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© 2013 Keith Uren Publishing

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NEWS

LIFETIME ACHIEVEMENT AWARD

“My father would be immensely proud that the firm is so well known in the City, and I am very fortunate in having three children who are all directors in the business and who make a vital contribution, as well as our loyal staff, many of whom have been with us for over 25 years.” After leaving school in 1959, Mr Crookall joined the firm his father started in 1946 and has been a key figure in the development of the Island’s financial sector. Today he remains responsible for the day-today running of Ramsey Crookall, as well as utilising his more than 50

Chairman of Ramsey Crookall & Co. Neal Crookall, the Rt. Hon. Lord Norman Lamont and Brian Winterflood MBE

years’ experience of offshore stockbroking to deal for and provide investment advice to private and institutional clients.

One of the Isle of Man finance industry’s most respected figures has

During his career, Mr Crookall worked for a major firm as a 'blue

been presented with a Lifetime Achievement Award in recognition of his

button' on the floor of the London Stock Exchange, was elected a

‘significant, worthwhile and sustained contribution’ to the business world.

Member of the Provincial Brokers Stock Exchange in 1965 and, in 1974,

Neal Crookall, Chairman of Ramsey Crookall & Co., received the

became Senior Partner of the family business, the Isle of Man's longest

honour at the prestigious City of London Wealth Management Awards,

established independent firm of stockbrokers and investment managers.

held at the Guildhall and presided over by the Rt. Hon. Lord Norman

Mr Crookall said the Award recognised the importance of the

Lamont, former Chancellor of the Exchequer. The presentation was made to Mr Crookall in front of an audience of leading business names by former colleague Brian Winterflood MBE, the founder of Winterflood Securities.

contribution to the City of London made by offshore islands, especially the Isle of Man, as well as the strengths of Ramsey Crookall & Co. “We are pretty unique in still having the same independent family structure despite the ‘big bang’ in 1986 when so many of the Stock

Mr Crookall said, “It’s marvellous to think the firm is recognised

Exchange firms merged or became part of larger financial institutions,”

and well respected in the City, where we have been members of The

he said. “Maintaining our independence gave us the freedom to adapt

Provincial Brokers Stock Exchange since 1946 and Members of the

to the changing environment, but still being able to offer that personal

London Stock Exchange since 1982.

service which clients appreciate.”

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PART OF THE STRAND GROUP OF COMPANIES


NEWS

Martin Kneale, Michael Crowe, Paul Seaward, Helen Woods, Harry Bamber, John Nugent, Phillip Dearden.

PKF CHANGES TO BDO

there is the potential to receive client referrals from around the world. This is not only good news for our Manx operation, where there has

PKF (Isle of Man) LLC has joined the accountancy and business advisory

been no change in staffing levels following the affiliation, but also for

network BDO.

the Isle of Man. And it is against this background that in the weeks

The affiliation, confirmed in March this year, has seen the Douglas-

and months to come my colleagues and I will be visiting some of the

based firm change its name to BDO (Isle of Man) LLC and its managing

many BDO offices across the globe to initiate productive new business

director, Phillip Dearden, welcomes the new opportunities and benefits

relationships and promote the Isle of Man as a well regulated finance

that joining a network with global reach offers.

centre at every available opportunity.

Mr Dearden said: ‘As PKF (Isle of Man) LLC our strength lay

‘As an international organisation looking to secure a worldwide

primarily in providing exemplary local and UK taxation advice. Joining

presence BDO also benefits from the change. Our processes and

the BDO network, the world’s fifth largest accountancy organisation,

procedures were audited by BDO and found to be commensurate with

brings major benefits to our clients in that we now have access to

their exacting standards. Now, with our having become an affiliate

global intelligence and expertise. This significantly enhances our client

member, BDO is able to offer quality service and expertise from yet

proposition.’

another jurisdiction within its network.

Mr Dearden explained that across 138 countries BDO employed

‘As PKF (Isle of Man) LLC we enjoyed an enviable national reputation.

around 55,000 people, some 11,000 in the US and 8,000 in China, a

Becoming part of the respected BDO brand with its ambition for the

nation forecast to become the largest member of the BDO network

future takes that reputation to a global level which we are eager to

within five years.

harness and develop to the benefit of our people, our business and

‘Joining a network of this scale, one that is looking outwards and onwards, opens up new opportunities for us in the Isle of Man in that

the Isle of Man.’ www.bdoiom.com

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PART OF THE STRAND GROUP OF COMPANIES


