iom portfolio issue 146

Hansard International present strategy for growth

THE INTERNATIONAL BUSINESS MAGAZINE OF THE ISLE OF MAN

ISSUE 146ISLE OF MAN

CONTENTSDEPARTMENTS

News Government Features Motoring Appointments Directory Lifestyle

The latestdevelopments

from some of theIsle of Man’s

leadingorganisations

Initiatives,proposals and

legislation fromthe Isle of Man

Government’s keyDepartments

Expert marketcommentariesfrom leadingprofessionals

within the Island’sprivate sector

Reports on thelatest cars, plus

surveys andfindings in the

global carindustry

A comprehensiveround-up of keyspecialist andprofessionalappointments

Island-wide

Airline timetables,a comprehensive

Isle of ManBusiness

Directory plusIsland info & stats

Popular featuresincluding ‘A Weekin the Life’; ‘Q&A’plus local events

and a UK Gig Guide

SPOTLIGHT

Crowdfundinginitiative launched

to financepremises, staff

Page 16

Indian electionsand budget a

game changer foropportunity

Page 18

Isle of Manbecoming

Cryptocurrencyhotspot

Page 22

Where to nowfor

Fixed Incomeinvestors?

Page 30

An ageing world -and the impact

upon investmentmarkets - Part 3

Page 34

will.i.am teams upwith Lexus for theAutumn launch ofthe NX crossover

Page 44

A Week in the Life:Matthew Dealtry,

Isle of ManCreamery

Page 62

PRODUCTION, CONTACTADVERTISING:

SarahKlaffenböck

T: 01624 623527M: 07624 481189

E: [email protected]

EDITORIAL:Keith Uren

T: 01624 611100M: 07624 498740

E: [email protected]

Isle of Man Portfolio magazine is published monthly and is delivered toevery private and public sector business in the Isle of Man

by the Isle of Man Post Office.

The magazine is freely available from a dispenser situated in theDeparture Lounge of Isle of Man Airport,and in the Rendezvous Executive Lounge.

Financial institutions and Government Departments take copies forcirculation among their clients.

The magazine is also taken by several leading Isle of Man hotelsfor their guests.

Isle of Man Portfolio is also individually mailed to seniorprofessionals retained on the magazine’s database.

Isle of Man Portfolio magazine is designed and published by Keith Uren

Keith Uren Publishing | 12 Manor Lane | Douglas | Isle of Man | IM2 2NX

T: 01624 611100 | M: 07624 498740 | E: [email protected]

ISLE OF MAN

PORTFOLIOISSUE 146

© 2014Keith Uren Publishing Ltd

New Aygo from Manx MotorMart,

3-year finance from the bank.

Go Fun Yourself!

MMM MotorMartMANX

The Isle of Man’s New and Used Car Magazine

News

ISLE OF MAN

PDMS amongst the world’s first

IOMFA attend IFB in Liverpool

Inaugural Crypto Valley Summit

Taryn admitted to the Isle of Man Bar

Private Bank stays ahead of the game

Kenyan delegation praises study visit

Mortgage advice to be offered

Crowdfunding initiative launched

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ISLE OF MAN

PORTFOLIO ISSUE 146

N e w s | G o v e r n m e n t | F e a t u r e s | C a r s | D i r e c t o r y | A p p o i n t m e n t s | L i f e s t y l e

aul Kneen, Chairman of the

Isle of Man Funds

Association and Chief

Executive Officer of Abacus Financial

Services Group, recently returned

from the ‘Knowledge, Professional &

Financial Services Week’ which

formed part of the seven week

International Festival for Business

2014 (IFB) in Liverpool.

Commenting on the event, Mr

Kneen said “With approximately

200,000 people predicted to attend

the event over the seven week period,

the prospect of meeting so many

business professionals and their

companies from across the globe in

such a close location, was too good an

opportunity to miss.

“The opportunity to speak at one

of the Department of Economic

Development’s breakfast events as a

representative for the Island’s funds

sector provided the perfect platform

to meet this objective.”

The Family Office event took the

form of a breakfast seminar and

aimed to showcase the Isle of Man’s

credentials as a place to manage a

family office to private investors and

professional advisors and

intermediaries. The event included a

panel of speakers from a number of

the island’s professional associations

who share an overall objective to

further promote the Isle of Man as a

jurisdiction of choice for wealthy

individuals, families and companies.

The event enabled us to promote the

Island’s business friendly

environment by demonstrating how

each of the services provided across

the various sectors interact both with

each other but also positively within

the legal and regulatory environment

supported by the Isle of Man

Government.

“Overall, the seminar was a great

success, very well attended with over

120 guests, and followed by a busy

networking session with many of the

delegates queuing up to discuss

various aspects of the presentations

with the speakers. I was able to meet

and talk to a number of individuals

with a number of opportunities being

identified for further development.”

PIOMFA attend IFB in Liverpool

DMS, an Isle of Man based

software development

company with offices in

London and Glasgow, has just

announced that they have been

awarded the International Security

Standard ISO 27001:2013 by Lloyd's

Register Quality Assurance.

Published in September 2013, the

latest ISO 27001:2013 standard is the

recognised international benchmark

for information security management

and supersedes the ISO27001:2005

standard - previously held by PDMS.

The new international security

standard places greater emphasis on

management leadership, performance

and metrics, risk management and

stakeholder requirements - with wide-

ranging requirements for its

implementation, operation and

maintenance. PDMS, who also hold

ISO9001 and ISO14001, were

originally awarded certification to

ISO27001 in 2005.

Simon Edwards, Quality and

Standards Manager at PDMS

commented, “We are very proud to be

one of the first companies not only

worldwide, but on the Isle of Man and

in our industry, to have achieved this

new certification. It demonstrates a

company wide commitment to

provide the best business processes

for our clients, as well as our

continued investment in remaining at

the forefront of information security”

Chris Gledhill, Managing Director

at PDMS added, “Achieving ISO

27001:2013 clearly demonstrates our

ongoing commitment to security and

protecting data. It gives our

customers added confidence that

their valuable information assets are

secure with us. I would like to thank

the team at PDMS for all their hard

work in helping us to achieve this

new certification”.

PDMS have been developing

business systems for over 20 years

and have worked on successful

software projects for Black & Decker,

Centrica, the NHS, the Police National

Legal Database, the Isle of Man

Government, Bahamas Maritime

Authority and Caledonian

Macbrayne.

PPDMS amongst the world’s first

Below:Paul Kneen

Below:Simon Edwards


ndustry titans, government

personnel and Adam Wood,

Lieutenant Governor and the

Queen’s personal representative, are

among more than 30 speakers set to

make a powerful statement of the

Island’s commitment to

cryptocurrencies, as the speaker line-up

for the inaugural Crypto Valley Summit

is announced.

Due to take place on the 17th and

18th September at the Palace and Sefton

Hotels, respectively, the Crypto Valley

Summit is the meeting place for digital

currency entrepreneurs looking to

create and maintain ethical and

registered businesses. Over the two

days, top industry experts will share

their views on the challenges and

opportunities facing the industry and

how the Isle of Man can assist them in

meeting key business needs and getting

more bang for their virtual buck.

Following an opening address from

His Excellency Adam Wood, Steve

Beauregard, CEO and founder of Isle of

Man based payments platform GoCoin,

will begin Day One’s proceedings with

a keynote address outlining the big

picture for cryptocurrencies. Managing

Director of Counting House and key

proponent for the industry, Paul Davis

will then moderate the first of the

Summit expert panel sessions with an

examination of the banking and card

payments industry and its role in the

digital space.

The case for regulation will form the

focus for the debate to follow as Kevin

Perks, Co-owner of I-Cap Group, and

John Spellman, Director of Financial

Services for the Isle of Man Government

take to the stage to represent the nays

and yeas, respectively. Simon Dixon,

CEO of Bank to the Future and author

of Bank to the Future, a major crypto-

industry report, will then take to the

stage to discuss raising finance and

crowdsourcing, after which Colin

Tansley, Intelligence Consultant at IOM

based Expol will tackle the spectre of

digital crime. Drawing the first day’s

discussions to a close is Steve Brennan,

Chief Executive of the Isle of Man

Gambling Supervision Commission,

who will moderate the day’s second

expert panel session on the application

of digital currencies in gaming.

Day Two’s Isle of Man focused

programme will be introduced by

keynote speaker and MHK John

Shimmin, who will provide a detailed

insight into the Island’s crypto valley

proposition before introducing a

highlight of this year’s programme, the

expert tables. Over the course of two

hours, delegates will have the

opportunity to quiz resident experts on

the many softer issues faced by

entrepreneurs looking to relocate and

establish a business on the Isle of Man,

ranging from offshore structures,

intellectual property, VAT and taxation

and government, to living on the Isle of

Man, recruiting for digital business and

local education.

Bobby Lee, Founder and CEO of the

world’s largest Bitcoin exchange, BTC

China, will then outline the status of

digital currency in China before

delegates look to the future for the

industry in the day’s final presentation.

A closing statement will be provided by

Chris Corlett, CEO at the Department of

Economic Development.

Commenting on the announcement,

Peter Greenhill, Director of e-Business

Development at the Isle of Man

Government's Department of Economic

Development, said: “This is an

opportunity to cement the Isle of Man’s

reputation as a nimble, well regulated

jurisdiction for cryptocurrencies. The

Island has a track record for innovation

and high quality service in the financial

services industry that will be enhanced

by events like this. By creating the

Crypto Valley Summit we’re not only

providing a forum that brings crypto

currency experts and other businesses

together, we’re also making it very clear

exactly what’s on offer to entrepreneurs

in the Isle of Man and what type of

regime we want to run.”

Charlie Woolnough, Chairman of

the Manx Digital Currency Association,

said: “The credibility of the Isle of Man’s

cryptocurrency offering, and of

cryptocurrency in general, hinges on

the ability of the industry to educate the

public as to its commercial viability. The

Crypto Valley Summit is another step in

giving institutions comfort that what

we’re trying to do is for the benefit of

everyone, from business to the

customer. I have every confidence that

the experts and speakers we have in

place will have delegates rushing out to

test the application of cryptocurrencies

for themselves and their businesses. It’s

shaping up to be a great event.”

After a recent announcement from

its government and Financial

Supervision Commission, the Isle of

Man has become the first jurisdiction to

provide government registration of

legitimate digital currency business,

creating a safe and regulated

environment for companies operating

in the industry. Indeed, an amendment

to the Proceeds of Crime Act 2008 is

currently being drafted which will

introduce ‘know your customer’ and

anti-money laundering requirements to

digital currency businesses, similar to

those seen elsewhere in the financial

services industry. The Isle of Man is also

now home to what has been termed the

digital currency incubator, a

decentralised cooperative of local

businesses which have pledged to offer

services such as free office space,

recruitment consultancy, discounted

data hosting contracts and postal

services, all available for payment in

Bitcoin.

Graeme Brooks, event coordinator

at organisers Ashgrove Marketing said:

“It’s great to see such high levels of

interest, but spaces are still available,

including free spaces for digital

currency operators. Bitcoin payments

are accepted in addition to traditional

payment methods. If you have any

questions regarding visiting the Island,

please do feel free to contact us and we

will do all we can.”

For more information, or to keep up

to date on the latest developments, visit

www.cryptovalleysummit.com, follow

@IOMCryptoValley on Twitter, or join

the LinkedIn group ‘Crypto Valley

Summit’.

IInaugural Crypto Valley Summit

ISLE OF MAN

PORTFOLIOISSUE 142

Left:Peter Greenhill,Director of e-BusinessDevelopment at theIsle of Man Government'sDepartment of EconomicDevelopment

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ISLE OF MAN

PORTFOLIO ISSUE 146


Taryn admitted to the Isle of Man Barocal advocates Simcocks have

announced the admission of

Taryn Pyle to the Isle of Man

Bar.

Taryn, who joined the company in

2008 as a Paralegal, was recently

appointed as a conveyancing

manager in the company’s property

department. She has experience of

working with a wide range of clients

from individuals, first-time buyers,

property developers, investors,

tenants and estate owners. As part of

Simcocks’ eight-strong property team

she advises on all aspects of the sale

and purchase of land and property as

well as land registration issues and

the preparation of leases.

Taryn was formally admitted as an

Advocate at a ceremony before His

Honour Deemster Doyle who

reminded everyone of the importance

of the role one is entrusted with when

becoming an Advocate and their role

in the community.

Chief executive of Simcocks, Phil

Games said: “On behalf of everyone at

the company I would like to

congratulate Taryn on her admission

to the Isle of Man Bar. There is no

secret to her success; it is the result of

preparation and hard work. Taryn

should be proud of her success.”

Taryn said: “I am thrilled to have

been commissioned as an Isle of Man

Advocate and I look forward to

strengthening my knowledge and

expertise. I appreciate all the

opportunities that were open to me

throughout my Articles and I am

looking forward to developing my

career with Simcocks and continuing

to grow within such a great team.”

L

Private Bank stays ahead of the gameedbank Private Wealth has

ensured that its clients

receive the best quality

financial advice by encouraging its

staff to exceed the minimum

standards of professionalism

imposed by the regulatory bodies in

each of the jurisdictions where it

operates.

All staff who provide investment

advice are qualified to at least the

minimum industry standard (Level

4), and over 72% are qualified to a

substantially higher level (Level 6).

In addition, over half of its private

banking team have attained

Chartered Wealth Manager status

from the Chartered Institute for

Securities & Investments and, of

these, a third hold the Chartered

Fellow status.

Increased regulation in financial

markets puts the onus on individual

firms to ensure that the advice they

provide is of the highest quality and is

appropriate for clients’ individual

circumstances. Having employees

with Chartered Wealth Manager

status demonstrates that staff are

working at the highest standards in

wealth management. To be awarded

the designation Chartered Wealth

Manager, applicants must achieve a

combination of high level

qualifications, demonstrable main-

tenance of competence and the

passing of the CISI ‘Integrity Matters’

test at the highest grade.

Greg Horton, managing director

of Nedbank Private Wealth, said: “At

Nedbank Private Wealth we are

committed to professionalism and

high standards of integrity and

ethical behaviour. Our overriding

aim is to serve our clients better than

any other financial services

organisation and to provide wealth

management services that are

tailored specifically to each

individual’s requirements.

“Our highly experienced

relationship managers work

alongside clients to identify their

specific financial needs and then

agree with them the most

appropriate solution. We then offer

regular client reviews to ensure the

original advice continues to meet

their long-term goals. We actively

encourage continued professional

development and offer a wide range

of in-house education and training

opportunities for all our staff.”

N

Right:Taryn Pyle,

Deemster David Doyle

Above:Pictured top to bottom,

left to right:Andrew Halsall,Gordon Crowe,

Rebecca Cretney,Beckie Williams,

Lucy Connick,Harry Pickard,

Allie Kirk.

14

ISLE OF MAN

PORTFOLIO ISSUE 146


Kenyan delegationpraises study visit

Mortgageadvice to beoffered

estrel Insurance have

announced a new product

which has been added to its

exclusive life department.

Manxman Mortgages will offer all

Island residents complimentary and

easy access to independent mortgage

advice and, because Kestrel has a

branch in almost every corner of the

Island (Douglas, Ramsey, Onchan and

Peel), its life team is able to move

around the Island to give free, no

obligation advice where it’s most

convenient for its clients, hence their

slogan: ‘You move, we move’.

Kestrel Life, primarily based in

Onchan is a dedicated team of two,

Paul Hutchinson and Stuart

Blackmore, who together will draw

upon over 50 years of experience

within the financial and insurance

industries to offer this independent

advice.

Stuart emphasised how important

it is to find independent and

trustworthy advice about mortgages

and life insurance when looking to buy

a property: ‘So many companies will

try and pigeon hole you into mortgages

and policies without fully explaining

them to you. But, with Kestrel, we will

make it easier for you to have all the

policies sorted out in one go.

“Seeking independent advice at

Kestrel will not only allow everything

to be explained in a way you

understand, but could also save you

money.”

Kdelegation from the County

Assembly of Laikipia in Kenya

has completed a study visit to

Tynwald and found the experience

‘extremely valuable’.

Arranged by the Office of the Clerk

of Tynwald the visit built on that of April

2011 when officers from the parliament

of Kenya came to study the structure

and operation of Tynwald after the

country’s new constitution had been

approved by a referendum in August

2010, which led to the creation of 47

counties, including Laikipia.

The delegation of

five Members, Hon

Jacob Endom, Hon

Michael Kinyua, Hon

Rose Maitai, Hon Peter

Thomi and Hon

Catherine Waruguru,

together with two

officers, Stanley Ngwiri

and Purity Wanjiku,

spent a week meeting

members and officers

of Tynwald and senior

government officials and also enjoyed a

tour of the Island.

After observing the workings of

Tynwald, which included attending a

sitting of Tynwald Court and a select

committee private meeting Mrs Maitai

said: “Much of the policy making is

clearly geared to offering an improved

quality of life to the people and that is

most commendable. At home levels of

poverty are high, with begging on the

streets common. Laikipia, which is

currently suffering from drought, relies

on rain-fed agriculture so nature

doesn’t allow government to “think big”

in a county where building just one dam

could improve the lives of around

30,000 people.”

The delegation also had the

opportunity to watch the 2014 sitting of

Junior Tynwald, which prompted Mrs

Waruguru to comment: “I believe it

would be of value for us to introduce a

version of Junior Tynwald at county

level as we are keen to bring young

people on board and encourage them to

become actively involved in decision-

making processes, an objective central

to the new constitution.”

The delegation spent time with the

teams from Hansard and the Tynwald

Chamber and Information Service. ‘IT-

wise Tynwald is doing very well,’ said

Mrs Waruguru, commenting on the

quality of the Tynwald website and

adding that although its internet

connectivity was unreliable Laikipia

had ambitions to become ‘a paperless

assembly’.

Mr Thomi spoke for all the

delegation when he praised the Isle of

Man for the degree of independence it

maintained from the United Kingdom

and, on a more practical note, said he

and his fellow Members had been

struck by the ease of public access to the

Legislative Buildings. ‘At home we are

used to high security so we were also

surprised to learn how Members of

Tynwald can walk about in the town

unaccompanied by security officials, a

level of freedom parliamentarians in

our county seldom enjoy.”

A

Above:Hon Rose Maitai,Hon Peter Thomi,

Hon Michael Kinyua,Clerk of Tynwald Roger Phillips,

Deputy Clerk of TynwaldJonathan King,Stanley Ngwiri,

Hon Jacob Endom,Hon Catherine Waraguru,

Purity Wanjiku

(Photo Paul Dougherty,Tynwald Seneschal)

Providing financial solutionsfor international clients from our Isle of Man base for

over 25 years

Telephone: +44 1624 688012

Email: [email protected]

www.hansard.com

To find out more:Hansard International Limited

Harbour Court, Lord Street, Box 192, Douglas,

Isle of Man, IM99 1QL, British Isles

Registered Number 032648C

Regulated by the Isle of Man Government

Insurance and Pensions Authority

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ast-growing dog treat business

Doggielicious is launching a

‘crowdfunding’ initiative as it

prepares to expand into new premises

and employ extra staff.

Crowdfunding is an online

phenomenon which sees investors

pledge their financial support for new

products and projects. Doggielicious

founder Alex Kennedy has created a

page on leading online direct financing

platform Indiegogo as she bids to raise

£30,000 to fund her expansion plans.

Isle of Man Company Doggielicious

was launched in 2011 with the ambition

of creating high quality dog treats

bursting with natural and fresh

ingredients, sourced locally where ever

possible. From humble beginnings of

baking treats for her own dog Amber

and her friends’ pets, Alex now supplies

shops and customers all over the world.

