Behind the Business: Finance Isle of Man Supporting Business in Key Global Markets

Behind the Business, is a quarterly supplement which takes a closer look at some of the Island's most recognisable brands.

Finance Isle of Man is an Executive Agency of the Department for Enterprise, and is responsible for the Island’s long-standing financial and professional services sectors, acting as a key decision making and advisory body supporting the Government’s ambition for long- term economic prosperity for the sector.

The Agency was created to promote the Isle of Man’s financial sector on a global scale, overseeing the development and support of businesses the world over. One of the Agency’s key objectives is to promote the Isle of Man’s finance sector across the globe, working with the industry in their key markets.

Last year, the Agency launched a global marketing campaign in partnership with the Manx Insurance Association, a local trade body representing the twelve life companies based on-Island.

The campaign utilised both social and traditional marketing tactics to showcase the Isle of Man as a robust international financial centre to over one million people worldwide; their efforts were recognised with two nominations for ‘Best International Campaign of the Year’ and ‘Best International Finance Centre’ at this year’s International Investment Awards. The awards will take place on Wednesday 16th October at the prestigious Gibson Hall in London’s Bishopsgate, an important ward within London’s main financial district. The Island was also shortlisted in the category of ‘Best International Finance Centre’ at the 2020 Citywealth International Finance Centre (IFC) Awards.

Lawrie Hooper MHK, and political member with responsibility for Finance Isle of Man, said:

‘This is fantastic recognition for our financial services industry, which continues to be the strong bedrock of the Isle of Man’s
economy.

‘Having two nominations for Best International Finance Centre shows the Island is widely recognised as a dynamic, diversified financial centre and a well-regulated international business partner.

‘The nomination for Best International Campaign of the Year is a welcome acknowledgement of the innovative and effective way that the Finance Agency is working with partners across the finance industry to promote the Island’s exceptional offering.’

The Agency will be defending the title of Best International Finance Centre at the International Investment Awards and a win at this year’s ceremony would be their third in a row. Later this month, Simon Pickering, Head of Insurance and Pensions at Finance Isle of Man, will be visiting Dubai, a trip that forms part of an Agency engagement in the region to promote the Isle of Man’s insurance and wealth management sectors.

The Finance team will also head to Singapore in November to attend the STEP Asia Conference, a global professional association for practitioners who specialise in family inheritance and succession planning.

Michael Crowe, Chief Executive of Finance Isle of Man, said:

‘This region is an important market for Manx businesses. This is an excellent opportunity to raise the Island’s profile and engage with intermediaries who might be unfamiliar with the Isle of Man’s proposition.

‘The STEP Asia Conference is the ideal event to introduce the Isle of Man and the excellent story that we have to tell in terms of the strength, security, and stability of the Isle of Man: it’s very relevant to people within the financial services the world over.

‘This month we are also visiting South Africa, undertaking a series of events with a number of representatives from the Isle of Man finance industry, to promote the Island as an ideal jurisdiction to structure long-term finance; something we believe will be of interest to globally mobile individuals holding multi-jurisdictional assets.

‘The Isle of Man’s finance sector remains nimble and agile, and Finance Isle of Man looks to take a targeted approach to these trips, promoting propositions such as Family Office and private wealth management, international pensions, asset protection, and succession planning.’

As well as showcasing the Island to international clients, the team continues to raise the Isle of Man’s profile in London, engaging with professional intermediaries and contacts on a regular basis.

Finance Isle of Man is the Gold Sponsor at the London 2019 Private Client Dining (PCD) Club, and they will get the opportunity to speak to over two hundred financial intermediaries at the event this November. It’s an excellent opportunity for bodies within the finance sector to raise their profile, make connections, and drive new business. The team hopes to showcase what the Island has to offer in terms of supporting businesses within critical markets.

‘The Agency is a public/private partnership, and is a point of focus between the Government and private sectors,’ says Michael. ‘Reaching out to other industries off-Island helps raise our profile in important markets, which is a key part of the Agency’s work.’

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