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Newsletter | Articles Island’s star rises in the City The Isle of Man’s profile has risen to new heights in recent months and has now been named as a leading offshore centre for business by the City of London. The powerful endorsement was made in the City’s latest Global Financial Centres Index, a directory of competitiveness between 50 of the world’s financial cities. The Isle of Man was named ahead of the Channel Islands, Cayman and Bermuda and ranks the highest of seven centres, appearing for the first time, in the highly influential GFC report. This means the Island is now second only to London within the British Isles. The index, known as GRCI2, is a report which publishes the top 50-rated financial centres based on external benchmarking data and current views of competitiveness under the categories people, the business environment, market access, infrastructure and general competitiveness. The index defines offshore centres as very important financial centres that offer ‘low (or no) taxes, political stability, business friendly regulation and, above all, discretion’. The news follows the London launch of a major initiative to meet key demands of the important global hedge funds industry. Central to its attraction is new Isle of Man legislation providing for bespoke new and specialist funds, as well as transitional and retention arrangements for existing experienced investor funds. The Isle of Man funds sector has expanded significantly in recent years and is now confident of achieving its goal of attracting (US)$150 billion funds under management and administration within the next two years. For more information about incorporating in the Isle of Man please contact Stephen Colderwood.