Her range includes treats which

boast ingredients like Isle of Man

Creameries Manx cheese, Laxey Glen

Mills Manx flour, Ratcliffe’s Manx

honey and Gelling’s free range Manx

eggs. She also includes ingredients

such as ginger and garlic, which have

been shown to be beneficial to canine

health.

Doggielicious now needs new

premises, including a commercial

kitchen, and new employees to

continue meeting existing demand, and

allow for expansion into new markets.

Indiegogo allows people to pledge

cash towards the project in exchange

for a variety of rewards, ranging from a

hamper of Doggielicious goodies to a

Master Class in the Doggielicious

bakery making your own dog treats

with Alex. The £30,000 target must be

reached in just 60 days.

Alex explained: “I decided to create

my own dog treats after realising I

couldn’t even pronounce the names of

some of the unnecessary ingredients

found in mass-produced treats. I spoke

to local suppliers and dog owners

before designing a range of treats using

the freshest and most natural

ingredients, sourcing as many as

possible from near my home in the Isle

of Man, and baking them myself in my

own kitchen.

“Just like me, many dog owners

don’t want to feed their pets treats they

couldn’t trust and the business quickly

took off. My first sales came at a

Farmers’ Market on a cold and windy

day and now I am receiving orders

through my website from dog owners

all over the world.

“I am also supplying shops and

stores, including Shoprite here in the

Isle of Man.”

“A number of UK stores have been

in touch to discuss stocking

Doggielicious products, and there have

been inquiries from around the globe.

Clearly, there is a great scope for

further growth, but I need the facilities

and people in place first.”

Alex has chosen Indiegogo as her

crowdfunding platform. Since its

launch in 2008, Indiegogo has seen

millions of people pledge millions of

dollars to fund thousands of projects in

more than 220 countries and territories.

It is a platform and resource for people

to attract direct funding for all sizes of

projects, including films, games, music,

art, design and technology, and is

visited by nine million people every

month. The creator retains control and

responsibility for the project, which

must meet strict Indiegogo guidelines.

She explained: “After extensive

research I decided crowdfunding was

the best way forward, as Doggielicious

is a dream I have built up from the

ground with passion and conviction. I

believe there are many people out there

who share my vision of healthy, high

quality dog treats which taste delicious

and are good for our dogs, and I would

like to get them involved.

“With Indiegogo people can pledge

as little as £10 and there are rewards

offered for all levels of contribution. I

hope dog lovers, Isle of Man residents

and everyone who understands my

vision will get involved, and share the

Doggielicious message.”

The Doggielicious Indiegog

initiative went live on July 22nd.To find

out more visit :

http://igg.me/at/doggielicious

FCrowdfunding initiative launched

ISLE OF MAN

PORTFOLIO ISSUE 146

Right:Alex Kennedy

(and Amber)

Government

ISLE OF MAN

Indian Elections and Budget:A Game Changer for the Indian Economyand Market Opportunities

Tynwald agrees new Shared EquitySchemes for first time buyers

Isle of Man becomingCryptocurrency hotspot

‘Voice of UK Business’ commendsIsland’s international leadership

The Department of Economic Development is currently working on anumber of opportunities to develop business ties with India. Steven

Beevers, Head of Special Projects with the Department, explains thelikely impact arising from India’s recent elections and Budget.

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ISLE OF MAN

PORTFOLIO ISSUE 142

fter a turbulent year for

India’s economy in 2013 and

relatively weak business

opportunities both internally and cross

- border, strong quarterly growth of

figures and encouraging political

developments now appear set to make

2014 and beyond one of the most

promising times for foreign

investments both inward and

outbound.

Driven in part by the expectation

that Indian exports and investment

demand will increase steadily

alongside a pick-up in the global

economy, the Reserve Bank of India

now expects GDP growth will reach

5.5% in 2014 and easily reach and

maintain a pace of 7.5% over the next

few years.

Making a strategic decision about

doing business with, or investing in

India requires both a deep

understanding of the market and its

diverse options and the recent changes

in FDI policy that are suddenly

beginning to open several key

business sectors to future foreign

investment.

For Isle of Man businesses with

India strategies, a number turned

away from that market in 2013 and

understandably so in favour of more

certain conditions and richer pickings

closer to home.

However, while the turning point

may not be just around the corner yet,

all the ingredients are coming good.

These include:

• Rising confidence, currency and

stock market

• New government reforms and

stimulus for business

• More certain tax regime and

greater equity participation

permissions for foreign businesses

and investors

• Relaxation of restrictions on

outward bound capital of business

and individuals again

• New interest in overseas investment

by business given long term pent up

demand

• New wealth and succession

planning opportunities by individuals

for the future on the back of proposed

inheritance tax introduction

Historically, the Isle of Man gained

much brand awareness pre-credit

crunch for its popularity in India for

listing Indian companies onto the AIM

market. Unfortunately, AIM has since

fallen out of favour in India for new

IPOs but there is still much legacy

brand awareness among Indian

professionals and existing business

servicing being done by company

service providers here which still

benefits the Isle of Man.

The new opportunities potentially

lie in structuring foreign investments

into India, future wealth management

opportunities around estate planning

and IP holding.

When Modi’s new BJP majority

government was sworn into office in

May 2014, it was unanimously

heralded as the big ‘game changer’ for

India. There is a palpable change in

sentiment in India and expectations

are high as a result.

Within 45 days their new

government has presented a budget

that was positively acclaimed as

neither overly ambitious, populist, nor

harsh on its taxpayers.

The government has made the

right move, for example in allowing an

increase in foreign direct investment

(FDI) in defence to 49%. India is the

world’s largest importer of defence

equipment, yet it lacks ‘buyers’ clout’.

Encouraging more manufacturing will

A


Indian Elections and Budget:A Game Changer for the IndianEconomy and Market Opportunities

By Steven Beevers,Head of Special Projects,

Department of Economic Development

DED, through itscountry marketingstrategy hasexperienced the upsand downs of theIndian market in recentyears and has beenworking with andsharing informationthrough the medium ofits India Country Forum.

ISLE OF MAN

PORTFOLIOISSUE 142

create their much-needed jobs

especially for the young representing

over a third of the population and who

are generally both well- educated and

motivated.

The thrust on urbanisation and

housing has been most welcome. The

rapid growth in the urban population

is making living in existing cities

untenable. The creation of 100 new,

‘smart’ cities is the need of the hour.

For this, immense resources are

needed. A greater thrust on their

“Look East” policy will help garner

long term funds from countries like

China, Japan and Singapore that are

looking to invest surplus resources in

return for higher yields.

It is, however, more about India’s

long term domestic growth demand

(rather than export led as per China)

that sets it apart and is likely to ensure

sustained growth; this is why it is

widely expected to be the second

largest economy in 10 years’ time and

eventually overtake China after China

becomes number one.

Expansion and modernisation of

India’s infrastructure remains one of

the most important needs for India.

This year’s union Budget has

announced certain measures that

could accelerate this investment be it

bullet trains or intra-city metro rails,

roads, waterways, power plants and

airports or new cities. The Budget has

clearly prioritised the government’s

focus on infrastructure.

The introduction of Infrastructure

Investment Trusts (InvITs) will help

ease lending pressures on the

banking system, which is struggling

with rising non-performing assets.

These ‘infra trusts’ will help channel

foreign funding coming into the

infrastructure sector.

The 2014 Budget therefore sets

the stage for the realisation of India’s

USD 1 trillion infrastructure

investment target set out in its new 5

year Plan.

The corporate bond market

remains shallow in India despite

repeated calls for an overhaul.

The Budget provides for a 5

percent withholding tax provision

(was 20%) not just for interest on

infrastructure bonds but for all kinds

of bonds and a deeper bond market

will ease the burden of banks and also

ensure funds for infrastructure and

other industrial projects.

Overall, if implemented well, the

budget proposals augur to be the

beginning of a journey towards a

sustained growth of 7-8 per cent along

with much needed macro-economic

stabilisation.

The Isle of Man Dept. of Economic

Development has for some time been

operating a ‘Country Strategy’ for India

at what we call a TIER 3 (i.e. modest)

level to help industry access

opportunities there directly and also by

targeting London based Indian

professionals given the affinity with all

things British and the Indian

propensity to do business with and

invest into the UK.

Recent developments with which

we have helped in connecting Isle of

Man with India include a software

company setting up their IP licensing

through the Isle of Man and an Isle of

Man software company looking at

exporting to India - there are definitely

two-way opportunities.

The Department, through its

country marketing strategy has

experienced the ups and downs of the

Indian market in recent years and has

been working with and sharing

information through the medium of its

India Country Forum.

DED would therefore be interested

in hearing from anyone not already in

the India Forum who plan to turn their

attention to this market in the coming

year and to discuss how we might help.

India innumbers

• 1.3 billion people

• 572 million under the age of 25

i.e. more than one-third

• 400,000 HNWIs (individuals with

net worth exceeding $1million -

per Barclays Wealth)

• 130 million mobile phone-users

(450 million by 2018)

• 7 million Indians in UK

and 700 Indian companies

Not only is this abetter use of publicmoney but it providesa welcome boost tothe housing market forfirst time buyers

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ISLE OF MAN

PORTFOLIO ISSUE 146


he new schemes became

available from 31 July and

replace the current Grant and

Top-Up Loan assistance available

under the House Purchase Assistance

Scheme 2012.

For the first time Government has

differentiated between the maximum

purchase price of properties purchased

on the open market and ‘approved’

properties, to enable more choice for

first time buyers and help the housing

market on the Island. Another

important change for applicants to be

aware of is the requirement to provide

a deposit of 5% of the house purchase

price as a condition of the Department

providing assistance.

The first principle of the Shared

Equity Schemes, as with previous

House Purchase Assistance Schemes, is

that they are intended to help those

who cannot help themselves to get onto

the first rung of the housing ladder.

Shared equity means that subject to

the first time buyer meeting the

eligibility criteria, Government can

offer support by purchasing a share in

a property of between 20% and 30%,

which will be interest free for two years

with the ability to buy-out the

Department’s share over time. This

support significantly reduces the

burden of mortgage capital and interest

repayments, which can make all the

difference in the first few years of home

ownership and can make the possibility

of affording the first rung on the

property ladder a reality.

Minister for Health and Social Care,

Howard Quayle MHK, said: “I am

delighted my Tynwald colleagues have

agreed to the introduction of these

Shared Equity Schemes. The new

eligibility criteria means the

Department can now provide targeted

assistance to a wider range of people

enabling them to buy their first home.

Not only is this a better use of public

money but it provides a welcome boost

to the housing market for first time

buyers.”

There will be two distinct

pathways: ‘First Home Fixed’ which

relates to the ‘approved’ properties,

allocated by the Department to

applicants on the Register of First Time

Buyers; and ‘First Home Choice’ which

applies to properties purchased on the

open market.

The ‘First Home Fixed’ scheme

targets those most in need of assistance,

who have lower incomes and need

greater support to meet their housing

need through purchasing approved

properties up to a value of £160,000.

The ‘First Home Choice’ scheme is

targeted at first time buyers with

slightly higher income levels seeking to

purchase on the open market, giving

those who would not be able to

purchase a home without Government

help the opportunity to get a foot on the

property ladder. It provides greater

flexibility for applicants by providing

access to a wider choice of properties

up to value of £190,000.

Member for Housing, Alfred

Cannan MHK, added: “This scheme

provides a fresh approach to helping

first time buyers and does not reduce

affordability for the applicant. In fact

for some, it will make obtaining a

mortgage more viable and will result in

a greater return to Government over

time for continued reinvestment in

affordable housing provision.”

T

Tynwald agrees new Shared EquitySchemes for first time buyers

Tynwald has approved the Department of Health and Social Care’sShared Equity Schemes which have been designed to modernise andimprove assistance for first time buyers following public consultation.

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Not only is this abetter use of publicmoney but it providesa welcome boost tothe housing market forfirst time buyers

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rypto Next plc is an Isle of

Man company that wants to

bring digital currencies to

grassroots level by providing turn-key

packages that include a company,

operating and trading accounts and

white label currency exchange

platform, instantly overcoming

regulatory and technological barriers.

Crypto Next plc is the second

cryptocurrency company to launch in

the Isle of Man, where the

Government has openly welcomed

digital currency companies; a

development which is attracting

cryptocurrency based businesses

since the announcement on the 10th

June 2014.

Taking advantage of the Isle of

Man’s forward-thinking attitude

towards cryptocurrency based

businesses, Crypto Next plc is able to

pass on the security that comes with

being registered with a financial

regulator to its users and affiliates.

The company launched a crowd sale

yesterday, July 15th, by issuing its own

coin, Crypto Next Coin (CXC), which

can be used in lieu of fees for some of

the company’s products and services,

providing owners of CXC with

considerable savings.

Peter Greenhill, the Director of

eBusiness in the Isle of Man

Department of Economic

Development said, "we welcome this

announcement by Crypto Next plc and

are pleased to have them join the

growing number of quality Digital

Currency businesses who are

selecting the Isle of Man as their

jurisdiction of choice. Their

acceptance of our insistence to

adhering to full AML/KYC regulations

and then applying for formal

registration by our Financial

Supervision Commission will help us

to ensure that the consumers are

protected and that we keep crime

out."

Crypto Next plc acknowledges the

difficulty for some businesses to

provide or integrate cryptocurrency

platforms to their companies. By

providing a legal and regulatory

framework with its exchange,

merchant and remittance platforms,

Crypto Next plc enables companies to

utilize digital currencies, a service that

was previously unavailable to them.

Its mission is to simplify digital

currencies and to make them more

accessible, within the safety of a

regulatory framework and

conventional business practices.

Crypto Next plc has appointed local

company Döhle Corporate and Trust

Services Ltd as Company

Administrators. Paul Swindale,

Director, said: “We believe that

Cryptocurrency is a key market for the

future and are immensely enjoying

working with Crypto Next plc on this

exciting project”

Ron Gross, Executive Director of

the Mastercoin Foundation said “With

[Crypto Next plc’s] solution, we could

literally see 50,000 exchanges pop up

within a year. This may be one of the

key drivers to push Bitcoin to the next

level.”

C

Isle of Man becomingCryptocurrency hotspot

Digital Currency Exchange, Crypto Next plc, Is The Second DigitalCurrency Company To Launch In The Isle of Man In Under A Month

ISLE OF MAN

PORTFOLIO ISSUE 146


Above:John Cridland CBE,Director-Genral, CBI

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You provide anexcellent example of aGovernment and theprivate sector workingtogether for mutualsuccess

ohn Cridland CBE, Director-

General of the Confederation of

British Industries (CBI), said the

Island’s willingness to embrace

transparency and openness had helped

it to turn a corner in terms of public

and political perception.

He also recognised the Isle of Man’s

positive contribution to the City of

London and the wider global economy,

saying ‘the Island punches well above

its weight around the world.’

Mr Cridland, described as the

‘Voice of UK Business’, was in the

Island to deliver the Chief Minister’s

International Lecture.

He offered the audience his unique

insight into the UK’s economic

recovery and outlined the issues that

need to be addressed in order to

maintain optimism.

He said: “To sustain economic

growth it is absolutely vital that we win

the battle for public confidence. People

just don’t trust big business.

Businesses must reconnect with their

locality and speak the language of their

consumers.”

Mr Cridland also shared his views

on the value of Britain’s membership of

the European Union, the Scottish

independence vote and the need to

focus on medium-size businesses with

the scope for rapid expansion.

Commenting on the Isle of Man’s

position, he added: “The Island has

weathered the turbulence of the last few

years and emerged in good order. You

are experiencing your 30th consecutive

year of economic growth and provide

an excellent example of a Government

and the private sector working together

for mutual success.”

Chief Minister Allan Bell MHK

highlighted the importance of inviting

speakers of the calibre of John Cridland

to share their views with leading

members of the Island’s business

community.

He said: “From an Isle of Man

perspective it has been refreshing to

hear John’s opinions about competitive

corporate tax systems such as ours and

how they can stimulate investment and

secure long-term growth. John

recognises the value of the Isle of Man’s

close working relationship with the City

and how businesses here attract

investment into the UK from around the

world. The support of such a trusted

business commentator can only help to

raise the Island’s profile and to counter

the misconceptions that are still held by

many, both in the UK and further

afield.”

The Chief Minister added:

“Growing the economy remains at the

very heart of my vision for the future of

the Isle of Man and we are continuing

to work hard to create the right

foundations for business to flourish.

Business today is truly international and

we must have an understanding of the

global environment in which the Island

competes for new investment. That is

why I was particularly pleased that John

accepted my invitation to deliver this

year’s international lecture.”

J

‘Voice of UK Business’ commendsIsland’s international leadership

The Isle of Man’s leadership on tax transparency has served toenhance its international reputation, according to the head of the UK’s

premier business lobbying organisation.

Features

ISLE OF MAN

Hansard Global plc –Delivering on strategic objectives

Promotion to Senior Manager -the same but better!

Securing the future of RL360° workforce

Where to now for Fixed Income investors?

Cause for optimism?

PR Matters: Breaking into Digital Currency

An ageing world - and the impactupon investment markets PART 3

The upside of regulation

4GQ&A

UK Point of Consumption Tax

Hansard Global plc – Delivering on strategic objectives

Hansard Internationaloperates in multiplejurisdictions, servingthe investment needsof over 40,000 clients,working with over 528advisors in up to 13different languages.

The Douglas offices of Hansard Global plc have been a buzzing hive of activity over the past 6 months. Since the announcement of the company’s new, bold business strategy in February, the

160-strong Isle of Man-based workforce has been busily preparingthe foundations for a new chapter in its 27 year history.

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NEWSN e w s | G o v e r n m e n t | F e a t u r e s | C a r s | D i r e c t o r y | A p p o i n t m e n t s | L i f e s t y l e

isted on the London Stock

Exchange, Hansard has quietly

observed from the side lines of

the competitive local cross-border life

assurance industry over the years,

building a steady base and building a

reputation as a niche player in its

chosen markets.

Maintaining its original name,

identity and purpose has served

the company, its clients, employees

and shareholders well over the years,

with the company enjoying strong

financial results and establishing a

robust balance sheet with no debts

and enviable solvency margins.

Strength in numbersThis year, however, welcomes the

introduction of a growth strategy that

commands a new approach to business

development, with a completely new

proposition at its heart.

Formal approval of the company

strategy was given by its board of

directors in February this year.

Employees were first to see the new

strategic objectives, followed by a series

of presentations to city analysts and

shareholders in London.

A series of regional launches then

followed, communicating the plans to

the international broker community,

sharing details of a re-vamped product

offering. Hansard also took the

opportunity to re-fresh its corporate

brand identity, introducing a new,

contemporary look to its client and

broker-facing material.

Vision Speaking recently to leading

industry publication, International

Adviser, Hansard Chief Executive

Gordon Marr explained his vision for

the company;

“The vision for the company is

detailed in the group strategy that we

shared with the City of London in

March of this year. I am pleased to say

that it was extremely well received.Earlier this year, we were talking

with someone we had worked withduring the company’s Initial PublicOffering in 2006 and he said “You’ve got

L

155

40,000

13Languages

12currencies

$1bnassets528

clients

Countries

£€

advisors

ISLE OF MAN

PORTFOLIOISSUE 146

The vision for thecompany is detailed in the group strategythat we shared with the City of London inMarch of this year. I am pleased to saythat it was extremelywell received.

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fantastic systems – it’s a shame you’venot had the volumes to make the mostof them.”

