The Isle of Man’s fund industry body, The Isle of Man Funds Association (IOMFA), has confirmed plans for another busy schedule for 2014 as it continues its work to promote the Island’s fund industry to key target markets. Newly appointed Chairman of the Association for 2014, Mr Paul Kneen (CEO of Abacus Financial Services Group) said: “I look forward to the opportunities and challenges the year will bring. As the fund industry continues to grow and evolve, so do the legislative and regulatory pressures affecting it. It is more important than ever to stay abreast of industry changes, working hand in hand with the government and the FSC to ensure we have a robust Isle of Man fund offering the benefits and abilities of which we can actively promote to as wider audience as possible”.
 
The promotion of the Island’s fund industry is largely undertaken by the IOMFA’s committee members supported by the Department of Economic Development. The main committee is assisted by sub-committees dealing with Marketing, Legal & Compliance and Membership, each of which is made up of senior staff from across the scope of the industry who generously volunteer their time and effort throughout the year. The IOMFA has invested significant time and resources over the years attending and hosting industry events, with representatives speaking at seminars and exhibiting at conferences in order to increase the profile of the Isle of Man funds industry in key markets, such as the City of London and in recent years to emerging markets such as Russia. The IOMFA representatives also undertake regular visits to industry intermediaries which have previously targeted law firms and advisory firms in New York, London and Switzerland. For 2014 the IOMFA also aims to take the island’s fund offering to the often overlooked and growing regional UK financial centres. Mr Kneen further commented:
 
“We will look to build on the events of 2013 which were very successful in increasing the profile of the Isle of Man funds industry across our key markets. Credit must therefore be given to the work of the IOMFA teams and to the support given by the Department of Economic Development. Continued effective promotion of our proposition, based on our advantages in cost, capability and capacity within a stable, well-regulated jurisdiction is a key objective for IOMFA in 2014.”
 
Mr Kneen also gave thanks to the outgoing Chair of IOMFA, Mr Peter Craig, and to Mr Mike Kelly, who after many years in the role of Treasurer to the association, will be replaced by Mr Craig from 2014.