Colin Kniveton, chief executive of the Department of Economic Development, said that in his new role Spellman will work “with an increased focus on the finance sector to drive its development. He has wide experience across many financial services sub sectors and disciplines and latterly has worked with the Isle of Man Government on generating strategic opportunity for the industry.”
Mr Spellman has led several large financial services organisations in the UK and more recently has developed a number of successful businesses offshore. He is a qualified banker and accountant and has managed a leading UK life company. He also formerly held the position of head of Isle of Man finance in the Treasury where he was responsible for promotion and development of the financial services sector.
Spellman’s two-plus years as finance director with the Isle of Man government coincided with a turbulent time in the island’s history, which included the global financial crisis and the collapse of a branch of the Icelandic Kaupthing Singer & Friedlander bank, whose savers had a depositors’ protection scheme capped at £50K. This often left Spellman to explain the government’s position in the media, which typically was not an easy or popular undertaking.
Spellman said that he is now going to focus on “promotional opportunities, helping to shape a competitive regulative and legislative environment, and working across government and regulators to create the right business opportunities for the Isle of Man.”