And I think that’s at the heart ofwhere we see the business going. Wehave some market-leading systems inplace, particularly in Hansard OnLine,and we are focussing on generating thesort of volumes that will enable us tomake the most of them.

In order to generate that volume,we’ll be looking at moving into newmarkets, raising our profile andtweaking our product proposition toensure that it represents a better dealfor advisors and their clients.”

Opportunities for scale Talking specifically about Hansard’s

new business penetration in a numberof regions, Marr went on to explainthe ambitious business developmentplans that the company has.

“When I talk about new markets,the Middle East is an excellentopportunity we have. Not only is it alarge offshore market, with anannualised premium equivalent ofaround £180m in 2012, but it is alsoone where we currently have a lowermarket share and plenty of room forcatch-up growth.

We have great potential to expandfrom a low base of market share inthe region and our new Global Sales& Marketing Director, Graham Morrall,has a great deal of experience fromhis work in Dubai.”

Keeping staff informed Friday 18 July provided an

opportunity for the seniormanagement of Hansard to updatestaff on the progress made so far in delivering on the new strategicobjectives.

The Douglas office closed for the

afternoon and all staff attended a

presentation in the theatre room at

the Manx Museum.

Here they heard an encouraging

update from Group Chief Executive;

Gordon Marr, Non-Executive

Chairman; Philip Gregory and Global

Sales & Marketing Director; Graham

Morrall.

Core ValuesFollowing the strategic update,

Lauren Hughes, Manager - Contract

Servicing, took to the stage to share

the presentation that she and her

colleagues had delivered to the

Hansard Executive Committee earlier

in March.

The presentation focussed on the

introduction of a set of four core

values within Hansard, values that

will define and shape a corporate

culture that will better position the

company to deliver on its new

strategic objectives.

The four corporate values of

Respect, Quality, Innovation and

Integrity were agreed earlier in the

year. Since then, over forty volunteers

from across the business worked

together in defining how the values

would be brought to life and

embedded within the organisation.

Such is the importance attached

to Hansard’s new corporate values,

that a competition was arranged,

encouraging staff to design an

internal-facing logo that would be

used to represent the four values into

the future.

The presentation provided the

perfect opportunity to unveil the

winning logo design, which, despite

stiff competition, went to Nicola

Vendemia. Nico was presented with

some gift vouchers by Gordon Marr,

along with the pleasure of seeing his

winning design being professionally

replicated and used around the

Hansard offices into the future!.

Exciting times aheadBringing the presentation to

an encouraging conclusion, Marr

delivered an enthusiastic message to

the audience.

“I think the opportunities we have

are fantastic, I am confident that in

five years’ time we’ll be a bigger

business, with more volumes being

generated from more distributors in

more markets. We will continue to

build on our strong positions in

growing markets in Asia and Latin

America and we will have built a

strong position in one of the largest

markets in the Middle East.

But it isn’t just about the next five

years, we have to take a longer-term

view. The relationships we are

looking to develop are for the long

term, not simply as part of a short-

term business plan.”

Left:Gordon Marr, Group ChiefExecutive; Graham Morrall,Global Sales & MarketingDirector; Lauren Hughes,Manager - Contract Servicingand Philip Gregory, Non-Executive Chairman. Below:Gordon Marr presents Nicola Vendemia with vouchersfor his winning logo design.

nce the excitement of being

promoted subsides, there is an

obvious, sometimes unanswered

question. How will my role change?

There are the cosmetic changes of

course such as a different title and

(hopefully for most!) more money, but

generally the new role will initially feel

like a continuation of what you have

been doing to achieve the promotion in

the first place.

However, in a progressive firm like

PwC, the real value in a promotion is the

opportunity it brings to develop your

skills and stretch yourself professionally.

It isn’t for the faint-hearted, but as

someone who thrives in a stimulating

environment I am very much up for the

challenge and so it was in anticipatory

mood that I sat down with my coach,

Kevin Cowley (Tax Partner at PwC in the

Isle of Man) to map out how my role was

going to change. It proved to be an

interesting discussion!

Quality Service DeliveryThe first matter we addressed was

how my role would directly change in

serving my clients. After earning my

professional qualification, my progression

to Senior Manager over the last 8 years

has seen me advise a broad range of

corporate and personal tax clients and my

knowledge has broadened and deepened

through dealing with a wide range of

situations. This will continue, although

my role will now gradually shift to focus

on managing the delivery of work rather

than being directly involved in its

preparation. This in itself presents a great

opportunity to work with the less senior

members of the tax team, helping them

to develop their own skills. It should also

provide me with the chance to free up

some time to invest in two key areas.

Taking a wider role in clientrelationships

This is one of my core objectives in

my new role. Like all corporate

objectives, sometimes the meaning is

hard to distil, but put simply, the idea is

to develop closer working relationships

with my clients. Getting to ‘know your

clients’ is a phrase often concerned with

information gathering but at PwC this

has a much more important meaning.

In order to deliver meaningful and

practical advice our goal is to find out

what drives our client as an individual or

as a business, understand what their

plans and concerns are for the future and

agree how we can help them manage the

process. Put simply, the goal is to reach

so-called ‘trusted advisor status’ where

clients don’t hesitate to pick up the phone

before making a business decision.

Taking the time to really think about

clients’ issues and ‘putting yourself in

their shoes’ sounds obvious but doing it

really makes a difference to how you

view your relationship with them.

Take a pro-active market approach togenerate work for PwC and the Isle ofMan

To some extent that is about raising

profile in the market (which I hope this

article is doing!). Demonstrating

knowledge and technical expertise is an

excellent way to encourage existing

contacts and potential new clients to seek

our advice. This does not only cover the

tax market in the external marketplace

however, but also the PwC network. If

we can deliver business representatives

to the IoM via our contacts and

relationships in the PwC network that

must be good news for the island.

One good example of this is in the

area of attracting high net worth

(economically value adding) individuals

to the IoM. Many individuals will need a

visa in order to live and settle in the IoM

and I have been working to understand

the mechanisms of how this works and

position myself to advise current and

potential clients. This has involved

putting together teams using our local

and international contacts to advise on

the legal, investment and tax

requirements to establish IoM residency

(and how it interacts with UK residency

which is often critical) and to help clients

make sure they are getting the process

right. I hope this initiative can bring real

benefit to the IoM in the future.

And so finallyReaching Senior Manager at PwC

represents a significant milestone in my

career and is an achievement in which I

take personal satisfaction. There are

new challenges in my role of course but

underlying the change will be the same

need to deliver insightful, value-adding

services to my clients. I am excited about

the new challenges ahead and look

forward to continuing to develop my

own skills to really help my clients meet

their objectives.

O

Promotion to Senior Manager -the same but better!

Recently promoted to the role of Senior Manager in the taxdepartment of PwC on the Isle of Man, Ben Holloway considershow his role is changing within the firm and how this creates

interesting opportunities.

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By Ben Holloway,Senior Manager - Tax,

PwC Isle of Man


Put simply, the goal isto reach so-called‘trusted advisorstatus’ where clientsdon’t hesitate to pickup the phone beforemaking a businessdecision.

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ISLE OF MAN

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big part of RL360°’s ability to

deliver to its customers is

having a great workforce.

The company – which employs

nearly 220 people – is committed to

investing in its staff and also into the

Isle of Man community.

For twelve weeks over the early

summer, RL360° welcomed two

young people into its head office in

Cooil Road, Douglas, for a training

work placement as part of the Isle of

Man Government’s Future You

scheme.

Future You is designed to

complement efforts being made

across government to help those in

the 16 to 24 age bracket who are not

in education, employment or training.

The aim is for those taking part to

come out of a placement with a good

reference which will help them in

their search for a permanent position.

Both young people placed at

RL360° were successful in their roles

and RL360° was able to offer a

permanent job to one of the pair at the

end of the placement.

Danny Sales, 17, worked in the

Document Handling Centre (DHC)

and it was clear he was a good fit from

the start.

“I didn’t do too great at school,”

admitted Danny, who is known by his

colleagues as Cheeky Chappie. “I

applied for the programme through

the Job Centre and with one other

person I was successful, from four

candidates interviewed.

“I like meeting new people at

RL360° and making new friends,

some of whom I see outside of work. I

like seeing how a professional office

works.

“When I got the news that RL360°

was taking me on as a permanent

member of staff I was lost for words.

The first person I told was my mum.

“I would still like to be here in 10

years’ time, but not as a big boss-type

person, as the DHC manager, I love it

in there.”

He added: “I would like to thank

RL360° for giving young people like

me the opportunity to prove their

worth, I’m really looking forward to

being a permanent member of staff,

it’s going to be ace now!”

Julie Morrison, RL360°’s Training

Co-ordinator, is thrilled with the way

the placements worked out.

“We felt that there were a lot of

young people out there who needed

the chance to get experience in the

workplace,” she said. “We thought we

could give them that chance and it’s

definitely been successful.”

Danny can now count himself as

one of many members of RL360° staff

who will benefit from some new

development programmes being

rolled out across the company.

For instance, this year the Back to

Basics programme has been

introduced to ensure unity of message

and company standards.

It began with a one-day

programme for the Customer Services

team and then grew into 45-minute

business sessions in areas such as

letter writing, time management and

computer based training on customer

identification/verification and data

protection.

“It’s about setting standards,” said

Julie. “It means we are all singing

from the same hymn sheet. We strip it

all back to ensure we are all working

in the same way.”

If that scheme is about getting

back to basics, the RL360° Leaders of

Tomorrow programme looks at

developing those who show the

potential to progress. It is a

management development

programme which focuses on

building rapport, the art of delegation,

communication in the right format

and products.

There will be 8 candidates taking

part in the programme from

September to July.

“It’s about being able to pass the

baton off if, say, a manager is on

maternity leave,” explained Julie. “We

would be able to slot these people in

if ever the need arose. They gain the

practical experience necessary to be

able to progress into more senior

positions when they become

available.”

RL360° Chief Executive David

Kneeshaw is closely involved and will

participate in some workshops with

candidates, who will be assessed

throughout the programme.

“It is in its infancy but it’s an

exciting project,” said Julie. “We will

be trying it for Customer Services

first.

“It motivates staff and shows them

how much they are valued by the

company,” said Julie. “It tells them

‘here’s something for you to work

towards, to strive for’. It’s something

of which the company can be proud.”

A

Future You is designedto complement effortsbeing made acrossgovernment to helpthose in the 16 to 24age bracket who arenot in education,employment ortraining.

Securing the futureof RL360° workforce

hen faced with meagre

prospective returns and a

potentially riskier market

environment, investors generally

head for the exits and rotate their

portfolios to what they perceive to be

more attractive alternatives.

At times like these, it is important

to remember one thing: stay invested.

As part of any diversified portfolio,

fixed income assets play a vital role in

portfolio construction. Simply

ignoring fixed income assets from the

asset allocation decision defeats the

purpose of constructing a diversified,

multi-asset portfolio.

Unconstrained strategiesGiven the risks posed by the

macro environment and monetary

policy to fixed income assets, we

think it has become increasingly

important for investors to consider

unconstrained fixed income

strategies that can diversify risk as

well as add new potential sources of

return to their portfolios.

As the name suggests,

unconstrained strategies are not

limited by a traditional benchmarked

approach and have the flexibility to

invest in a wider opportunity set. In

brief, such strategies take a flexible

approach in assessing and taking

investment opportunities, while

actively managing portfolio risk. This

often means the portfolio is managed

with an absolute (positive) return

focus regardless of the market

environment. These strategies are

generally “go anywhere” strategies,

with the traditional benchmark

orientated constraints removed, thus

allowing a greater ability to pursue

opportunities relating to interest rates

and yield curves, currencies, credit

and volatility.

The primary risk management

tool available to portfolio managers of

these strategies is duration

management. Duration, a measure of

interest rate risk, is an important

consideration for any fixed income

manager faced with the prospect of

rising rates. Rising rates (yields)

equate to lower bond prices. By

lowering the duration of their

portfolios, managers can reduce the

pure interest rate risk they are

exposed to. The ability to run a

negative duration position is also

possible within these strategies,

which would allow portfolios to

produce positive returns when

interest rates rise.

What about corporatecredit?

Outside of vanilla sovereign bond

exposure, investors can also gain

exposure to investment grade

corporate credit. Some corporates

offer floating rate bonds which are

attractive instruments in a rising rate

environment, as these securities have

coupons that increase when interest

rates rise.

Investors demand a higher yield

for lending to corporates, as a form of

compensating them for the possibility

of default. All else being equal, the

W

Where to now forFixed Income investors?

Duration, a measure ofinterest rate risk, is animportantconsideration for anyfixed income managerfaced with theprospect of risingrates.

With sovereign bond yields and credit spreads trading at near historiclows, and an ambiguous macroeconomic environment, traditional bondportfolios are no longer looking that compelling. Such portfolios are

typically managed relative to an aggregate index, with limited flexibilityto expand their opportunity sets and tool boxes and at this point,following a 30 year bull market for the bond market, prospective

returns from traditional bond portfolios do not look that attractive.

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By Paul Wiseman,Investment Analyst,

Maitland


higher the perceived risk of the

borrower, the higher the yield

investors demand. The additional

yield on both investment grade and

high yield debt over government

bonds, called credit spread, is trading

near historically low levels, implying

that investors are not overly

concerned about default risk. It also

means that investors are being poorly

rewarded for the potential risk which

they are taking. This is not

inconsistent with other asset classes,

as investor demand for income yields

have compressed credit spreads and

other risk premia.

Looking outside of an investor’s

home market, international exposure

to both developed and emerging

markets offers investors additional

sources of return and diversification

benefits. Foreign currency exposure

also forms part of the decision to

invest internationally. Currency

exposures are often hedged in fixed

income portfolios as an incorrect view

on the direction of a volatile exchange

rate can erode the steady return

earned on the foreign assets.

Unconventional fixedincome sub-sectors

Looking away from the more

conventional instruments like

government and corporate bonds,

various securitised products exist that

offer attractive risk/return

characteristics.

While these may sound risky to

some, for those willing to do the

necessary work, these instruments

can be an excellent addition to a fixed

income portfolio but clearly are

reliant on the strength of the

collateral - as investors discovered

during the credit crisis.

There are however some other

strategies which we have seen being

promoted as fixed income

replacements (i.e. catastrophe bonds,

royalties) which we think carry very

different risk to traditional fixed

income.

Investors should be fully aware of

the risks to which these strategies

expose them as often the return

stream (or volatility) is

unrepresentative of the actual capital

risk of the strategy.

Looking aheadImplementing and exiting from

unconventional monetary policy

measures over the past few years has

been and will continue to be an

experiment. Forward guidance from

global central banks suggests one

thing is for certain: the environment

for fixed income investors will not be

as straightforward as it has been in

the past. The latest minutes of the

Federal Open Market Committee

have indicated that QE will be

withdrawn as from October 2014, if

the current outlook holds.

As is always the case, investors’

decisions should be driven their

objectives. Exposure to fixed income

assets has generally been for some

combination of income, total return

and of course, diversification.

Whatever the objective, note that

unconstrained strategies do not

provide a sure or complete solution to

the current prospects faced by

investors. Rather, these strategies

offer greater flexibility in their

approach to achieving the desired

objectives.ISLE OF MAN

PORTFOLIOISSUE 146

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Currency exposuresare often hedged infixed income portfoliosas an incorrect view onthe direction of avolatile exchange ratecan erode the steadyreturn earned on theforeign assets.

he Chamber members who

responded to the latest survey

represented business services,

finance, retail, construction, eBusiness,

manufacturing, marketing, transport and

tourism. The Business Barometer

provides up to date information on the

state of the Island’s economy, and

statistics from the survey will be available

for anyone to view on the Chamber

website www.iomchamber.org.im

It is based on a representative

sample spread across all sectors of the

Island’s economy and the data will also

be included in the Government’s

quarterly economic report. The Q2

survey included three questions about

the impact of the TT on business.

When asked if the TT has a positive

economic benefit on the Isle of Man,

85.19% of respondents said ‘yes’ and

14.81% ‘no’. The vast majority of

respondents (87.04%) said their

business stayed open during TT

fortnight, while 11.11% said that they

closed during race week, and just

1.85% closed during practice and race

weeks.

Chamber members were also

asked how key business performance

measures (eg sales/turnover/new

business/deposits) faired during this

year’s TT. Respondents were offered

five options with more than 27%

saying that performance measures

were better or significantly better

during TT fortnight. However, just over

24% said that that key indicators were

worse or much worse. A total of

48.15% said that TT2014 had neither a

positive or negative impact on business

performance measures. Replies to this

question were as follows:

• Significantly better

(more than +10%): 11.11%

• Better (+1% to +10%): 16.67%

• The same: 48.15%

• Worse (-1% to -10%): 5.56%

• Much worse (more than -10%): 18.52%

When asked about the prospects for

their business in the next 12 months,

there was a slight dip in the mood of

optimism in Q2 when compared to

replies to the same question in the Q1

survey published in May this year.

The Q2 results were:

• Very optimistic: 10.00%

• Optimistic: 48.33%

• Neutral: 33.33%

• Pessimistic: 8.33%

• Very Pessimistic: 0%

In the Q1 survey, 16.49% said they

were ‘very optimistic’, 50.52%

‘optimistic’, and 8.25% ‘pessimistic’.

None of the respondents were ‘very

pessimistic’ and 24.74% were ‘neutral’.

Jane Dellar, Chief Executive of the Isle

of Man Chamber of Commerce, says

that the Business Barometer ensures

that the economic realities experienced

by Chamber members are taken into

consideration in the decision making

process. Commenting on the Q2 results,

she added: “I think the most significant

aspect of this quarter’s survey is that we

have been able to capture the views of

business of the impact of the TT. The

overwhelming majority [85%]

recognise the benefits of the TT, both

economic and social, even if it

adversely affects their own business.”

T

Isle of Man Chamber of Commerce has revealed the results of itssecond ‘Business Barometer’ survey which provides data on a broad

cross-section of the Island’s business sectors.

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Cause for optimism?

Right:Jane Dellar,

Chief Executive,Isle of Man

Chamber of Commerce

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ISLE OF MAN

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GB: The Island is gearing up for

another big move into an emerging

marketplace. This is not the current

DED focus on China or even the

developing economies in Africa, but

actually something more akin to

where we were around a decade ago

with eGaming: a market without a

geographical home. Bitcoin and the

various digital currencies or ‘altcoins’

jostling to become Bitcoin 2.0 have

very quickly come to be the focus of a

huge number of legitimate businesses,

and as an Island we want a slice of that

growing and delicious pie.

JB: And we have good reason to

believe we can win it. Between the

government’s announcement

regarding registration of such

businesses and the private sector’s

launch of the digital incubator and the

Manx Digital Currency Association, we

are ahead of the pack in terms of

international jurisdictions. The Crypto

Valley Summit is the next big step on

that path, as it will see over a hundred

entrepreneurs from across the world

visit the Island.

GB: Psychologically, we can also see

that our experience with eGaming

has made the Island’s business

community more open to new ideas.

When that industry first started to

pick up, there was a lot of scepticism

in the community, particularly

amongst banks and financial service

institutions. Now it is a major

employer and service providers pour

major money into marketing to win

gaming clients. Although Bitcoin has

a lot of parallels in terms of its

reputation, due to this experience

Manx businesses are much more

bullish about getting involved this

time around.

