New Fund Operation Attracts US$8 Billion

The Island's enhanced status as a jurisdiction of choice for the blue chip global funds industry is demonstrated by the rapid success of new Isle of Man based operations attracted by the growth potential in this highly competitive area of the international market.

One of these, IOMA Fund and Investment Management, already administers gross assets in excess of US$8 billion since its launch two years ago. The operation, part of the Isle of Man Assurance Group, is heavily involved in aiding companies prepare for floatation on AIM, the London Stock Exchange's market for junior companies.

'The Isle of Man in general now has an impressive professional skills base of accountants, lawyers and brokers,' pointed out Managing Director of the funds division, Philip Scales. 'We have all the necessary specialist skills we require in our various areas of operation available to us here on the Island which gives us