This new promotional model will provide for the sharing of resources and funding between all parties, the IoM’s Department of Economic Development said in a statement.
The total budget for financial services promotion will be more than £2m and less than £5m, spread out over two years, an Isle of Man spokesman said. This is a marked increase in the budget from last year, he added, without giving further details.
The new initiative will start with the island’s fund management and administration industry, with other island industries set to follow on in due course.
Among the first actions expected to be taken include the recruitment of direct marketing representation in London for the funds sector, and the appointment of a head of financial services development, whose job it will be to manage and coordinate the new strategy.
The IoM began the recruitment process for that position today, and expects to announce an appointment on 21 July, the spokesman said.
The creation of a new strategic body, consisting of between 12 and 20 industry representatives, is also planned, to help drive the strategy forward as it is rolled out.
As reported, the Isle of Man in April named Michael Charlton, the former head of Think London, a government-funded foreign direct investment agency, to head up a new London marketing office, as part of its efforts to attract more foreign businesses to the island. Charlton’s focus will be on developing and strengthening ties with businesses in such rapidly growing regions as the Middle East, Asia and Russia, as well as in London.
Changes in the marketplace
John Spellman, special adviser to the Isle of Man Government, said the Government was reacting to changes in the marketplace.
"The nature of financial services in offshore markets has changed in past few years," he said. "What we are seeing now is that the discerning customer is choosing international business or trade-based products, rather than simply offshore products. The Isle of Man is responding to this shift in customer attitudes, and is looking at what the end customer wants and adjusting our services accordingly.”
Spellman added that Isle of Man Finance, the IoM’s existing marketing organisation for its financial services sector, will continue to exist, but in a revised form, and is likely to be rebranded.
‘Mix and match’
According to the Department of Economic Development’s statement, IoM Government officials hope to enable their own internal staff to work closely with the island’s various trade associations, and to outsource certain activities to them, in addition to making use of "highly expert contract resource", in order to "mix and match the best solutions to fit their [particular] industry and circumstances".
Allan Bell, the island’s Economic Development minister, said the strategy seeks to employ what he has always regarded as one of the Isle of Man’s strongest attributes, "the close working relationship between the public and private sector".
"I am delighted that we will build on the current close working relationship and create a new era in Public Private Sector partnership," he added.
David McGarry, chairman of the Isle of Man Fund Management Association Marketing Committee, said his organisation was "delighted" to have the opportunity to work more closely with the IoM’s Department of Economic Development, and looked forward to "recruiting enhanced resources" in accordance with priorities outlined in a recent review of the island’s funds sector.