JB: So there’s an opportunity here,

and everyone’s up for getting

involved. That immediately raises a

marketing challenge: how do you

position your company to benefit from

any growth in this area? The first step

is definitely education: you need to

have a strong knowledge of the

marketplace in order to sell into it, so

in this case you need to be able to

converse in terms of block chains,

hash rates, and a seemingly endless

array of three letter acronyms

including BTC, LTC, ETH, XDG, NXT,

PoW and more.

GB: The second step is the same as

any other marketing effort: identify

and analyse your target market.

Similar to eGaming, the digital

currency space is dominated by

(relatively) young men, with all the

ambition and drive expected of digital

entrepreneurs. Interestingly, many of

the movers and shakers in the

industry do share a certain libertarian

ideological motivation as well, which

stems from Bitcoin’s origin in the

cypherpunk movement and its early

adoption by crypto-anarchists and

anti-establishment movements. This

ideology is not shared by everyone in

the space, of course.

JB: Step three, make sure your

technology is up to scratch. If you’re

marketing to young tech

entrepreneurs and coding specialists,

a dated website or one that doesn’t

work properly on their mobile or tablet

is going to really set you back when

they look you up online - and they will.

You need a fully responsive website,

ideally with a content marketing

strategy to match. You need video

content to capture attention, blog

entries to communicate your

expertise, and social and email

marketing to help cement

relationships made at conferences and

meetings.

GB: Step four, walk the talk. These

people are passionate about the

possibilities that these technologies

can bring, and you have to share in

that with words and actions. If you

want to win digital currency business,

but you don’t accept payment in digital

currencies, then you need to re-

evaluate. Ashgrove now takes payment

in Bitcoin, Litecoin and Dogecoin, for

example, and we have committed to

expand that capability as necessary.

Our staff also all have personal Bitcoin

wallets, provided by the company, to

help them get used to using the

technology on a day to day basis.

JB: Finally, invest early. Again, the

eGaming industry has reminded us

that reward comes from taking

calculated risks. Certain companies -

we all know who they are - invested in

marketing to gaming operators early

on and now have the lion’s share of the

market. The same will be true of the

digital currency market. Ten thousand

pounds invested now in attending

events and making connections will be

more effective than a hundred

thousand invested after the industry

has already matured.

PR Matters:Breaking into Digital CurrencyGraeme Brooks and Jessica Brown, two of Ashgrove Marketing’s digitalstrategy gurus, discuss the surge in interest in digital currencies andthe communications challenges involved in breaking into new markets.

If you’re marketing toyoung techentrepreneurs andcoding specialists, adated website or onethat doesn’t workproperly on theirmobile or tablet isgoing to really setyou back when theylook you up online -and they will.

conomic Boom and Bust was

consigned to the rubbish bin

by Margaret Thatcher in the

1980s. Isn’t that right? OK, maybe not.

We have seen too many booms and

busts since she undertook such

structural changes and

modernisations in the UK, emulated

elsewhere, that were designed to rid

the modern, mature economies of the

hated boom and bust economic cycles.

She did achieve much, and, much of it

was good.

However, neither she nor others

such as Alan Greenspan with all the

research and computing power at his

hands in the 1990s and 2000s was able

to turn human behaviour on its head.

They and others in positions of power

and influence have done much to

assist in the managing the more

extreme situations we have seen in

financial markets and major

economies, especially that of the Great

Financial Crisis 2008-2013 but human

nature being what it is, we will see

bubbles, busts and much in between

in the future, just as in the past.

In an interesting publication: ‘A

Demon of Our Own Design’ (sub-

heading: Markets, Hedge Funds, and

the Perils of Financial Innovation) the

author, Richard Bookstaber, reminds

us that three of the world’s leading

fund managers George Soros

(Quantum Fund), Julian Robertson

(Tiger Management) and Warren

Buffett (Berkshire Hathaway) all

suffered in 2000, with the DOT.COM

meltdown. Whilst Soros lived to fight

another day, his comment that

‘historical measures of value no

longer apply’ is an interesting and

perhaps revelatory one i.e. that the

game had changed (new paradigm?).

Robertson, whose fund closed /

imploded, blamed ‘irrational markets’

for his demise (an echo in

Greenspan’s ‘irrational exuberance’

comment?) whilst Warren Buffett,

who’s Berkshire investment vehicle

had sidestepped but nonetheless been

wounded by the Tech bubble was left

to fight another day, saving Goldman

Sachs in the 2008 meltdown, amongst

other things.

As Bookstaber suggests: The

Danger to the System IS The System.

The problems that lead to crisis

emerge from within the market. In

the case of the DOT.COM market

bubble, it was the coalescence of

trading views, leading to all those

remaining in the market to bid

against each other, encouraged at

each turn by the increases in prices

that were nothing other than their

own doing! In the LTCM meltdown

(readers may remember a

catastrophic meltdown of the US

Hedge fund LTCM (Long-Term

Capital Management), a fund created

and run by people including Nobel

Economics prize-winners that

imploded in 1998), it was the

liquidation forced by the creditors

that led prices to spirall downward,

resulting in ever more draconian

actions i.e. a self-fulfilling disaster! In

the 1987 Crash, it was the hedging

actions that led to price declines,

which then caused more aggressive

hedging positions i.e. a downward

spiral.

E

An ageing world - and the impactupon investment markets PART 3

More complexity hasled to greaterinnovation ofinvestment productsbut, unfortunately inmany cases, greaterleverage so that onelives in a world wherea significant movementin a relatively smallasset, index orcontract can lead to achain-reaction that ishard to control withoutcircuit-breakers

Continuing on from his previous articles on the state of theJapanese economy and ageing dilemma and how similar structural

changes are and will impact the West and our economic andinvestment landscape, Alan Molloy comments upon some possible

lessons of the past and how we might plan for the future.

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By Alan Molloy,Managing Director,

A 2 B Consulting Limited


He concludes: ‘We can react to

opportunities (or threats) only based

on the knowledge that we possess. We

can manage risks only when we can

identify them and ponder their

possible outcomes. We can manage

market risk because we know

securities prices are uncertain; credit

risk because we know companies can

default; operational risk because we

know missteps are possible in

settlement and clearing.’

But, despite all the risks and steps

that we can take to avoid, mitigate or

control, the greatest ones remain

beyond our control. They are the

unquantifiable risks – beyond our

horizon. The challenge in business,

investment or risk management lies

in our ability to make sufficient

preparation (of our business plan)

that will allow us to mitigate the

impact of any unknown or

unquantifiable risks, to an acceptable

level. If we are in business – whatever

the business, we will carry some risks

with us. Not all risk is knowable and

therefore avoidable. But we can take

some sensible steps to avoid the

known and hopefully reduce

unknown risks indirectly, for example

by having insurance etc. We can also

identify characteristics of risk

management that will increase our

ability to react to them.

Why can’t the financial markets

seem to get their act together? In spite

of reduced ‘boom and bust’ economic

conditions, in spite of innovation (in

IT and financial markets) and the

greater inter-connectedness of those

markets, it is in my view the fact that

they are all so interconnected that

creates the greatest risk. Innovation is

a great thing. Moore’s Law can also be

extrapolated from the assumption

that technological innovation creates

a doubling of capacity every two or so

years, it also allows for a near halving

of cost of that capacity – so it achieves

benefits on both sides of the equation.

However, we do not live in a perfect

world, less so have a perfect financial

market.

In the 1950s a theory became

popular called Modern Portfolio

Theory and, indeed, advanced the

subject of investment management

and risk analysis significantly.

However, the risk, return, and

correlation measures used by MPT

are based on future expectations

(which are by definition yet

unknown) i.e. they are assumptions

and therefore subject to human error

so I would suggest that whilst useful,

MPT is not an all-encompassing or

perfect system to apply without

nuance. Nor do I hold with the

Random Walk Theory, as espoused by

Burton Malkiel who wrote "A Random

Walk Down Wall Street" in 1973,

which suggests that it is impossible to

outperform the market without

assuming additional risk.

ISLE OF MAN

PORTFOLIOISSUE 146

Why can’t the financialmarkets seem to gettheir act together? Inspite of reduced ‘boomand bust’ economicconditions, in spite ofinnovation (in IT andfinancial markets) andthe greater inter-connectedness of thosemarkets, it is in my viewthe fact that they areall so interconnectedthat creates thegreatest risk

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as Europe and Americaage, our naturaldisposition will inclinetoward safety andaway from perceivedrisk and that willreflect itself in thetype of assetsindividuals and pensionfund trustees mayprefer to hold

“ “

The single item that appears to

most commonly cause problems is

leverage (whether you pronounce it

the American or British way!)

Complexity and interconnectedness

push many participants in

stockmarkets toward greater

computing power as a means of

‘managing’ their investment and/or

trading positions. More complexity

has led to greater innovation of

investment products but,

unfortunately in many cases, greater

leverage so that one lives in a world

where a significant movement in a

relatively small asset, index or

contract can lead to a chain-reaction

that is hard to control without circuit-

breakers. Whilst I do not intend to

outline, discuss or argue the merits or

otherwise of global regulatory action

post 2008, including the recent

Vickers report which seeks to provide

greater security within the UK

banking industry (for the benefit of

the public directly as customers and

indirectly for the state via

government) it seems to me that

simpler financial instruments, more

easily understood and managed – by

all parties concerned, and, lower

leverage would reduce market

volatility as a whole and stock specific

movements and investors’ portfolio

risk exposure.

Innovation in IT and Bio sectors

may improve the lot of the world’s

population in the future, as it has in the

recent past but, at the end of the day, I

believe that it is human nature that

will dictate the primary trends and

forces that will shape our world.

Financial markets, just as commercial

business, are there to serve the

population – not the other way around.

With the ebb and flow of economic

cycles, the impact of seasons and

weather upon us and our living

conditions, the trends in politics,

economics, fashion or whatever will

continue to evolve. Things come and

go in and out of fashion but they keep

coming and going. The world is

getting older and the human race is

ageing with it – though at a rather

faster relative pace! Japan is a wake-

up call for the rest of us. The USA may

be the best positioned ‘mature’ or

currently First World country and

economy to deal with it but the rest of

us need to consider the impact. It may

have little or no impact upon you, the

reader of this article, in your own life

today, tomorrow or next decade but it

will have an impact further out and it

will definitely impact the next

generation. Better that we consider

the implications for the future and

plan for change, than have change

imposed upon us i.e. try to dictate the

change than have it dictated to us!

How does that impact my asset

portfolio? Well, one needs to consider

what is actually in that portfolio. I am

not merely talking about stocks and

shares, I am suggesting an evaluation

of one’s financial estate – all assets,

including property as well as

marketable securities, whether a ‘nest

egg’ held in the form of stocks &

shares, deposits and all the other

things that have a significant

monetary value. Do you have a

pension plan, a holiday home in a

sunny country or other assets? You

may be single, married, with

dependants or without. In each and

every case a ‘financial health check’

would help clarify your thoughts,

plans and ability to meet your

expectations. What of the future?

What are your plans for working and

retirement? The earlier you

undertake such a review the more

likely that you will attain your

aspirations.

Financial markets are likely to

evolve over time too. Whilst China is

a rising star (it has already risen),

India and Asia more generally, let

alone Africa have the potential to

grow even more. I do not imagine any

dramatic changes to the financial

system in the short term vis-à-vis the

City of London and Wall Street’s

influence but, over time, their

influence is bound to wane whilst that

of Singapore, Hong Kong, Shanghai or

other financial hub ascends. It is more

a matter of long term trends than

short term abrupt change.

Nonetheless, as Europe and America

age, our natural disposition will

incline toward safety and away from

perceived risk and that will reflect

itself in the type of assets individuals

and pension fund trustees may prefer

to hold, to which I alluded earlier.

Carpe Diem. Otherwise: Tempus

Fugit!

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I do not imagine any dramatic changes to the financialsystem in the short term vis-à-vis the City of London andWall Street’s influence but, over time, their influence isbound to wane whilst that of Singapore, Hong Kong,Shanghai or other financial hub ascends“ “

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he Isle of Man is cognisant of its

responsibilities as a global citizen

– this is apparent not only from

the various judgments of its courts that

this is not a jurisdiction in which assets

can be hidden from spouses, creditors or

foreign governments who have a

legitimate right to them, but also from its

initiatives such as the establishment of the

charity known as the Small Countries

Financial Management Centre, an

educational program to contribute to the

growth and prosperity of small countries

by training their representatives in

negotiating with, say, the United States or

the G20.

By the same token, the Isle of Man

resists accepting a greater compliance

burden than that placed on G20 countries.

It has indicated that it will not publish a

register of beneficial ownership unless

such a register is produced by the UK, the

USA and so on. This is not because it does

not hold information to verify beneficial

owners – indeed, there has not been a

single occasion where law enforcement

officers have failed to obtain the

information they required if they were

legally entitled to it. Rather, it is because

some distrust of extreme government

power is often legitimate. To place matters

in perspective, Isle of Man Chief Minister

Bell points out that Delaware has a single

story building that is the registered

address of over 278 000 companies - 10

times the number of corporate entities

that the Isle of Man has in total! Hence he

believes the US should “catch up” with the

Isle of Man in financial regulatory

compliance. Whilst the Isle of Man is very

interested in developing international

regulation, it stresses that there is a

dividing line between privacy and secrecy

– it seeks to respect privacy, whilst

avoiding accusations of secrecy.

Compliance is perhaps the fastest

growing industry in the Isle of Man, and

small businesses have unfortunately in

some instances succumbed under the

increased compliance cost, but on the

whole the Island has enjoyed 30 years of

economic growth. Financial services

make up 34% of the Island’s economy and

the benefits go back into the community

as evidenced by the strong social service

system. Financial regulation has not

inhibited economic growth which is

predicted at 4% for next year. Being

highly regulated is proving to be a major

selling point in attracting high quality

international business to the Island.

The cost of compliance may increase

to levels of alarm when a client of a

corporate or trust service provider (CSP)

comes under investigation by a foreign tax

authority. This usually involves legal costs

on several levels (one lawyer to represent

the CSP, another to represent the

individual employee who gave the advice,

and a third to represent the client or

beneficial owner of funds under scrutiny).

In such a situation the CSP must ensure

that it is not breaching obligations of client

confidentiality, whilst complying with its

legal obligations to the authorities, and

this can happen long after the client

relationship has come to an end with no

client funds remaining in the custody of

the service provider. To safeguard

themselves CSP’s should ensure that their

terms of business include the cost of

compliance with foreign investigations or

information requests.

Many compliance workers on the

Island are dedicated and highly trained

professionals who are passionate about

their work. Their role is to protect the

companies by which they are employed

from inadvertently being used for money

laundering, harbouring the proceeds of

crimes such as piracy at sea, drug

trafficking, and the financing of terrorism.

They recognise that these crimes would

not exist if there was no money to fund

them or to be derived from them. They

know that the perpetrators of such crimes

will wish to keep their funds with a

financial service provider – hence those

working in this field in a country which

relies heavily on the financial services

sector for its economic growth, must

always maintain their vigilance.

The Isle of Man was awarded the top

“compliant” rating by the OECD Global

Forum on tax transparency in November

2013, thereby ranking higher than the UK

or the USA.

The result is that foreign financial

service providers, tax authorities and legal

practitioners who work with the Isle of

Man recognise it as one of the most

sophisticated and regulated environments

in the world. Per Caroline Ciraolo, Partner

at Rosenberg, Martin Greenberg LLP:

“The Isle of Man is among the best in the

world in financial services, and is

recognised as such by the US’ Internal

Revenue Service. Hence it is not the

favoured port of call for money launderers

or tax evaders”.

T

The upside of regulationThe Isle of Man is a strictly regulated environment with a high

standard of service in the financial industry. Whilst many complainabout the cost of compliance and the burden of regulatory rules,

the rewards are significant: those who wish to process or store ill-gotten gains are looking elsewhere, whilst good, solid business

seeks acceptance on this tax neutral first-world platform.

By Dalila Ver Elst,Senior Compliance Officer,

Maitland

Financial regulationhas not inhibitedeconomic growthwhich is predicted at4% for next year.Being highly regulatedis proving to be amajor selling point inattracting high qualityinternational businessto the Island.

What are the main technicaladvantages of 4G compared to 3G?

4G provides much faster upload

and download with speeds up to

seven times faster than 3G. Coverage

is also significantly improved -

especially indoors, in built-up areas,

and for devices on moving vehicles.

With a predicted population

coverage of 95% this summer it’s

available to the vast majority of

businesses here, and any business

which relies on the mobile network

for day-to-day tasks will find 4G

means they can quickly become

more efficient.

There’s now no need for wasted

‘office time’ as staff can now invoice

on the move, have instant access to

documents and large media files, or

stream web rich content. All of these

technical advantages mean that 4G is

a huge leap forward which will

revolutionize how we all experience

mobile communications on the

Island.

How does this benefit businessesin practical terms?

4G provides incredible flexibility

for businesses in all sectors as it

allows staff to work remotely or on

the move – any location which has 4G

coverage can now become an office.

4G – especially when combined with

a cloud solution – will allow a

business to create a truly mobile

environment.

4G speeds can be accessed via

smartphones, tablets, dongles and mi-

fi devices and enables you to create a

remote virtual desktop environment.

You can now access your ‘virtual

office’ within seconds over a secure

channel via a mobile phone or tablet.

In every business, time is money -

and 4G technology will help save both

by complementing the high speed

fixed line internet services most

businesses already use. If you’ve ever

suffered the frustration of video

buffering or a large file downloading,

then 4G will be a breath of fresh air.

The much faster speeds and more

reliable connection provides faster

access to files, improves the

experience of video conferencing,

and opens the door to allowing live

demonstrations of products and

services - ideal for sales teams in the

field.

All of these benefits would be of

little use to Isle of Man businesses,

however, if the cost of 4G was

prohibitive. Unlike many UK

operators, we're not charging a

premium for 4G data, so for our

4GQ&A

All of these benefitswould be of little useto Isle of Manbusinesses if the costof 4G was prohibitive.Unlike many UKoperators, we're notcharging a premium for4G data

July 29, 2014, was a historic day in the evolution of mobilecommunications as Manx Telecom launched the Island’s first, and

so far only, superfast 4G mobile network. Compared to 3G itprovides much faster mobile data download and upload speeds andeven better coverage. Chief Minister Allan Bell MHK has said thatthe new service will play a major part in maintaining the Isle of

Man’s reputation as a world class international business centre.

But what does 4G mean in practical terms for businesses here?We asked Kevin Paige, Manx Telecom’s Chief Technology Officer andCustomer Service Director, about the advantages and opportunities

which this mobile technology will bring.

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customers already on pay monthly

smartphone plans with a 4G ready

handset there is no extra cost.

Our commitment to invest

£10million in 4G technology over

three years means that we have been

able to provide the very best 4G

solution available. It’s not only fast,

flexible and efficient, it offers fantastic

value for money – meaning the

benefits of superfast mobile

broadband are available to all of our

customers, whether they’re self-

employed or a major corporation.

Can you give some specificexamples of how 4G can be used?

Certainly. A courier business

needing staff out on rounds to update

parcel tracking information will find

that 4G allows data to be uploaded

faster than ever before, which in turn

saves time and improves customer

service by providing more accurate

parcel tracking data and expected

delivery times. In the retail sector 4G

makes it easier to set up ‘pop-up’

outlets or kiosks by using tablet

devices for point of sale transactions

and stock control.

For businesses in the medical

sector, 4G can allow remote

monitoring of live patient conditions;

this and remote access to medical

records can speed up the diagnostic

process.

There are also benefits which cut

across all sectors such as improving

fleet and freight management, or

improving the security of premises by

using 4G for video surveillance. Even

for smaller businesses, such as a

freelance photographer or estate

agency, the ability to be able to upload

large files on location saves time and

money, avoiding the need to return to

the office.

