The International Festival for Business taking place in Liverpool this summer provides an excellent opportunity for the Isle of Man to showcase its credentials as the place to manage your family office. John Garland, Head of Corporate Financial Services for the Isle of Man Government, explains why private investors and professional advisors should find out more.
The International Festival for Business will be the UK’s most significant international trade and investment fair since the 1951 Festival of Britain and is the largest global concentration of business events in 2014.
Taking place on Liverpool’s waterfront, just across the sea from the Isle of Man, it is an excellent chance to shine the spotlight on one of the Island’s lesser known, but highly successful, areas of expertise – the establishment and management of family office arrangements.
We’ll be showcasing the many advantages of running a family office from the Isle of Man at a special breakfast seminar The Isle of Man: Where you can manage your family office with confidence on 1st July 2014. The event is open to private investors and professional advisors and includes an authoritative line up of speakers from the Isle of Man including:
- Department of Economic Development Chief Executive Officer Chris Corlett will outline the strength and stability of the Isle of Man as an international business centre.
- Chairman of the Isle of Man Funds Association and Chief Executive Officer of Abacus Financial Services Group Paul Kneen will look at family offices from a funds management perspective.
- Director of the Association of Corporate Service Providers and Chief Executive Officer of Boston Group Greg Ellison will represent the fiduciary sector and review the professional services available to a family office on the Isle of Man.
- Managing Director of Hotchkiss Associates Paul Hotchkiss will be covering tax issues for High Net Worth Individuals.
- Vice President of Barclays Wealth Isle of Man Stuart Nelson will be presenting on the role of the banking sector.
Attendees to the event will also have the opportunity to meet the speakers and ask questions as well as sample a taste of delicious Isle of Man produce.
Family office arrangements can range from the straightforward setting up of trusts and management of assets to the much more complex requirements that need a dedicated staff. These may include succession planning, property management, accounting and trustee services, travel management, family governance, provision for future education and philanthropy. Private equity and venture capital opportunities may also form part of the mix.
The Isle of Man has long been the jurisdiction of choice for wealthy individuals, families, companies and other organisations. An international business centre of repute, we enjoy political stability and have a record of 30 years of unbroken economic growth.
Our position so close to the UK, with the same language, currency, time zone and a legal system based on English law make us particularly attractive in the global marketplace. Our historical strengths in the financial services market have led to many world class financial institutions establishing bases on the Isle of Man, providing excellent levels of expertise across the areas of general wealth management, banking, insurance and pensions.
The Island is also well represented by top name accountancy firms (including the Big Four) trust and corporate service providers, fiduciary services and other legal and business support professionals. In short all the professional advice you need to establish a family office arrangement that suits your requirements.
For those looking to relocate their family and/or business, the Isle of Man offers excellent education, healthcare and recreational facilities as well as easy access to the UK, Europe and beyond via our air links and ferry port.
Ongoing investment in the Island’s infrastructure has given the Island world-class telecoms with the ability to communicate effectively and efficiently across the globe, helping to grow a thriving e-Business sector. We also host burgeoning high tech manufacturing, maritime, aviation and biomed clusters.
Along with a commitment to transparency and international cooperation that has won plaudits from such august bodies such as the Organisation for Economic Cooperation and Development and International Monetary Fund, the Isle of Man Government has laid out its approach to its economic future in its recently released Vision2020 strategy.
This will see the roll-out of a “Clients First” approach acknowledging the dual needs of protecting vulnerable investors and giving opportunity and choice to the more sophisticated and less risk-averse.
As a self-governing Crown Dependency in charge of its own laws and taxes, the Isle of Man can take a pragmatic approach to regulation, complying with its international duties at all times but offering a light-touch and supportive enabling structures for private individuals managing their own wealth.
Vision2020 also set out our desire to increase and renew business relationships between the Isle of Man and the North West of England. Participating in the inaugural International Festival for Business in Liverpool provides us with a fantastic opportunity to develop further links with a region with which we have such strong geographical, historical and cultural ties.
If you’re looking for a family office arrangement for yourself or you represent someone with this need, please come along and see us at the Festival. You will be very welcome.
The Isle of Man: Where you can manage a family office with confidence event takes place from 10am to 1pm on 1st July 2014 at:
Level 4, Events Room
One Mann Island
Places are limited. To register please go to: www.whereyoucan.com/Events-Details/Isle-of-Man-Where-You-Can-Manage-Your-Family-Office-with-Confidence.aspx
The inaugural International Festival for Business takes place over seven weeks during June and July and will see more than 200 business focussed events organised around seven themes such as Maritime, Manufacturing, Professional and Financial Services.
Business delegates and trade intermediaries from over 100 countries are expected to attend and there is an explicit focus on creating new international and domestic business-to business relationships and commercial openings for all sizes of business.
The Isle of Man Government will be represented throughout at the Festival Hub situated between the historic Liver Building and Albert Dock.
‘Manage your family office with confidence on the Isle of Man’, 2014, Isle of Man Portfolio, Keith Uren Publishing Ltd