The Isle of Man wants to attract a total of $100 billion in assets under management by the end of 2009, according to the offshore jurisdicti...

The Isle of Man wants to attract a total of $100 billion in assets under management by the end of 2009, according to the offshore jurisdiction’s promotional body, the Isle of Man Finance. Currently, the island’s fund management groups have around $30 billion of AUMs, according to Brian Donegan, business development manager for Isle of Man Finance. Speaking to WealthBriefing, Mr Donegan said the funds business has grown rapidly in the last three years. “In 2003 assets under management in the funds industry stood at just $8 billion – this has now grown to around $30 billion today.” Mr Donegan said the Isle of Man has been very successful at attracting alternative investment funds such as hedge funds, private equity and property funds. “Given that we are outside of the European Union we cannot market UCITS-like structures. This has led us to develop our expertise in alternative asset classes,” he said. Isle of Man Finance has been concentrating much of its efforts on building strong relations with the City of London, said Mr Donegan. And earlier this year, the promotional group opened an office in the centre of the capital’s financial district to further grow the business. “We have targeted the fund lawyers and prime brokerages, where we have build up strong relations,” said Mr Donegan. He added that the demand for offshore jurisdictions is still strong, despite global regulatory pressures. “What’s important is to provide much of the flexibility of an offshore centre with the required regulatory framework – I believe the Isle of Man has them both.”