Overall, there are great benefits

for all businesses that access mobile

data when they are on the move

around the Island. 4G will make life

easier by allowing them to carry out

many tasks much more easily and

quicker than they did before. We’re

certainly excited to see the

improvements and efficiencies that

4G could bring to our customers over

the coming months.

How easy is it for businesses toswitch to 4G?

It’s a really simple process and our

tariff plans make 4G cost-effective

and great value for money. For

customers who already have 4G ready

handsets, and are on pay monthly

smartphone plans, there’s no extra

cost to use the new network as 4G

access is automatically included in all

of those plans. For those with a 4G

handset, but who haven’t yet moved

to the smartphone tariff, the process

is extremely quick and

straightforward. For those still unsure

of what device to buy, we have over 30

4G ready handsets and tablets in

store, and that range is growing.

If they need to check whether

their current personal or business

handsets, tariffs and SIM cards are all

4G ready, just go to our website:

www.manxtelecom.com/4g where they

will find an easy, step-by-step guide via

our online widget. All they have to do is

enter their mobile number on screen

and we’ll inform them of the next steps.

Alternatively, customers can call our

Business Sales Team on 636 636 who

will be happy to explain how 4G can

help their business.

Looking further ahead,futurologists often refer to thecreation of a ‘seamless digitalworld’ when looking at trends incommunications technology. Howdoes 4G fit in with this vision?

The popularity of smartphones,

tablets, HD TV shows and on demand

content, show no sign of relenting,

and creating seamless digital

platforms for online entertainment

and information across all of these

devices is the goal for Manx Telecom

and all other world class telecoms

providers.

In the years ahead, this type of

communications platform will

become the standard expected by all

leading businesses, whilst the choice

of devices - especially ‘wearable

devices - is likely to increase

massively. Therefore, our investment

in 4G - and VDSL ultrafast broadband

and our Next Generation Network

which is an IP (Internet Protocol)

telecommunications system

converging voice calls and data, onto

one network – are all vital in helping

the Island to maintain its status as a

leading international business centre.

Looking ahead, jurisdictions

unable to provide a seamless digital

platform will be at a significant

disadvantage when it comes to

attracting inward investment. In this

context, 4G is a very significant and

exciting development in the evolution

of communications technology. Not

just because of the immediate

benefits it will bring to businesses on

the Island – but also because it sends

a clear signal to all potential inward

investors that Manx Telecom is

committed to providing the Isle of

Man with the communications

infrastructure which businesses

demand and deserve.”

ISLE OF MAN

PORTFOLIOISSUE 146

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Douglas-based solicitors

Stuart Smalley & Co LLC

won a fantastic 4G bundle in

a Manx Telecom prize draw

held to celebrate the launch

of the Island’s first superfast

4G mobile network. The

prize, valued at £2,800,

includes four Nokia Lumia

635 4G handsets on Manx

Telecom’s smartphone 600

tariff for 12 months -

including 600 minutes,

unlimited texts and 6GB of

data.

Pictured: Voirrey Barron

(left), Manx Telecom

Marketing Communications

Manager, presents the 4G

prize bundle to Amanda

Dougherty, Office Manager

at Stuart Smalley & Co LLC.

4G’s first Prizewinner

To find out more about how ManxTelecom’s superfast 4G service canhelp your business visitwww.manxtelecom.com/4g

he implementation date of what

has become known as the UK’s

“point of consumption tax” is

drawing near and online gambling

operators are tasked with making the

preparations needed to comply with

these new regulations.

The UK Government refers to the

changes as the reform of gambling tax

since the changes not only affect Remote

Gaming Duty (“RGD”) but also the UK

Pool Betting Duty and the General

Betting Duty. However, although changes

to the UK Pool Betting Duty and General

Betting Duty will affect some operators in

the Isle of Man, it is likely that the

changes to the RGD will be of the most

concern.

From 1 December 2014, RGD will be

taxed in the UK on a ‘place of

consumption’ basis. Remote gaming

operators will be required to pay tax at a

rate of 15% on the gross gambling profits

generated from UK customers,

regardless of where the operator is

established. Isle of Man businesses that

provide remote gaming such as poker

and casino, and have UK customers, will

also need to apply for a Remote

Operator’s Licence in order to continue

to provide services to UK customers.

There are several issues that have

arisen since these changes were

announced. One of those is the

requirement for a non-UK based

operator to make provision so that they

have assets in the UK to which HMRC

can have recourse if the operator fails in

their tax obligations, and to appoint a

representative in the UK. HMRC made it

quite clear that operators in the Isle of

Man, the Channel Islands and Gibraltar

were not considered to be UK-based

operators for this purpose; however, the

Isle of Man Government is looking at the

possibility of a bilateral agreement

whereby the Isle of Man authorities will

provide assistance in the recovery of

debts relating to UK Gambling taxes,

which will negate the requirement for an

Isle of Man operator to have assets and a

representative in the UK.

Another issue is that a Remote

Gaming Operator must determine

whether a player is considered a “UK

person” and maintain documentary

evidence of this for a period of 4 years.

HMRC’s Public Notice 455A, released last

month, outlines the two-step process

required to determine whether a person

is a “UK person” for the purposes of RGD

and states that just because a player does

not give a UK address does not mean they

are not a “UK person”. Further

information needs to be gathered as to

where a player usually lives until the

Remote Gaming Operator can be

satisfied that the player is not a “UK

person”. If a Remote Gaming Operator

holds any two pieces of information

indicating that a player is a “UK person”

then they must treat that player as a “UK

person”. Any Remote Gambling Operator

therefore needs to ensure that their

systems will not only identify “UK

persons” but are also able to retain

information to evidence when players

are not “UK persons”.

Alongside the changes to the RGD,

changes are being made to advertising

rights. From 1 December 2014 it will be

illegal to advertise remote gaming in the

UK unless the operator holds a Remote

Operator’s Licence. So, even if an Isle of

Man operator does not have any UK

players, it may still be required to obtain

a licence in order to advertise in the UK,

for example at football matches.

For operators that are heavily reliant

on UK customers, this will be a

substantial additional cost not only in

respect of the duty payable but also the

licensing fees. On the other hand,

operators that only have a small number

of UK players may consider it not

worthwhile obtaining a licence and

decide to block UK customers from their

site, although this could preclude them

from advertising in the UK.

Although this is a big change for any

Isle of Man operator that has UK

customers, taxing on a place of

consumption basis is becoming more

widely adopted throughout the EU,

particularly in relation to services

provided over the internet. This can be

further evidenced by the changes to the

VAT regulations to be introduced on 1

January 2015 in relation to the place of

supply of electronically supplied services,

telecommunications and broadcasting. It

is now even more important for

businesses operating on an EU-wide or

global basis to be aware of the tax

obligations in countries where their

customers are based as well as the

country in which they are established.

T

UK Point of Consumption TaxFollowing the Gambling (Licensing and Advertising) Bill having been

granted Royal Assent in May, eGaming companies headquartered in theIsle of Man will be affected to the tune of 15% tax on gross gambling

profits generated from players in the UK. Starting on 1 Dec 2014,overseas based gambling operators will also have to apply for a licence

to sell and advertise to British customers. Sandra Skuszka of KPMGexplains the impact on local business and how they will need to prepare.

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By Sandra Skuszka,Head of VAT Services,

KPMG


Another issue is that aRemote GamingOperator mustdetermine whether aplayer is considered a“UK person” andmaintain documentaryevidence of this for aperiod of 4 years.

Motoring

ISLE OF MAN

Isle of Man Portfolio’s drives theBMW X4 3.0d M-Sport,part of the all new X4 range

Also introducing the M4 Coupeand the 4 Series Gran Coupe

Dream Team as Lexusand will.i.am work together forAutumn launch of Lexus NX

Special Edition Citroen DS3 is‘Driven by Beauty’

Twenty-something men the most likelyage group to be disqualified from driving


ISLE OF MAN

PORTFOLIO ISSUE 146

Explore X4

nce again, the kind folk at

Buchanan BMW have

entrusted me with another

new release - this time the visually

arresting and supremely chunky BMW

X4.

The new BMW X4 combines the

hallmark features of the BMW X family

with the sporting elegance of a classical

coupé, resulting in BMW's first Sports

Activity Coupé (SAC) for the premium

mid-size segment. It follows in the

footsteps of the BMW X6, visually

combining the character of a

Sports Activity Vehicle (SAV) with

the sporting elegance of a classic

coupé to create an unmistakable

presence on the road.

I am handed the keys to the

3.0d M-Sport version of the X4

which is the top of range model from

£38,670 but, with a range of options

already fitted, this beautiful car weighs

in at a tad over £40,000. They do know

it’s me don’t they?

Its dynamic pedigree is underlined

by a wide range of cutting-edge high-

performance engines, the xDrive

all-wheel-drive system and a high level

of standard equipment. A choice of

three diesel engines, a comprehensive

package of BMW EfficientDynamics

measures and the extensive

connectivity provided by BMW

ConnectedDrive are all elements in a

driving experience allows sporty

performance and incredible efficiency.

At 4,671 millimetres in length, it is

just 14 millimetres longer than the X3,

but at 1,624mm high it is also 36

millimetres lower to the ground and

cuts a dynamic profile with its perfectly

balanced proportions and distinctive

sporting character.

I was first drawn to the simply

beautiful 20” light alloy M Double-spoke

wheels. You don’t want to kerb these.

They complement the X4’s exterior

perfectly. Substantial, eye-catching and

effortlessly stylish.

The easy on the eye experience

continues in the cabin. Beautifully

finished in wood and leather, the

X4 exudes all the refinement

synonymous with the brand.

Unfortunately, I am old

enough to remember the days

when a diesel-powered car could be

heard approaching from around three

miles. This diesel engine, by complete

contrast, purrs into life ulmost

unnoticed. This serene benefit does,

however, bely its significant muscle,

which you will discover, as I did.

Driving the car was a joy. Handing

the keys back was not.

O

Isle of Man Portfolio’s Keith Uren drives the BMW X4 3.0d M-Sport,part of the all new X4 range

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ISLE OF MAN

PORTFOLIOISSUE 146

Also introducing the M4 Coupe and the 4 Series Gran Coupe

The easy on the eye experience continues inthe cabin. Beautifully finished in wood andleather, the X4 exudes all the refinementsynonymous with the brand.

he BMW M4 derives its

firepower from a high-revving

six-cylinder TwinPower Turbo

engine which benefits from

technologies developed on the race

track. This 2,979cc in-line six-

cylinder powerhouse, developed by

BMW M, features two mono-scroll

turbochargers, high-precision direct

injection, Valvetronic fully variable

valve timing and Double-VANOS

variable camshaft control.

This technical prowess allows the

M4 to switch seamlessly from an

undemanding everyday road car to

one which feels totally at home on the

race track.

BMW's M cars do not achieve their

exceptional performance simply

through brute power. Advanced

weight-saving technologies and

carefully honed aerodynamics also

play a major part while assisting

agility and efficiency.

The M4 Coupe is available from

£56,650 OTR

he Gran Coupé, which

provides four-door practicality,

greater luggage capacity, and

the sporty and elegant character of the

4 Series Coupé, is now on sale.

Sporty design is allied to four

doors, 2+1 rear seating and more

headroom, automatic tailgate, larger

luggage compartment and folding

seats as standard. But despite the

increased usability, there has been no

compromise on driving dynamics,

with Drive Performance Control

allowing the selection of tailored

driving modes and enhanced ride

comfort.

The new BMW 4 Series Gran

Coupé will be available in the same

five trim levels (SE, Sport, Modern,

Luxury and M Sport) as the 4 Series

Coupé and Convertible, with the same

high level of standard specification.

The BMW 4 Series Gran Coupé is

priced from £29,420 OTR for a 420i SE,

rising to £41,655 OTR for a 435i M

Sport.

T TM4 Coupe

4 Series Gran Coupe


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ISLE OF MAN

PORTFOLIO ISSUE 146

Dream Team

harply styled and offering true

Lexus quality and refinement,

the NX will open up new

opportunities for the brand in an

expanding and popular part of the

premium car market.

Five equipment grades will be on

offer, all demonstrating Lexus's

continued commitment to luxury,

comfort and the application of

advanced, user-friendly technologies.

NX will be the first model to feature

Lexus's Pre-Crash Safety system and

Adaptive Cruise Control as standard

on all versions. Other "firsts" for a

Lexus include a wireless charging tray

for easy charging of mobile phones

and other devices and the first

application of a new Remote Touch

Interface with a touchpad control.

Further features include a new

Panoramic View Monitor, a

comprehensive multi-information

display (incorporating for the first

time a G-sensor and boost meter on

NX 200t), head-up display, blind spot

monitor and Rear Cross Traffic Alert.

The NX 300h S, the entry point to

the range, will be available with front-

wheel drive only; all other NX models

will have all-wheel drive, equipped

with a second electric motor on the

rear axle.

Advance orders for the new NX

can be placed now. On-the-road prices

start at £29,495 for the NX 300h S.

Lexus recently announced a

creative partnership with the global

entrepreneur, innovator and musician

will.i.am. The Grammy Award-

winner will work with the brand to

champion provocative design and

technology as part of its Striking

Angles campaign to launch the new

Lexus NX.

Starting now, this collaboration

will encompass the worlds of music,

design and technology. As part of the

campaign, will.i.am will design his

own limited edition interpretation of

the NX, Lexus's sharply-styled entry

into the premium mid-size SUV

market. He will also star in a television

commercial supporting the new

model, for release later this year.

will.i.am said: “Whatever I do, I

want it to be striking. I want to

innovate and revolutionise, and my

partnership with Lexus on the Striking

Angles campaign is no different.

Inspired by our shared philosophy in

design, we’ve been able to work

together on a multi-faceted campaign

that will challenge design conventions

and fuel people's imaginations.”

Alain Uyttenhoven, Head of Lexus

Europe, said: “We’re really excited to

be working with will.i.am. His passion

for design and innovation, coupled

with his incredible creativity, makes

him the perfect partner for our Lexus

NX Striking Angles campaign.”

S

The NX, Lexus's first mid-size crossover, will arrive in the UK thisOctober, initially in the form of the full hybrid NX 300h. Next year

the range will grow to include the NX 200t, the first model to adoptLexus's new 2.0-litre petrol turbo

ISLE OF MAN

PORTFOLIOISSUE 146

S3 Cabrio DStyle by Benefit,

the fourth DS3 special

edition designed in

collaboration with Benefit Cosmetics,

has been unveiled. On sale from 1

August and priced at £18,745 OTR,

DS3 Cabrio DStyle by Benefit features

design cues inspired by ‘Stay

Flawless’ - Benefit’s favourite primer

that keeps foundation looking

flawless for up to 15 hours.

Buyers will also be able to take full

advantage of the summer sunshine

with DS3 Cabrio's folding fabric roof,

which can be opened or closed at

motorway speeds.

Externally, the model features a

Polar White body, with a black fabric

roof and Fuchsia Pink touches to the

door mirrors and wheel centre caps.

There is a ‘Gabbi's Head’ logo on the

‘Shark Fin’ B-Pillars and a Benefit

badge on the rear, also in Fuchsia Pink.

The ‘Stay Flawless’ theme

continues inside, featuring bespoke

black velour floor mats with Fuchsia

edging and an embroidered Fuchsia

Benefit logo. The dashboard, air vent

surrounds and gear stick cap are

finished in gloss white trim, with

Benefit's trademark ‘Stay Flawless'

black and white polka dot design on

the upper part of the dashboard. The

key fob also features the ‘Gabbi’s

head’ logo, with a Fuchsia Pink insert.

A special Benefit Beauty Bag will

be delivered to the new owner,

containing Benefit’s favourite makeup

products, including ‘Stay Flawless’

primer.

Under the bonnet, DS3 Cabrio

DStyle by Benefit is powered by an

energetic VTi 120 engine, mated to a

5-speed manual gearbox. As well as

featuring the unique Benefit touches

to the design and trim, DS3 DStyle

Cabrio by Benefit is specified with

additional equipment from the DStyle

Plus range including;

• Connecting Box (Bluetooth® system

with USB connectivity)

• 17-inch ‘Bellone’ Black alloy wheels

• City Signature pack - with automatic

digital air conditioning, automatic

illumination of headlamps, automatic

rain sensitive wipers, electrically

heated and folding door mirrors,

electrochrome rear view mirror,

interior mood lighting and a front

central armrest.

Special Edition Citroen DS3 is‘Driven by Beauty’

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Twenty-something men the most likely agegroup to be disqualified from driving

ccording to new figures

obtained by the Institute of

Advanced Motorists (IAM),

male drivers between the ages of 20 and

30 were the most common group to be

disqualified from driving in the 12

months up to June 2014. The statistics

reveal the age groups most commonly

carrying out a driving offence that then

lead to a subsequent driving ban.

As of 21 June 2014, 92,136 people in

total across the UK were disqualified

from driving between July 2013 and

June 2014. Of those about 62,000 are

still disqualified.

The age with the greatest number of

disqualified drivers is 25 - 3,748 are

serving a driving ban, made up of 3,294

males and 454 females. Some 31,668

males - just over one-third of the total

number of people disqualified from

driving during this period - were

between the ages of 20 and 30.

Males also outnumber females

considerably when it comes to

carrying out offences leading to a

driving ban. In total 13,481 females

were disqualified during this time

period - less than 15 per cent of the

overall total.

And in the 20-30 age group just

4,333 females were disqualified in the

12 month period, compared to 31,668

males.

While 36,001 people between 20

and 30 were disqualified in the last 12

months, 10,025 people in their fifties

and just 3,874 in their sixties were.

The information supplied to the

IAM also shows 230 people under 17

and therefore under the legal driving

age for the UK were disqualified -

including four 12 year olds and four

13 year olds. One 12 year old girl is

currently disqualified before her

driving career even starts.

Simon Best, chief executive of the

Institute of Advanced Motorists, said:

“These statistics strongly reflect the

research we have already carried out

in this area - that young males are

very much the at risk group when it

comes to driving safety.

“We believe targeting the attitudes

of these drivers specifically, through

advanced training for example,

should be a major part of future road

safety campaigning. Reducing

offending in this age bracket would

dramatically improve safety on our

roads for all road users.

“It is also of great concern that

youngsters not even eligible to hold a

provisional licence are being banned

at such young ages. Parents need to

be aware their children are putting

their own lives and those of others at

huge risk by taking the wheel of a car

on public roads.”

A

THE NEW BMW X4

The UltimateDriving Machine

BuchananIsle of Man Business ParkCooil Road, BraddanPhone 01624 616161Web www.buchananbmw.co.ukEmail [email protected]

THE BMW 4 SERIESGRAN COUPÉ.

THE NEW BMW M4

3 stunning new BMWs for you to enjoy.Call 616161 today to arrange a Test Drive.

Appointments

ISLE OF MAN

In association with

www.hamblin.co.imT 01624 640420

Edgewater Associates

Grant Thornton

KPMG

The ILS Group

Simcocks

Department of Economic Development

Moore Stephens

Equiom

Kestrel Insurance


In association with

ISLE OF MAN

PORTFOLIO ISSUE 146

dgewater Associates has

embarked upon a significant

new expansion programme

with the appointment of three new

members to its financial consultancy

team.

Rob O’Connor, Sid Ludbe and

Heather Roberts have been appointed

to the Isle of Man based financial

services provider as Senior Financial

Consultant and Client Managers,

respectively, in a measure which

reinforces the company’s offering

during a period of change for the

industry.

