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October 2007

11.10.2007 The City of London's second Global Financial Centres Index (GFCI 2) has recognised the Isle of Man as "the leading offshore centre". The GFCI report published top 50 financial centres. According to the report, the Isle of Man ranks 21st, preceding such offshore competitors as Cayman Islands, Channel Islands and Bermuda. Also, the GFCI report indicated 7 "new" financial centres that appeared in the top for the first time, and the Isle of Man is the highest "new" financial centre. It is also 3rd in the British Isles after London and Dublin. The GFCI research is carried out by the Z/Yen Group Limited for the City of London Corporation, using additional data from PricewaterhouseCoopers. Ranking financial centres in the GFCI 2 report for September 2007 is based on current views of competitiveness and external benchmarking data. Competitiveness in 5 key areas - people, the business environment; market access; infrastructure and general competitiveness - is taken into account.

10.10.2007 Singapore became the fastest growing Asian hedge fund centre. Currently, more than 100 hedge funds are based in Singapore, managing assets of USD 16.5 billion. According to London-based HedgeFund Intelligence, it is a more competitive hedge funds location than other Asian centres. In the 1st half of 2007, when 20 new hedge funds were set up, hedge fund assets more than doubled. 5 of Singapore's funds now have more than USD 1 billion in assets. It should be noted that over the last few years, the government has tried to provide an attractive fiscal and legal environment for asset management. Among the measures designed to promote the development of Singapore as a financial centre in the 2006 budget, tax incentives for asset and wealth management, capital and treasury markets as well as captive insurance were enhanced.

   
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