawyers.
The event was the first high-profile public event for Allan Bell MHK, as the new Minister for Economic Development, where he was able to speak to an audience of leading fund advisers and managers' contacts about the Island’s economy, the development of the new department and his optimism for the future.
Isle of Man-based entrepreneur, Jim Mellon, of Charlemagne Capital, gave a spirited address on “The Post Crisis World – Fragilities and Opportunities, identifying opportunities for the future”, including his views on currency outlook; German real estate; volatility; and emerging markets along with his investment insight for the coming year.
In addition to the keynote speeches, Malcolm Couch, Assessor of Income Tax for the Isle of Man Government hosted a panel debate examining “International Finance Centres – What Does The Future Hold?” and Matthew Jones, Associate Director at the Alternative Investment Management Association, chaired a debate on “Draft EU Alternative Investment Manager Directive - Future Impact on Fund / Fund Manager Domiciliation”.
David McGarry, Fund Managers Association, said, “The event was well attended, despite the difficult travel conditions, and proved a great success. The speakers provided valuable insights into the future of funds, international finance centres, opportunities post-recession and an analysis of the draft EU Alternative Investment Manager Directive. The keynote addresses were well received, drawing a number of questions from the audience. I am delighted with the conference, as it comes just a year after our inaugural event in the City. Following on from this success, together with Isle of Man Finance, the FMA is keen to maximise our presence with this key audience and we will be seeking to deliver another event in the City before the end of the year.”
Colin Kniveton, Chief Executive of the Department of Economic Development, added,: “Minister Bell’s speech was extremely well received. The Minister reiterated that his February budget, delivered in his previous post as Treasury Minister, was structured to allow the Island to compete even more effectively and to maintain attractiveness of the Isle of Man to new and existing inward investment. His comments signalled to this key target audience that the move to the new Department of Economic Development is designed to make the Island more responsive and attractive to business opportunities. I am delighted that Isle of Man Finance and the FMA have worked so closely together to promote the Isle of Man's proposition as a leading international business centre and as a credible alternative jurisdiction for fund business .
"Since its inception on 1st April the Department for Economic Development has begun pulling together all of its endeavours in attracting inward investment to the Isle of Man which previously existed in separate departments. This work remains ongoing but we are already acting on the many synergies we have to best effect".”
To see insights from the conference, updated live as they happened, visit http://www.iomconfblog.im to access the event blog. The third FMA London conference will take place in November 2010.