Rob O’Connor joins Edgewater as

a Senior Financial Consultant drawing

upon 24 years in the financial services

industry in roles as diverse as Senior

Business Development Manager,

Senior Relationship Manager, and

Senior IFA/Wealth Manager advising

both private and corporate clients in

the domestic and international arenas.

Having travelled extensively during

his career, Mr O’Connor benefits from

an extensive portfolio and has gained

a number of professional certifications

including qualifications from the

Chartered Institute of Bankers in

Economics and Banking Law, and a

Level 4 Diploma gained in adherence

to Retail Distribution Review (RDR)

requirements with the Chartered

Institute of Insurers.

A graduate in hospitality and

management, with six years’ experience

in international and retail banking, and

corporate and business banking. Sid

Ludbe draws upon extensive client

relations experience to join Edgewater

Associates as a Client Manager. Mr

Ludbe will assume responsibility for the

provision of full administrative support

to Edgewater financial consultancy

team, as well as existing and new clients.

Heather Roberts celebrates her

appointment as Client Manager after

18 years in similar roles, the last five of

which were spent in a managerial

capacity overseeing both Isle of Man

and Gibraltar based client portfolios.

Commenting on the raft of new

Edgewater Associates appointments,

Director Sandra Cardwell said: “The

success of Edgewater Associates is the

result of a fine balance between our

independent status, which allows us to

research a wide range of pensions,

investments, mortgages and insurance

products, and our in-depth knowledge

of the local market. Each of our three

new appointments is part of a

concerted expansion strategy that

bears these crucial principles in mind.

Ours is an industry that demands up-

to-date expertise from highly qualified

and committed personnel, and I am

confident in the ability of each of our

new team members to meet these

challenges.”

Edgewater Associates

rant Thornton has appointed

experienced accountant Raj

Nandha as Senior Tax

Manager.

The 35-year-old joins the firm

after working as a Tax Manager for

both a top 20 accountancy practice,

dealing with personal, company and

trust tax compliance and advisory

matters, and an Island Corporate

Service Provider, dealing with

company and trust tax matters.

Grant Thornton is considered the

fifth largest worldwide accountancy

practice, with offices in more than 100

countries. Following a merger with

BDO (Isle of Man) in early 2014, the

Isle of Man office has increased its

audit and assurance business, and is

looking to build its tax services.

Raj, a member of the Institute of

Chartered Accountants of Scotland,

said: “The opportunity for me to

return to practice and work for a large

organisation was very attractive,

especially given the large network of

other Grant Thornton member firms.

I believe I have gained the experience

and knowledge over the past 13 years

to assist Grant Thornton Isle of Man

in expanding its business and tax

offering, and I am looking forward to

being part of the growing practice.”

Raj has experience of local,

national and international tax issues,

dealing with personal, corporate and

trust matters for a broad range of

clients and liaising with tax

authorities in the Isle of Man and UK.

Managing Director Dennis

McGurgan said: “Raj brings a wealth

of experience from the finance sector

both here in the Island and in the UK,

an in-depth knowledge of a broad

range of taxation issues and an

enthusiasm for his role which will

benefit our clients.”

GGrant Thornton

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Above:Rob O’Connor,

Sandra Cardwell,Heather Roberts,

Sid Ludbe

Right:Dennis McGurgan,

Raj Nandha

E

ISLE OF MAN

PORTFOLIOISSUE 146

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PMG Isle of Man has

announced the appointment

of a new Risk Consultant to

its Advisory team.

Lawrence Hanlin joins KPMG

after a 16 year career with a leading

local bank, where his role focused on

regulatory and operational risk,

managing special projects, looking at

banking operations and compliance

risk assessment in a number of offices

globally. A member of the

International Compliance Association

and the holder of an associate

certificate in supervision and

management, and leadership and

management, Lawrence’s new role at

KPMG will entail the delivery of

advice and training to clients and staff

on specialised subjects such as AML,

fraud prevention, and regulatory

compliance, in both the Isle of Man

and Gibraltar. He will also manage a

team of Forensic Analysts assisting

companies across the offshore

regions with client risk assessment

and take-on, through the provision of

public source search and integrity

due diligence services.

Lawrence’s new role builds upon

many elements of his career to date,

and complements a proven track

record in presenting complex

subjects to customers and colleagues.

Indeed, in 2010 Lawrence was a

finalist at the National Customer

Services Awards in London for his

work in educating customers on the

intricacies of fraud prevention in the

modern day.

Commenting on his appointment,

Lawrence said: “Moving to a new

company after 16 years does, of

course, present new challenges;

however I have a sound background

to build upon and am confident that I

will relish the experience. KPMG is a

globally recognised name and joining

them provides me with a significant

opportunity to advance my career and

progress as a key specialist within the

largest and most diverse advisory

team working in the Isle of Man and

Gibraltar.”

Micky Swindale, head of advisory

at KPMG Isle of Man, also

commented: “Lawrence is a fantastic

addition to the team and brings with

him invaluable experience in AML, as

well as expertise in fraud prevention

and compliance measures, at a

crucial stage for our jurisdiction. On

behalf of everyone here at KPMG Isle

of Man, I would like to congratulate

and welcome Lawrence to the team

and wish him every success for the

future.”

KKPMG

Left:Lawrence Hanlin

Announce yournew appointment!Email text and pic [email protected] for next issue, 05 September!

arah Wolter has joined

Simcocks as a paralegal.

Her duties will include

providing support to the Private Client

team at Simcocks and carrying out

research for Advocates.

Sarah, 22, a former student at Queen

Elizabeth II High School, returned to the

Island after gaining a First Class

Honours degree at Northumbria

University in Law.

Chief Executive, Phil Games said:

“The Private Client team is one of the

strongest on the Island and I am sure

Sarah will be a very valued member of

the team. Sarah has impressed us with

her enthusiasm and commitment and it

is very encouraging that Simcocks

continues to attract the highest calibre

of young professional.”

Sarah said: “I am looking forward to

developing my knowledge and

experience. My work experience

placements at Simcocks were very

worthwhile and I am now really pleased

to be a full time member of a team with

such a strong reputation.”

SSimcocks

nternational fiduciary services

provider The ILS Group has

announced the appointment of

Chief Financial Officer Grant Evans.

Grant is based at ILS’s

headquarters in the Isle of Man and

is responsible for directing and

controlling the finance function of the

entire Group, which has offices in the

British Virgin Islands, China, Dubai,

Hong Kong, London, Portugal,

Switzerland and Uruguay. Grant is a

Chartered Management Accountant

with more than 20 years’ experience

in executive and senior finance roles

having worked internationally and

across a range of business sectors.

Grant said: “I’m delighted to have

joined ILS as their new Chief

Financial Officer. I’m really looking

forward to working with such an

experienced and international team

and towards building upon the solid

foundation that has been laid since

1991.”

Chief Executive Officer Chris

Eaton said: “I am very pleased to

have been able to recruit a Chief

Financial Officer with as much

relevant industry experience as Grant

has. He will be able to add real value

to our accounting and other systems

and allow us to validate what we do

from an external perspective. I very

much look forward to working with

Grant.”

The news comes following the

retirement of David Slack, who has

worked for the company for 12 years.

IThe ILS Group

Below:Sarah Wolter

Below:Grant Evans


In association with

ISLE OF MAN

PORTFOLIO ISSUE 146

he Department of Economic

Development has announced

that Simon Williams will take

over the role as the Isle of Man’s new

Director of Civil Aviation on October

1st 2014 replacing Hartley Elder who

retired earlier this year.

Minister for Economic

Development Laurence Skelly MHK

commented: “I am delighted to

welcome Simon Williams to the

Department as our new Director of

Civil Aviation. He brings significant

breadth and depth of experience to

the role following a very diverse and

successful 25 year career in military

and civil aviation.

“I look forward to working with

him to ensure that Isle of Man Aircraft

Registry continues its impressive

growth and to help maintain its status

as the best in the world for quality and

service.”

Simon Williams commented: “I

am thrilled and honoured to have

been selected for the post of Director

of Civil Aviation and I’m looking

forward to working with the team at

the Aircraft Registry to serve our

much valued clients and to

supporting the Island’s business

aviation community.

“I am inheriting a substantial

legacy from my predecessors and

would like to take this opportunity to

thank all those that have worked so

hard to make the Isle of Man Aircraft

Registry the unprecedented success it

has become.

“I have been visiting the Island

regularly since 1991 so am all the

more pleased that I now have this

once-in-a-lifetime opportunity to

settle and work in such a wonderful

place.

“With the registration of its 700th

aircraft earlier this month, the Isle of

Man Aircraft Registry has carried on

its strong growth and I’m looking

forward to playing my part in

contributing to its continued success

and that of the Island’s aviation

services sector.”

Simon Williams has successfully

held a number of challenging Senior

Operational and Staff Appointments.

He has operated as an Aircraft

Commander, Training Captain,

Qualified Helicopter Tactics

Instructor, and Instrument Rating

Examiner and has flown a wide

variety of aircraft including Royal Air

Force Search & Rescue Sea Kings,

Special Operations Pumas and Civil

Boeing 757s and Boeing 767s, most

recently for British Airways.

During 5 years at the UK Civil

Aviation Authority, he developed a

very broad regulatory and safety

portfolio which saw him chairing

groups at national and international

level. These groups were focussed on

delivering tangible safety benefits

whilst working closely with a diverse

cross section of the aviation industry.

More recently, he increasingly

devoted much of his time to working

in ‘Safety Partnership’ with the

business aviation community, latterly

focussing on seeking to influence the

development of proportionate and

effective EASA Regulations, in

particular for Non-Commercial

Complex Motor Powered Aircraft.

Dept of Economic Development

50R

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Right:Simon Williams T

oore Stephens have


of Jackie Baker, adviser in

the Crew Benefits advisory team.

“We’re really pleased to welcome

Jackie to the Moore Stephens family,”

said Clive Dixon, managing partner in

Moore Stephens. “She has a wealth of

experience working with yacht crew

and will certainly be a great

ambassador for Moore Stephens Crew

Benefits.”

Jackie, a long time resident of Cote

d’Azur, takes on the role of Moore

Stephens Crew Benefits representative

based in Antibes, France.

“I’m looking forward to a new

challenge; it’s an exciting move for me,”

said Jackie. “I love working with yacht

crew and am excited to be working with

the Moore Stephens team.”

“Jackie joining the Crew Benefits

team is a real bonus; her knowledge of

the industry is second to none and she

genuinely enjoys helping yacht crew,”

said Melanie Langley, senior crew

benefits adviser. “It’ll be great to have

someone of her calibre on the ground in

Antibes. I’m looking forward to working

with Jackie.”

MMoore Stephens

Right:Jackie Baker

ISLE OF MAN

PORTFOLIOISSUE 146

51R

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ix members of Equiom staff

received promotions during

the month of June having

taken on additional responsibilities.

This comes during a time of

expansion for the Isle of Man

headquartered trust and corporate

services provider, which has more

than doubled its staff numbers across

the three jurisdictions in which it

operates, following several

acquisitions over the past year.

Andrew Hunter has been

promoted to Senior Manager within

the Equiom Solutions tax department

on the Isle of Man with responsibility

for overseeing the tax team and

providing tax consultancy services to

local clients. In addition to this,

Robert Cattle is now an Assistant

Manager within the Trust & Company

Administration department. He

retains his position as team leader of

one of the administration teams whilst

taking on the additional responsibility

of holding directorships of client

companies.

Jupe Bunpokkrong has been

promoted to Assistant Manager –

Client Accounting. Her primary

responsibilities include supervising

and providing guidance to the

accounts team as well as carrying out

technical reviews of financial

statements prepared by the team.

Trudy Mitchell has been promoted

to Manager – Compliance &

Operational Risk with

responsibility for ensuring that

Equiom Isle of Man’s robust policies

and procedures are maintained in line

with legal and regulatory

requirements and Group

expectations.

Magdalena Carroll has joined the

e-Gaming department as Team

Leader, with responsibility for

supervising the e-Gaming team to

manage client requirements,

compliance and client relationships.

In addition to the above Isle of Man

office promotions, Alex Beetham has

been promoted to Assistant Manager

within the Yachting and Aviation team

in the Equiom Malta office.

Sheila Dean commented: “I’m

proud to say we have a dedicated and

experienced team and we place great

importance on rewarding staff for

their achievements. I congratulate

Andrew, Trudy, Rob, Alex, Jupe and

Magda for their promotions and thank

them for their continued commitment

to the success of the Group.”

SEquiom

Above:Robert Cattle,Trudy Mitchell,Magdalena Carroll,Sheila Dean (GroupManaging Director),Andrew Hunter,Jupe Bunpokkrong.

Announce yournew appointment!Email text and pic [email protected] for next issue, 05 September!

estrel Insurance have


of Lisa Haworth to the role of

Human Resources and Compliance

Manager.

Her move to Kestrel is a

fundamental one for the Island’s

insurance broker. Chairman Alan

Burrows said: “Adding her experience

to the growing team is going to be very

important in Kestrel’s proposed

expansion plans, and we all welcome

her to the company.”

Overseeing and managing all HR

and Compliance work for Kestrel’s five

branches and its administration

department, Lisa’s HR and Compliance

department will become an integral

part of the business as Kestrel looks to

expand its product range and develop

its business model further.

Eagerly anticipating her new role,

Lisa commented, “I am really looking

forward to applying my knowledge to

the fast paced environment of

intermediary insurance and I feel my

background and experience will be a

valuable asset to Kestrel Insurance as

a business going forward.”

Lisa’s previous employment

includes Ronaldsway Aircraft

Company where she held a Senior HR

position for seven and a half years,

holding full responsibility for all HR

matters within the company. Lisa has

also built her knowledge around the

insurance industry following her

brief employment at Friends

Provident.

As the fast paced business

continues to expand, Kestrel is

looking for experienced, professional

individuals to join the team. You can

find all of the open positions on the

Isle of Man Job Centre website.

KKestrel Insurance

Left:Lisa Howarth


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ISLE OF MAN

PORTFOLIO ISSUE 146

Moore Stephens have

announced four promotions

within the management

team: Lynsey Clague to HR manager,

Tim Shallcross to marketing manager,

Ben Akrigg to audit supervisor and

Jennifer Duncan to supervisor in the

fiduciary company.

“Congratulations to Lynsey, Tim,

Ben and Jennifer,” said Clive Dixon,

managing partner in Moore

Stephens. “All four have worked

incredibly hard and it’s wonderful to

see them grow professionally and as

individuals.”

Lynsey joined the firm in 2001 and

was recently awarded the Chartered

Institute of Personnel and

Development Advanced Diploma in

Human Resources Development.

Tim joined Moore Stephens in

2012, having previously worked at

one of the Island’s leading PR and

advertising agencies.

Ben joined the firm in 2009 and is

responsible for leading the audits of

a range of international and local

clients.

Jennifer joined Moore Stephens in

2012 and continued building her

experience in the corporate services

and fiduciary industry.

“Most importantly, they’re all very

positive individuals who inspire their

teams,” continued Clive.

MMoore Stephens

Right:Ben Akrigg,

Tim Shallcross,Jennifer Duncan,

Lynsey Clague.

T +44 1624 640420 www.hamblin.co.im • www.facebook.com/hambliniomHamblin House, 5 Upper Church Street, Douglas, IM1 1EA

Te m p o r a r y | P e r m a n e n t | E x e c u t i v e | P a y r o l l | L e a r n i n g & D e v e l o p m e n t

Always looking for...

Reconciliations Administrator

Chartered Accountant P/Q or F/QTrust & Company Administrator

Investment Dealing Administrator

Financial Controller

Investment Portfolio Manager

Fund Support AnalystIT Support Engineer

L&D Consultant

Tax Manager

IT SQL Engineer

Business Development Executive

Corporate Actions Administrator

Directory

ISLE OF MAN

Isle of Man Airport Flight Schedules

Isle of Man Airport Contact Information

Isle of Man Business Directory:

Accountants

Advocates

Banks - Licenceholders

Investment Companies

Life Assurance Companies

Information - The Isle of Man

Key locations, statistics

Its Constitution

Tax Allowances, Financial Incentives

DEP ARR M T W T F S S

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ISLE OF MAN - DONCASTER DONCASTER - ISLE OF MAN

ISLE OF MAN

PORTFOLIO ISSUE 146

54R

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BELFAST

Tel. 0871 200 0440www.citywing.com


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ISLE OF MAN - BLACKPOOL BLACKPOOL - ISLE OF MAN


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ISLE OF MAN - BIRMINGHAM BIRMINGHAM - ISLE OF MAN


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ISLE OF MAN - GLASGOW GLASGOW - ISLE OF MAN


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ISLE OF MAN - GLOUCESTER GLOUCESTER - ISLE OF MAN


1005 1045 • • • • • •

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0855 0940 • • • • • •

1645 1730 • • • • • •

ISLE OF MAN - DUBLIN DUBLIN - ISLE OF MAN

BIRMINGHAM

Tel. 0871 700 2000www.flybe.com

BLACKPOOL


DUBLIN

Tel. 0871 718 5000www.aerlingus.com

DONCASTER

Tel. 0844 800 2411www.linksair.co.uk

GLASGOW


GLOUCESTER


ISLE OF MAN AIRPORT FLIGHT SCHEDULES

REFERENCENEWSN e w s | G o v e r n m e n t | F e a t u r e s | C a r s | D i r e c t o r y | A p p o i n t m e n t s | L i f e s t y l e

In association with Book online: citywing.com

Some of the destinationslisted in these schedulesare seasonal and applyonly to certain times ofthe year.

If in any doubt, pleasecheck with the individualairline for confirmation.

