The authorities on the Isle of Man Finance are stepping up their efforts to lure hedge funds away from Dublin and the Cayman Islands. At a one day seminar held in the island’s capital Douglas on Tuesday (22 June) in conjunction with the Alternative Management Association (AIMA), Isle of Man Finance sought to highlight the opportunities for growth in alternative investments on the island.
The seminar, which was entitled “Opportunities for the Isle of Man in the Alternative Investment World,” was addressed by Emma Mugridge (Director of AIMA), Phillippe Riachi (a Director of Morgan Stanley Prime Brokerage) and Stuart Martin (a partner at law firm Dechert).
Isle of Man Finance says the event was held to help delegates gain an insight into the opportunities in alternative investments that Isle of Man Finance and the FMA are now aiming at – to attract new hedge funds to be administered in the island and new business service providers to support them.
Over 60 attendees, drawn mainly from the local fund management industry, heard speeches on topics including UK and US alternative investment markets and regulation and a study of fund incubators.
The strength of the opportunity open to the Isle of Man was endorsed by data released at the event – with the universe for global funds currently in excess of US $12 trillion, projected to rise to US $26 trillion by 2010. The hedge fund component of global funds is currently valued at US $1 trillion and set to increase in excess of 10% per annum.
The day concluded with a panel debate on the specific challenges and opportunities presented by the global hedge fund sector and Island and competitor response, including the Isle of Man’s Strategic Funds Initiative, launched in Summer 2003.
Steven Beevers, Spokesman for Isle of Man Finance says: “In hosting today’s event we wanted to promote greater understanding of the potential of hedge funds by bringing together leading UK experts, local industry, Government, FSC and AIMA to debate the hot issues,” says Steven Beevers, spokesman for Isle of Man Finance. “We are confident that the day has helped open eyes to the potential for growth in alternative investments and stimulated worthwhile discussion. We very much value the strong relationship we have built with international body AIMA and would like to thank them, the FMA and all our speakers for their participation.”