UK - The Isle of Man's collective funds industry has seen an increase in the number of funds of over 45% over the year to 30 June 2002, new research from Fitzrovia International reveals.
Fitzrovia’s eighth annual Isle of Man Fund Encyclopaedia shows that the funds industry has been able to withstand the sustained difficulties in equity markets. This is partly due to the impressive growth of more specialised asset class types - funds of funds and alternative investment funds - on the Island.
The number of funds of funds have increased by nearly 80%, rising from 28 to 50 funds, while alternative investment funds have more than trebled from nine to 29 funds, as at 30 June 2002.
Among the leading service providers, Fortis Fund Services is the largest administrator with US$1,485.9m of fund assets under administration. Royal Bank of Scotland International has the largest market share of assets under custody with US$2,477.2m.
Bank of Bermuda is ranked second for both services, with US$1,078.5m and US$2,441.4m for administration and custody services respectively. KPMG maintains its lead as the largest auditor of funds serviced on the Island (79 funds), just ahead of PricewaterhouseCoopers (77 funds), with Deloitte & Touche third (36 funds).
Cains retains its position as the legal adviser for the largest number of Isle of Man funds (190 funds) - a 69% market share.
The Environment Agency Pension Fund (EAPF) has joined a coalition of 88 investors to demand companies disclose more information on environmental impact.
The cross industry guaranteed minimum pension (GMP) equalisation working group has formed five sub-committees to each work on a key component of the guidance.
KAS Bank has launched an end-to-end cost transparency solution for defined contribution (DC) schemes to assist in the delivery of chair's statements.