ISLE OF MAN

PORTFOLIOISSUE 146

LIVERPOOL

Tel. 0905 821 0905www.easyjet.com

LONDON CITY

Tel. 0844 493 0787www.ba.com

LIVERPOOL


LONDON GATWICK

Tel. 0905 821 0905www.easyjet.com

MANCHESTER


NEWCASTLE



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ISLE OF MAN - LIVERPOOL LIVERPOOL - ISLE OF MAN


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ISLE OF MAN - LONDON CITY LONDON CITY - ISLE OF MAN


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ISLE OF MAN - LONDON GATWICK LONDON GATWICK - ISLE OF MAN


0705 0755 • • • • • •

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1655 1740 • • • • •

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ISLE OF MAN - MANCHESTER MANCHESTER - ISLE OF MAN


1100 1200 •

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1230 1330 •

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ISLE OF MAN - NEWCASTLE NEWCASTLE - ISLE OF MAN

55R

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0710 0750 • • • • • •

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1955 2035 • • • • • •

ISLE OF MAN - LIVERPOOL LIVERPOOL - ISLE OF MAN

• 05 July - 06 September

• 05 April - 05 July, 13 September - 25 October

Alder Dodsworth & Co.,22 Athol Street,Douglas.Tel. +44 1624 622865

Ambitions Ltd,26 Finch Road,Douglas.Tel. +44 1624 614841

Baker Tilly Isle of Man, P.O. Box 952a Lord StreetDouglasTel. +44 1624 [email protected]

BDO (Isle of Man) LLC,Analyst House, 20-26 Peel Rd., Douglas.Tel. +44 1624 [email protected]

Boothmans, Millennium House,Victoria Road, Douglas.Tel. +44 1624 [email protected]

Nicola Bowker & Co.,Commissioners Offices,New Road,Laxey.Tel. +44 1624 861271

Browne Craine & Co, Burleigh Manor, Peel Road, Douglas.Tel. +44 1624 [email protected]

Corlett & Co,Ellan Vannin Cottage,Baldrine.Tel. +44 1624 861060

Callin & Co, 6-7 Fort William,Head Road, Douglas.Tel. +44 1624 [email protected]

Callow Matthewman & Co,Atholl House,29/31, Hope Street, Douglas.Tel. +44 1624 622752Ramsey Office Tel 814494

John Clarke & Co,Ragnall House,Peel Road,Douglas.Tel. +44 1624 [email protected]

R H Corkill & Co. Ltd,10 Auckland Terrace,Ramsey.Tel. +44 1624 816921

Ernst & Young,Rose House,51-59 Circular Road, Douglas.Tel. +44 1624 691800www.ey.com/im

Douglas & Co, 11 Circular Road,Douglas.Tel. +44 1624 628571

Edwards & Hartley, Peregrine House, Peel Road, Douglas.Tel. +44 1624 [email protected]

Evolution Accounting Ltd.,West Suite, Ragnall House,18 Peel Road,Douglas.Tel: +44 1624 [email protected]

J. C. Fargher,Ballafreer House,Union Mills.Tel. +44 1624 851190

Finnie & Co, 6, Goldie Terrace, Douglas.Tel. +44 1624 [email protected]

Crowe Morgan,8, St George’s Street,Douglas.Tel. +44 1624 [email protected]

Fowler & Co.,First Floor, Norton House,41 Arbory Street,Castletown.Tel. +44 1624 827848

Fryers Bell & Co, 27, Athol Street, Douglas.Tel. +44 1624 [email protected]

Galloway Smith & Co, 9, Hope Street, Douglas.Tel. +44 1624 [email protected]

KPMG, Heritage Court,41, Athol Street, Douglas.Tel. +44 1624 [email protected]

Greystone LLC,18 Athol Street,Douglas.Tel +44 1624 [email protected]

Haven Administration Ltd,28 Victoria Street,Douglas.Tel. +44 1624 625793

Harding Lewis Ltd,34 Athol Street,Douglas.Tel +44 1624 679524

A. M Gerrard,34 Athol Street,Douglas.Tel +44 7624 490720

K G Hegarty & Co.,Peregrine House, Peel Road, Douglas.Tel. +44 1624 622118

HF Accounts,Fairview,Cronk Road,Port St Mary.Tel. +44 1624 835735

ICM Accounting,Prospect Chambers,Prospect Hill,Douglas.Tel +44 1624 682400

In Safe Hands Business Services75 Bucks RoadDouglas,IM1 3EFTel. +44 [email protected]

J B Quirk BSc FCCA,Milbourn House13 St. George's StreetDouglas.Tel. +44 1624 616660

Jessup & Co, 44 Athol Street,Douglas.Tel. +44 1624 625666

R. P. Harker, Maskani Yetu, Garey Close, Fox-daleTel. +44 1624 675450

Jones & Co, Penthouse Suite,Analyst House,Peel Road,Douglas.Tel. +44 1624 617344

L. G. Kelly,Parkfield,Glencrutchery Road,Douglas.Tel. +44 1624 611019

Peter D. Lace,18 Hope Street,Douglas.Tel. +44 1624 661640

M. G. Accountancy & Taxation,PO Box 372,Douglas.Tel. +44 1624 [email protected]

David J. Hill & Co, Museum Buildings,Church Road,Port Erin.Tel. +44 1624 833776

Matthew Edwards & Co, Clinch’sHouse, Lord Street, DouglasTel. +44 1624 [email protected]

Noble & Co, Abacus House, Mona Street, Douglas.Tel. +44 1624 [email protected]

Julie Oates,2 Camlork Place,Union Mills.Tel. +44 1624 852552

Paul & Co, 5 Market Place,Peel.Tel. +44 1624 844188

PricewaterhouseCoopers LLC,Sixty Circular Road,Douglas.Tel. +44 1624 689689

PurpleAccounts,Salisbury House,Victoria Street,Douglas.Tel: +44 1624 [email protected]

Sabre Management Services Ltd,2nd FloorAnglo International HouseLord StreetDouglas.Tel. +44 1624 629409

Shimmin Wilson & Co, 13-15 Hope Street, Douglas.Tel. +44 1624 627744

SMP Accounting & Tax LimitedClinch’s HouseLord StreetDouglasTel: +44 (0) 1624 [email protected]

T Leach & Co,Bradda House,Bradda Road,Port Erin. Tel. +44 1624 832891

TABS,Rechabite Hall,Allan Street,Douglas.Tel. +44 1624 674913

Thomas & Company, 36, Finch Road, DouglasTel. +44 1624 670577

Thompsons,1st Floor,Royal Trust House,60-62 Athol Street,Douglas.Tel. +44 1624 611108

E Thorn,47 Buttermere Drive,Onchan.Tel. +44 1624 613782

Crossleys, P. O. Box 1, Portland House, Station Road, Ballasalla.Tel. +44 1624 822816

Crowe Clark Whitehill,6th Floor,Victory House, Prospect Hill, Douglas.Tel. +44 1624 [email protected]

David Gelling & Associates,44 Main Road,Onchan.Tel. +44 1624 615500

Deloitte LLP, The Old Courthouse,Athol Street,Douglas.Tel. +44 1624 672332

Chris Hollingworth,20 Finch Road,Douglas.Tel +44 7624 433346

Michael Turner & Co, 17 Hope Street, Douglas.Tel. +44 1624 [email protected]

WFZ Services Ltd,2 Ballanawin,The Strang,Union Mills.Tel. +44 1624 852198

David Wilcock B.Com, FCA, Pine View,Glen Vine Road,Glen Vine.Tel. +44 1624 [email protected]

T. P. Winnell & Co,, 7, Hill Street, Douglas.Tel. +44 1624 [email protected]

R G Wright,71 Circular Road,Douglas.Tel. +44 1624 674894

PO Box 25, 26-28 Athol St,Douglas, Isle of ManIM99 1BD+44 (0) 1624 [email protected]

Grant Thornton,Exchange House,54/62 Athol Street,Douglas . Tel: 44+ 1624 [email protected]

Celtic Associates Ltd,Chartered Accountants,One, The Parade,Castletown.Tel: +44 1624 822022Email: [email protected]

ACCOUNTANTS

ISLE OF MAN BUSINESS DIRECTORY

J. H. Maddrell ACA, 1, Meadowfield, Port Erin.Tel. +44 1624 [email protected]

Martin Associates Ltd,Meadowcroft,Ballabrooie Road,Peel.Tel. +44 1624 845343

56R

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ISLE OF MAN

PORTFOLIO ISSUE 146

REFERENCENEWSN e w s | G o v e r n m e n t | F e a t u r e s | C a r s | D i r e c t o r y | A p p o i n t m e n t s | L i f e s t y l e

In association with

Advocates Smith TaubitzUnsworth Limited,Barrule Chambers,36 Finch Road, Douglas.Tel +44 1624 [email protected]

Appleby,33-37 Athol Street, Douglas.Tel. +44 1624 [email protected]

Marie Ashworth,2nd Floor,Harbour Mews,Parliament Square,Castletown.Tel. +44 1624 822880

BridsonHalsall,20 Athol Street,Douglas.Tel. +44 1624 614422www.iomlaw.com

Cains, Fort Anne, Douglas.Tel. +44 1624 [email protected]

Cains Gordon Bell, Auckland Chambers,Auckland Terrace,Ramsey.Tel. +44 1624 811311

Callin Wild, Bank Chambers, 15-19, Athol St,Douglas.Tel. +44 1624 [email protected]

Carter’s, Court View Chambers,12 Mount Havelock, Douglas.Tel. +44 1624 662809

Carter Jones McDonald, Athol Chambers, 21, Athol Street, Douglas.Tel. +44 1624 629627

Conti, 17, Circular Road, Douglas.Tel. +44 1624 670003www.contiadvocates.com

Corbridges, Chancery House,22 Finch Road, Douglas.Tel. +44 1624 690060

Nigel M Cordwell,2nd Floor Suite,6 Hill Street,Douglas,Tel. +44 1624 677277

Corlett Bolton & Co., 4, Finch Road,Douglas.Tel. +44 1624 [email protected]

Dickinson Cruickshank Ramsey,Masonic Buildings,Water Street, Ramsey.Tel. +44 1624 812107

Dougherty Quinn,The Chambers,5 Mount Pleasant,Douglas.Tel. +44 1624 [email protected]

Gelling Johnson Farrant, 24, Athol Street, Douglas.Tel. +44 1624 675367

Hannan Law5 Hill StreetDouglasTel: +44 1624 [email protected]

Jones & Co,Finch Chambers,28 Finch Road,Douglas.Tel. +44 1624 629200

Laurence Keenan, Victoria Chambers,47, Victoria Street, Douglas.Tel. +44 1624 [email protected]

Kerruish Law & Trust, 5th Floor,Anglo International House, Bank Hill,Douglas.Tel. +44 1624 623919

Long & Humphrey,The Old Courthouse,Athol Street,Douglas.Tel: + 44 (0)1624 651951

Kelly, Luft, Stanley & Ashton,2 Sydney Mount, Douglas.Tel. +44 1624 674316

Ian Kermode,Court View Chambers,14 Albert Street,Douglas.Tel. +44 1624 [email protected]

M&P Legal, New Court Chambers,23-25 Bucks Road, Douglas.Tel. +44 1624 [email protected]

MannBenham Advocates Ltd, 49 Victoria Street,Douglas.Tel. +44 1624 [email protected]

Old Court Chambers,Eight Finch Road,Douglas.Tel: +44 1624 [email protected]

Pringle Law,Victoria Court,16 Athol Street,Douglas.Tel. +44 1624 612200

Quinnlegal,30 Ridgeway Street,Douglas.Tel. +44 1624 [email protected]

Simcocks, Ridgeway House,Ridgeway Street,Douglas.Tel. +44 1624 [email protected]

Judy Thornley,Beach House,Bay View Road,Port St Mary.Tel. +44 1624 833708

Turnbull Advocate,1st Floor,Exchange House,54-58 Athol Street,Douglas.Tel. +44 1624 614516

Laurence Vaughan-Williams,Museum Buildings,Church Road,Port Erin.Tel. +44 1624 [email protected]

Lawrence J Weatherill,20 Athol Street,Douglas.Tel. +44 1624 674994

John Wright,16 Willowbrook Gardens,Douglas.Tel. +44 1624 611999

AIB Bank (CI) Ltd, Isle of Man Branch, 10, Finch Road, Douglas.Tel. +44 1624 [email protected]

Anglo Irish Bank Corporation(International) PLCJubilee BuildingsVictoria StreetDouglasTel. +44 1624 698000

Bank of Ireland (Isle of Man) Ltd,P. O. Box 246,Christian Road, Douglas.Tel. +44 1624 644200www.boioffshore.com

Bank of Scotland PLC,PO Box 19, Evergreen House,43 Circular Road, Douglas.Tel. +44 1624 [email protected]

Barclays Bank PLC, Eagle Court, Circular Rd, Douglas.Tel. +44 1624 [email protected]

Barclays Private ClientsInternational Ltd, PO Box 9, Barclays House, Vic-toria Street, DouglasTel. +44 1624 684444

Cayman National Bank & TrustCompany,4-8 Hope Street, Douglas.Tel. +44 1624 [email protected]

Duncan Lawrie (IOM) Ltd, 14/15 Mount Havelock, Douglas.Tel. +44 1624 [email protected]

Conister Bank Ltd, Clarendon House, Victoria Street,Douglas.Tel. +44 1624 694694

Britannia International Ltd,Britannia House, Athol Street, Douglas.Tel. +44 1624 [email protected]

HSBC Bank PLC,HSBC House, Ridgeway Street,Douglas.Tel. +44 1624 684840

Isle of Man Bank Ltd, 2, Athol Street, Douglas.Tel. +44 1624 637000

Lloyds TSB Offshore Ltd., PO Box 111,Peverial Buildings,Douglas.Tel. +44 1624 638200

Habib European Bank Ltd, 14 Athol Street, Douglas.Tel. +44 1624 622554

Nationwide International Ltd, Samuel Harris House,St George’s Street,Douglas.Tel. +44 1624 696000

Merrill Lynch Bank & Trust Co.(Cayman) Ltd, Circular Rd, Douglas.Tel. +44 1624 688600

Barclays Private Bank & Trust(Isle of Man) Limited, 4th Floor, Queen Victoria HouseVictoria StreetDouglas.Tel. +44 1624 682828

Kleinwort Benson Bank (IOM) Ltd,St George’s Court,Upper Church Street, DouglasTel. +44 1624 [email protected]

Nedbank Private Wealth Ltd,St Mary’s Court,20 Hill Street,Douglas.Tel. +44 1624 645000

RBS Coutts Bank (Manx) Ltd,PO Box 59,Royal Bank House,2 Victoria Street,Douglas.Tel. +44 1624 632222

Permanent Bank International Ltd.,Hillary House,Prospect Hill, Douglas,Tel. +44 1624 [email protected]

Santander UK PLCPO Box 12319/21 Prospect Hill, DouglasTel 01624 [email protected]

Standard Bank (IOM) Ltd, Standard Bank House,One Circular Road, Douglas.Tel. +44 1624 [email protected]

The Royal Bank of ScotlandInternational Ltd, Royal Bank House,2 Victoria Street, Douglas.Tel. +44 1624 646464

The Royal Bank of Scotland TrustCompany (IOM) Ltd.,Royal Bank House,Victoria Street,Douglas.Tel. +44 1624 646464

Zurich Bank International Ltd, PO Box 422,43-51 Athol Street,Douglas.Tel. +44 1624 671666

The Standard Bank of South Africa,Standard Bank House,One Circular Road, Douglas.Tel. +44 1624 [email protected]

ADVOCATES

BANKS - LICENCEHOLDERS

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PORTFOLIOISSUE 146

REFERENCE


Abacus Trust Company Ltd,Sixty Circular Road, Douglas.Tel. +44 1624 689600

AXA WF Distibutors (IOM) Ltd,Royalty House,Walpole Ave, Douglas.Tel. +44 1624 643333

BlackRock (Isle of Man) Ltd3rd Floor, Atlantic House,Circular Road,Douglas.Tel. +44 1624 662255

Collins Stewart (CI) Ltd,Anglo International House,Bank Hill, Douglas.Tel. +44 1624 690100

Caledonian Fund Services(Europe) Ltd,PO Box 172, 4th FloorOne Circular Road, Douglaswww.caledonian.comTel: +44 1624 640150.

CMI Fund Managers (IOM) Ltd,Clerical Medical House, Douglas.Tel. +44 1624 638888

Fedelta Trust Limited,29-31 Athol Street,Douglas.Tel. +44 1624 [email protected]

Isle of Man Assurance Ltd.,IOMA House,Hope Street,Douglas.Tel. +44 1624 [email protected]

Fund Management Services Ltd,P.O. Box 156, 18-20 North Quay, Douglas.Tel. +44 1624 [email protected]

Kleinwort Benson Bank (IOM) Ltd,St George’s Court,Upper Church Street, DouglasTel. +44 1624 [email protected]

Laxey Partners Ltd,4th Floor,Derby House,64 Athol Street,Douglas.Tel +44 1624 690900

Lloyds TSB IndependentFinancial Advisers Ltd, P. O. Box 12, Peveril Buildings, Peveril Square,Douglas.Tel. +44 1624 641741

Maitland Investment Services(IoM) Limited,Falcon Cliff,Palace Road,Douglas.Tel. +44 1624 630000

Sabre Management Services Ltd,2nd FloorAnglo International HouseLord StreetDouglas.Tel. +44 1624 629409

Neville James Fund Managers Ltd,Park House,Isle of Man Business Park,Douglas.Tel. +44 1624 670500

Nedgroup Investments (IOM) Ltd.,1st Floor, Samuel Harris House,5-11 St George’s Street,Douglas.Tel. +44 1624 645150nedgroupinvestments.com

Ramsey Crookall & Co, Securities House,38-42 Athol Street, Douglas.Tel. +44 1624 [email protected]

RBSI Fund Administration Ltd.,PO Box 151,Royal Bank House,Victoria Street,Douglas.Tel. +44 1624 646464

Royal Bank of Scotland TrustCompany (IOM) Ltd,PO Box 151,Royal Bank House,Victoria Street, Douglas.Tel. +44 1624 646464

Lorne House Trust Limited,Lorne House, Castletown.Tel. +44 1624 823579

Creechurch Capital Limited,Knox House,16-18 Finch Road,Douglas.Tel: +44 (0) [email protected]

GAM Administration Ltd, 11 Athol Street, Douglas.Tel. +44 1624 [email protected]

Fortis Fund Services Ltd,P.O. Box 156, 18-20 North Quay, Douglas.Tel. +44 1624 [email protected]

SMP Fund Services LimitedClinch’s HouseLord StreetDouglasTel: +44 (0) 1624 [email protected]

Hansard International Ltd, Harbour Court,Lord Street,Douglas.Tel. +44 (0) 1624 688000

HPB Assurance Limited,IOMA House,Hope Street,Douglas.Tel +44 1624 [email protected]

IntegraLife International Limited,1st Floor,6 Goldie Terrace,Upper Church Street,Douglas.Tel +44 1624 654600

Royal Skandia Life Assurance Ltd,PO Box 159,Skandia House, King Edward Road,Onchan.Tel. +44 (0) 1624 655555

Zurich International Life Ltd,43-51 Athol Street, Douglas,Tel. +44 1624 662266

Isle of Man Assurance Group, IOMA House,Hope Street, Douglas.Tel +44 1624 681200

LCL International Life AssuranceCompany Limited,St George’s Court,Upper Church Street,Douglas.Tel +44 1624 683683

Nordea Life & Pensions Ltd,Island House,Isle of Man Business Park,Douglas.Tel. +44 1624 694444

RL360 Insurance CompanyLimitedRL360 House, Isle of ManBusiness Park, DouglasTel. +44 1624 [email protected]

AXA IOM Ltd,Royalty House,Walpole Ave, Douglas.Tel +44 1624 643333

Canada Life International Ltd.,Canada Life House,Alexandra Road,Castletown.Tel. +44 1624 [email protected]

Friends Provident International Ltd,Royal Court,Castletown.Tel +44 1624 821212

Global Life Assurance Limited,St George’s Court,Upper Church Street,Douglas.Tel. +44 1624 618611

Thomas Miller Investment(Isle of Man) Limited,Level 2, Samuel Harris House, 5-11 St Georges Street, Douglas.Tel +44 (0) 1624 645200tminvestment.com

CLI Institutional Limited Ltd.,Canada Life House,Alexandra Road,Castletown.Tel. +44 1624 [email protected]

CMI Insurance Company Ltd,Clerical Medical House, Victoria Road,Douglas.Tel. +44 1624 638888

Capital International Ltd,Capital House,Circular Road, Douglas.Tel. +44 1624 [email protected]

Whilst every effort has been made to ensure that this directory is as comprehensive as possible,the Publishers cannot take responsibility for any errors or omissions contained herein.

INVESTMENT COMPANIES

LIFE ASSURANCE COMPANIES



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PORTFOLIO ISSUE 146

A Global PartnerThe Isle of Man is a leadinginternational business centrerenowned for its innovation,professionalism and long standingpolicy of positive engagement withinternational initiatives andstandards. The Isle of Man operatesa policy of low taxes with astandard rate on individuals of 10%,a higher rate of 20% and generouspersonal allowances. There is a capof £120,000 on the amount ofincome tax payable by an individualeach year. The Isle of Man strives tobe a model of political stability andfinancial supervision and has longbeen committed to internationalstandards of tax transparency.There is no capital gains tax, wealthtax, stamp duty, death duty orinheritance tax.

