The Isle of Man Fund Management Association is aware of the proposed scaling down of the Credit Suisse fund administration business in the Isle of Man, as announced by the Company last week For many years the Credit Suisse team have played an important role in developing the Island’s funds sector, and have been active members of the Fund Management Association. The support and commitment which their team have provided has been much appreciated. Looking to the future, global wealth creation and developing investment markets will continue to provide major opportunities for international funds centres such as the Isle of Man and we look forward to growing this important sector of the Manx economy. To support this growth, the Fund Management Association, with over 70 member firms actively involved in the Island’s Funds sector, has embarked on a major marketing drive designed to highlight the opportunities which the Isle of Man offers for the formation, domicile, administration and management of investment funds. The Isle of Man proposition, based on a well-regulated environment, a flexible, high calibre service offering and tax neutrality continues to be very well received and the Fund Management Association look forward to working with the Department of Economic Development to communicate this proposition in our key target markets. Commenting, Hon Allan Bell, MHK, Minister Department of Economic Development said: ‘The Isle of Man continues to be relatively unscathed by the recent turmoil in the financial services sector but recognises the need to respond to challenges and economic opportunities alike. We are committed to supporting the Funds Industry to develop its profile and market offering to take advantages of the economic recovery as it materialises.’ Ends