Taxation allowanceSingle Person: £9,300Married Couple: £18,600Additional Personal Allowance: £6,400

Dept of EconomicDevelopment

The Department of EconomicDevelopment’s financial assistancescheme offers support to qualifyingbusinesses (up to):40% equipment grants40% building grants either for newbuild or for rents payable;40% revenue grants

Capital Douglas

Population 80,058

Land Area 572 sq km - 227 sq ml

Population density 133 people/sq km(336/sq mile)

Location Irish Sea, 50km (31 miles)from Ireland, 50km from UK

Longest River Sulby, 17km - 10.5 miles

Highest Peak Snaefell, 621 metres,2036 feet

Head of State Her Majesty the Queen,Lord of Mann

LieutenantGovernor

His ExcellencyMr Adam Wood

Chief Minister Hon Allan Bell MHK

Presidentof Tynwald Hon Clare Christian MLC

Speaker ofHouse of Keys Hon Steve Rodan SHK

www.gov.im

THE ISLE OF MAN . . . 59R

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INFORMATION

Ramsey

Douglas

CastletownPort Erin

Peel

ISLE OF MAN

PORTFOLIOISSUE 146

t may still be sunny outside and BBQ

season in full swing, yet Facebook is

awash with countdowns to the big day

– and people are already getting their

plans in place for the office social

event of the year.

Yes, we’re talking about the ‘C’

word. Christmas. There’s nothing like

being prepared, even in August!

JAKS has seen a record number of

advance bookings in 2014, both for its

award-winning Steak House and its

new and exclusive private bar, Taps,

with numerous phone calls and

emails being received daily by the

team.

Christmas is big business.“We have many loyal customers

who book their Christmas parties in

January and do so every year, but this

year especially we’ve really noticed a

large increase in people getting their

teams and companies booked in

early,” Darren Walker, JAKS Manager,

told Portfolio. “Christmas is becoming

an even bigger deal on the Island,

which is obviously great for us.

“Maybe it’s because people want

something to look forward to when

summer’s come to an end, or they’re

simply looking forward to the office

antics and hopefully some juicy

gossip – whatever it is, we’re being

inundated with enquiries and

bookings.

“We’ve even got a couple of nights

when Taps is full already, so don’t

leave it late or you’ll be disappointed!”

The real Christmas planning

begins in the summer, after TT, when

menus are confirmed and Darren

begins to book the December bands.

Even after 24 years in business, a lot

of thought still goes into it.

“Every year, you can guarantee

that we’ll have the traditional turkey

and Christmas pudding or steak for

our customers, but with the rest of the

menu we try to have a little bit of fun.

For example, this year our customers

can look forward to ‘Tipsy Prawns’ as

well as some interesting variations on

lamb, fish and even profiteroles.

Christmas is definitely the time to

have some fun with your menu!”

From 5 to 65... This year sees a first for JAKS,

with the launch of Taps and the ability

for companies or larger teams to hire

TAPS bar, complete with its exclusive

Beer Wall. A self-contained unit and

seating upto 65 people on the lower

ground floor of JAKS, it’s the perfect

choice for a private Christmas party

right in the centre of town.

It’s even got a Christmas tapas-

themed menu!

“We’ve really gone to town with

the TAPS Christmas menu!” laughs

Darren. “The food in Taps is based on

a tapas theme, and we normally serve

platters of Oriental, Indian, English

and American dishes which have

been given their own unique

treatment by us.

“We’ve done this with our

Christmas tapas too. Think traditional

meets modern, East meets West and

you’re heading in the right direction.

I’m sure it’s going to be very popular,

as it was when we did a recent trial

with our staff. It certainly has their

seal of approval!”

JAKS will also be open this year

for Christmas Day lunch, after testing

the water in 2013 to a sell-out crowd.

Father Christmas will be making an

appearance again, bringing presents

for all of the children with him. As

with any Christmas meal at JAKS or

TAPS, booking is essential.

For further information and menus,

visit www.jakspub.com, call 663786 or

email: [email protected]"

IT’S BEGINNING TO LOOK A LOT LIKE...

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A D V E R T I S E M E N T

The team at JAKS arepreparing for another busy

fortnight soon, as bikeracing returns to the Isle

of Man, and coincides withthe start of the 2014/2015football season. Live local

bands will be playing everynight during Classic TT and

MGP fortnight, with theline-up available on itswebsite or its Facebook

page – ‘Jakspub Jaksbar’.

Lifestyle

ISLE OF MAN

In association with

A Week in the Life 1:Matthew Dealtry,the new Sales and Marketing Managerat Isle of Man Creamery

Q&A:Jessica Lee BrownDigital Media Manager,Ashgrove Marketing

Gig Guide:Your gig agenda for Belfast, Liverpool,Manchester and London

Portfolio speaks toMatthew Dealtry, the

new Sales andMarketing Manager atIsle of Man Creamery,

about his week ofproducts, public

relations and PremierInns. Matthew has over20 years’ experience in

Sales and Marketingworking on some ofthe world’s biggest

brands at Mars,Nestle, Roche

Consumer Health,Johnson and Johnson

and Activision Blizzard.He originates from

Yorkshire and ismarried to Ruth who isManx. They have two

boys, Finlo aged threeand Benjamin

aged one.

A Week in the Life

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ISLE OF MAN

PORTFOLIO ISSUE 146


MONDAY04.30am:

Kirk Michael

It’s an early morning slap in the

face by my alarm clock as I perch

precariously on the edge of our king

size bed. My 20 month old son has

decided to spend much of the night

monopolising the ‘marital refuge’

because he is teething.

I slide out of the bed gently so as

to not wake him, or my wife, and then

trip over my other son who is sleeping

on the floor on a mattress. Like most

excitable 3 year olds, he didn’t want to

miss out on all the fun! I’ll miss them

all this week, but I‘m secretly looking

forward to a couple of nights

uninterrupted sleep.

MONDAY06.30am:

Douglas Sea Terminal

I arrive at the sea terminal in

plenty of time to catch the 0730 to

Liverpool. Planning and preparation

is going to be the key for success this

week as I’m on my way to the

International Cheese Awards in

Nantwich. The grate and the good

(excuse the pun!) of the cheese world

will be there and I’m looking forward

to representing Isle of Man Creamery

and bringing back some awards to

recognise the excellent dairy produce

that we create on the Isle of Man.

My wife and her family are all

Manx and we have lived on the island

now for just over 6 months. As the

Manannan moves majestically out of

Douglas harbour, I look out of the

window and can’t help but reflect on

the wonderful island we now call

home.

I’ve been awake now for about 8

hours and reach cheese lovers’

heaven at about 12.30pm. I have

never seen so many cheeses of

different shapes, sizes, and tastes in

my life. If the strong coffee doesn’t

keep me awake, the cheese smell will.

My colleagues Martin Barber

(Production Manager) and Tony Gale

(Technical Team Leader) meet me at

our pitch and help me to set up our

stand. Martin and Tony are here at

Nantwich in a judging capacity, which

is testament to the quality and

experience of the people we have

working at Isle of Man Creamery.

We’re all set up by 4pm and ready

to go for tomorrow – trade day. As I

walk around the vast array of global

cheese companies and their

expensive stands, I’m reassured that

Isle of Man Creamery can hold its

own when it comes down to rubbing

shoulders with the big players in the

market and representing the Isle of

Man food producers on an

international platform. We’ve earned

our ‘pie and a pint’ tonight.

TUESDAY08.30am:

Trade Day at Nantwich

Great night’s sleep, but feel a bit

thick headed. The beer last night just

wasn’t a patch on Manx ale. Shave,

shower, new shirt and Manx tie later

I’m at the show ground with my

‘game face’ on ready to sell. The story

The view into Kirk Michael

A section of our stand at Natwich

The ‘Reps Retreat’ - Premier Inn atCrewe

ISLE OF MAN

PORTFOLIOISSUE 146

of Isle of Man Creamery and the

quality of our award winning dairy

produce is a sales and marketing

dream. I don’t think I have ever seen

such dedication and commitment to a

product that I’ve been asked to sell.

From our 35 dairy farmers providing

the finest quality Manx milk, our

production team with their

uncompromising high standards to

the door step delivery team and retail

partners who ensure that it gets to the

consumers every day. The

responsibility of making sure I do my

bit well is not lost on me.

Throughout the day I have formal

and informal meetings with the main

UK retail customers and make some

good connections for future UK

distribution.

I get back to my ‘rep’s retreat’ at

about 7ish, just in time to call Ruth

and the boys to get the lowdown on

their day at the wildlife park and hear

a story about Upsy Daisy and Iggle

Piggle on the Ninky Nonk (You need

to have children under 5 to

understand).

WEDNESDAY09.30am:

Public Day at Nantwich

Today is more of a marketing

focused day for me, with the

opportunity to tell our story and

sample our range of cheeses to 35,000

potential and existing consumers.

My objective is to get as much

public relations and marketing

coverage for Isle of Man Creamery as

possible, without compromising my

business ethics or company wallet!

By about 10am the huge marquee

is buzzing with excitement as the

celebrity chef James Martin is doing a

cooking demonstration right opposite

our stand.

Lunchtime fast approaches and

it’s non-stop sampling and selling of

Isle of Man Creamery cheese and

butter. The genuine consumer

feedback about the quality of our

cheeses and the affection for the Isle

of Man is quite amazing. I wish I had

some of the feedback on video to

share around the office. Then, as if by

magic, the BBC appears at the stand.

What an opportunity to get some great

marketing coverage. I put on my best

BBC voice and explain our story and

all about our award winning cheeses.

“Would you be prepared to do that to

camera?”, the BBC presenter asks.

The last of the consumers leave about

5.30pm and it’s time to pack up and

head home via the Ben-My-Chree.

Today has been a very good day for

Isle of Man Creamery and the

reputation of Isle of Man food

produce. I’m in the car quickly

making my way up the M6 to

Heysham and call my wife: “Set the

Sky box to record BBC News please.”

THURSDAY05.45am:

Back home

The 02.15am ferry from Heysham

to the Isle of Man slowly manoeuvres

its way into Douglas port . Thanks to

the Steam Packet, I’m home and on

time!

I get back to Kirk Michael at about

12.00pm after a detour via the office

to catch up with my Customer

Services team and drop off the stand

materials. As I open the back door to

the house, I’m greeted by 2 very

excited boys. “Daddy, Daddy, we saw

you on TV”. The BBC North West

News had aired the footage of the

stand and also my interview. I’m

delighted that out of the 400

international cheese manufacturers

at Nantwich, a small creamery from

an island 221 square miles and in the

middle of the Irish Sea has got

fantastic media coverage. Our story,

heritage and product quality had

really resonated with the media. My

wife gives me a big hug and says “well

done darling, it’s just a shame that

you’ve got a face for radio”. It’s good

to be home!

FRIDAY06.00am:

Isle of Man Creamery

Where’s a Premier Inn when you

need one? I get up from my allotted

edge of the bed and get ready for a

day in the office.

I make a point of always trying to

have breakfast with Ruth and the

boys. This way we can chat about the

day ahead and it’s not too bad if I miss

bedtime because I need to work late.

Today I’m going to spend some time

de-briefing my Managing Director,

Findlay MacLeod, catching up with

Customer Services and

congratulating the production team

on the great product feedback we

received in Nantwich.

At Isle of Man Creamery we pride

ourselves that everyone in the

business has the opportunity to

understand and interact across all

functions. The induction programme

is very thorough and for someone

new, like myself, the opportunity to

get close to and understand the

process of milk, cheese, butter and

cream manufacturing is

tremendously valuable.

It’s been a long but rewarding

week so I decide to sneak off at 5pm

and get 18 holes of golf in or, in my

case, ‘hunt the little white ball’. I’m

very privileged to be a member of

Peel Golf Club on the west of the Isle

of Man. Come rain or shine the golf

course views are magnificent and the

welcoming clubhouse reflects the

very best of Isle of Man culture. A

relaxing way to finish the week.

THE WEEKENDFamily time

I’m woken by a pool of drool

dripping down my face as my

youngest son has been instructed by

his mother to “give Daddy a big kiss”.

It could have been worse, we’re going

to start potty training him soon.

We spend Saturday on the farm

with Granny and Grandad (Marilyn

Cannell and John Cannell CP). The

boys have great fun learning where

potatoes come from and helping

Grandad with the sheep. One of the

reasons we moved to the Isle of Man

was to be close to my wife‘s family

and to enable our sons to appreciate

the 600 years of Cannell family

ancestry on the Isle of Man. Spending

time on the farm has also given me an

understanding of farming techniques

and excellent animal husbandry,

which has helped me in my role at

Isle of Man Creamery.

Ruth and I had done a lot of sailing

pre children, so on Sunday it’s time to

“splice the main brace” and get the

boys used to being on the water. We

spend the morning on the boat with

Grandad and Finlo feigns interest in

the workings of a compass.

When Grandad wasn’t listening,

Finlo turned to me and said “Daddy,

that compass thing is silly, it doesn’t

have any games on it”.

The weekend is nearly over, and

after putting the boys to bed, Ruth and

I get the evening to ourselves and

admire the sunset over the sea. A

quick check of my schedule for next

week and it’s off to bed. Well, the edge

of it anyway!

Isle of Man Creamery Customerservices team, from left to right:Dawn , Paula, Tom and Jackie.

The cheese production team

Marilyn Cannell, John Cannell CP

Finlo and Benjamin

Family day out on the sea

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Find usFollow us

YOUWhat is your business background?

Most of my adult life I’ve worked in

business; I started off as an Account

Manager at a below the line agency

doing events and promotions, then I

briefly moved to a full service digital

agency where my love for all things

digital was first ignited, before starting

my own business. The move to start

Black Bean Creatives was fuelled by

the desire to bring specialised online

marketing to the SME market in South

Africa. After two successful years, fate

stepped in and the opportunity to

move to the Isle of Man was presented

to me. Now I find myself on the most

exciting journey!

What was your very first job?

My very first job was babysitting the

neighbours’ children.

If you hadn’t chosen your current

career, is there another career path

you would have liked to pursue?

A journalist, a writer and of course an

actress… there are loads of things I

would have loved to have tried, but I

had the small problem of never being

‘discovered’! Hollywood’s loss I say!

Who is your business role model?

I’m blessed to have crossed paths with

some exceptional business men and

woman who in some small way or

another have taught me valuable

lessons about the highs and lows of

business. However my father, being a

successful entrepreneur and even

better father, taught me everything I

know about having the courage to

follow my dreams and turn them into

realistic and achievable goals. I also

look up to a wonderful woman,

Carroll Lazarus, who showed me that

humility and commitment is

everything when working in a team.

What’s the best business lesson you’ve

ever learned, and how did that come

about?

Believe in yourself! Each day I wake

up with the belief that I can make it

happen! My parents have been saying

it for as long as I can remember and

each time I dive into a new project I

back myself and my capabilities.

What’s the best thing about your job?

Definitely the creative and dynamic

team I work with. I feel continuously

inspired and motivated to grow and

learn within this powerful group. I am

also incredibly passionate about my

industry and the continuous changes

we see with online and social media

marketing.

What is the best business advice you

could offer to anyone?

Simply put - surround yourself with

quality people that share the same

vision as you do.

DIGITAL AGEDo you own an iPad?

No, I am very much a Samsung girl.

What are your favourite gadgets?

I don’t really know what a gadget is.

These days everything is a gadget,

right? Although, now that I think about

it, I love my biltong maker – it’s a

gentle reminder of South Africa and I

use it all the time!

Which websites do you visit most?

Most definitely all the social media

sites such as Facebook, Twitter and

LinkedIn for work purposes. Then,

personally, I love to indulge in a good

Pinterest session!

Do you shop online and if so what for?

Surprisingly enough, I am not a huge

online shopping fan but I have been

known to max the budget on home

decor items. Although since moving to

the UK the allure of websites such as

Boohoo and Asos may be a little too

tempting to leave unexplored!

PERSONALWhere in the world would you most

like to visit and why?

Every country in the world is on my

bucket list! However, if I had to pick, I

would like to go to Croatia or Greece

and explore those beautiful beaches!

Give me a cocktail, the sea, some sun

and I am a happy woman!

What is your favourite TV series?

Absolutely Fabulous! Patsy darling!

What is your favourite film?

Pearl Harbour (although according to

the entire male work force in my office

it’s a pretty terrible film, so I should

come under some heat for picking it)

What is your favourite album?

It’s a close toss-up between anything

Coldplay and Shirley Bassey (a recent

discovery - thanks Jim).

What is the most memorable event

you have recently attended?

The 2010 FIFA World Cup in South

Africa was certainly an event I will

never forget. To see the world’s

attention on SA and the country come

together to produce one of the best

events in FIFA’s history was simply the

proudest moment for us as a nation!

Name 3 things you would like to do

before you die?

Write a book, travel as much as I can

and start a family.

NAMEJessica Lee Brown

TITLE AND COMPANYDigital Media Manager,Ashgrove Marketing

WHERE DO YOU LIVEON THE ISLAND?

Douglas

HOW LONG HAVE YOU LIVEDON THE ISLAND?

Four exciting months

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Ed Sheeran08-09 Oct

Jake Bugg16 Oct

Paolo Nutini02 Nov

WWE Live07 Nov

Kylie09 Nov

Lee Evans14-15 Nov

Disney On Ice20-23 Nov

The Who28 Nov

Brit Floyd29 Nov

Andre Rieu05 Dec

John Bishop06-07 Dec

Kasabian09 Dec

Michael Buble11-13 Dec

Madness15 Dec

BELFASTOdyssey Arena

www.odysseyarena.com

LIVERPOOLEcho Arena

www.echoarena.com

MANCHESTERMEN Arena

www.phones4uarena.co.uk

LONDONO2 Arena

www.theO2.co.ukEarth, Wind & Fire

09 Sep

Ant & Dec Takeaway10 Sep

Kylie 24 Sep

The Vamps04 Oct

Jake Bugg18 Oct

OneRepublic21 Oct

Holly Johnson24 Oct

Lee Evans30 Oct-01 Nov

Noel Fielding07-08 Nov

James / Starsailor14 Nov

Bryan Adams15 Nov

James Blunt26 Nov

Peter Gabriel07 Dec

The Who11 Dec

Pharrell Williams09 Sep

Kylie26 Sep

James Taylor30 Sep

Lee Evans09-12 Oct

Lady Gaga21 Oct

Il Divo25 Oct

Ed Sheeran21 Oct

Paolo Nutini06 Nov

John Bishop14-16 Nov

Linkin Park22 Nov

Bryan Adams23 Nov

Enrique Iglesias29 Nov

Kasabian12 Dec

The Who13 Dec

lee Evans25-27 Sep, 02-04 Oct

Kylie29-30 Sep, 01 Oct

Pharrell Williams09-10 Oct

Ed Sheeran12-15 Oct

OneRepublic22 Oct

Lady Gaga23, 25-26 Oct

Paolo Nutini30 Oct

Il Divo01 Nov

Jack White19 Nov

Andrea Bocelli20 Nov

Bryan Adams22 Nov

Linkin Park23 Nov

Enrique Iglesias28 Nov

Michael Buble15-16 Dec

GIGGUIDE

Kylie’s 14 date arena tour is in support of her newalbum, Kiss Me Once, and will see her performacross the country in September, October andNovember at arenas including those in Belfast,

Liverpool, Manchester and London.

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iom portfolio issue 146

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