NEWS officials, decision makers in major Chinese businesses and key business associations to understand and offer our support for their vision and plans for outward investment. Building awareness and acceptance in China of the Isle of Man as a successful, reputable international business centre is significantly reliant on building relations at government level and with key Chinese business stakeholders and demonstrating the economic benefits of doing business with the Isle of Man. “We also hosted two seminars which were attended by 150 people to introduce to them how the Isle of Man can support the ‘Going Global’ vision of Chinese businesses. “Many of them showed enormous interest in the variety of opportunities that the Isle of Man has to offer particularly in regard to our ability to provide a ‘one-stop shop’ for Chinese exporters seeking to establish a trading hub for the UK or Europe. John Shimmin presents the signed Statement of Cooperation to Chairman of CBRC Mr Shang Fulin

“An agreement of economic co-operation was signed with the

ISLAND TEAMS WITH CHINA

The recent trade mission to China led by the Minister for Economic

Shanghai Small to Medium Enterprise Centre which will result in Chinese delegations visiting the Isle of Man for business study and reciprocal initiatives from the Isle of Man from as early as this summer.

Development John Shimmin MHK exchanged a Statement of

“Going forward it will be vital that we carry on the momentum

Cooperation on behalf of the Financial Supervision Commission with

gained so far to further build relations with China. Therefore we

the China Banking Regulatory Commission (CBRC) to foster co-

are committed to facilitating more trade delegations to China as

operation on banking matters.

well as hosting further visiting delegations to the Isle of Man. I am

The Minister presented the signed document on behalf of the

pleased to be able to confirm that the Chinese Ambassador to the

Financial Supervision Commission to the Chairman of CBRC Mr Shang

UK has offered his assistance for the Chief Minister to visit China

Fulin in Beijing. This is a necessary step prior to Chinese banks

in the next year to deepen our Government links. Also we will

establishing an operation on the Isle of Man.

receive 4 Chinese delegations to our Island in the next 3 months.”

The Minister commented: “As an increasing number of Chinese

The Chief Executive of the Financial Supervision Commission John

companies are showing an interest in the Isle of Man, we have

Aspden said: “The Financial Supervision Commission is very pleased

been working vigorously to make Chinese banks understand the

to sign a Statement of Co-operation with the China Banking

benefits of setting up operations here.

Through establishing

Regulatory Commission. This will undoubtedly facilitate a closer

branches in the Isle of Man, Chinese banks will be well positioned

regulatory relationship with the CBRC, which we hope will encourage

to support their clients which have business activities in the UK

the establishment of Chinese banking operations on the Island.”

and Europe, which are vital trading partners of China.”

The trade mission consisted of a number of private sector

He continued: “During our five day visit to Beijing, Guangzhou and Shanghai we had a series of meetings with Chinese government

organisations from a variety of business sectors who funded their own attendance.

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PART OF THE STRAND GROUP OF COMPANIES


NEWS

INTRODUCING CANACCORD GENUITY WEALTH MANAGEMENT

to international products and services that we believe can provide investors with enhanced opportunities to generate greater returns. We put our clients at the centre of all our services, and we recognize their needs will become increasingly global in nature.” Dermot Hamill, head of Canaccord Genuity Wealth Management in the Isle of Man, added: “This brand change has been known to our

Canaccord Financial Inc. has announced that its global wealth

clients for the past year and we believe that they will increasingly

management division has been rebranded Canaccord Genuity Wealth

benefit from enhanced exposure and access to a global offering.

Management.

We’re committed to providing best-in-class financial solutions to

Accordingly, the Company’s wealth management businesses in

our clients, through investment opportunities available both

the Isle of Man, the UK and other offshore locations, previously

domestically and abroad.”

known as Collins Stewart Wealth Management, are now known as

In addition to extensive wealth management services catering to

Canaccord Genuity Wealth Management.

the needs of offshore investors, clients of Canaccord Genuity Wealth

As a result of this initiative, the Company’s wealth management

Management benefit from access to global investment opportunities

operations in the UK, the Channel Islands, the Isle of Man,

and insight from the Company’s global research capabilities.

Switzerland, Canada and Australia now share the same brand.

In the last two years Canaccord has grown its wealth

In the UK and Europe, Canaccord Genuity Wealth Management

management platform into new markets. Today, the Company has

has six locations, providing onshore and offshore wealth

formed an integrated global wealth management division that

management services to individual investors, charities and

includes businesses previously known as:

institutions. The Company’s investment professionals and portfolio

• Collins Stewart Wealth Management (UK and Europe)

managers in the region are entrusted to oversee £10 billion of

• the wealth management business of Eden Financial (UK)

client assets.

• Canaccord Wealth Management (Canada)

On a global basis, Canaccord Genuity Wealth

Management manages and administers approximately £17 billion

• BGF Equities (Australia)

(C$27 billion) of client assets.

This branding initiative culminates the global integration of all

“Today marks a significant milestone for the firm, as we go to

wealth management businesses on Canaccord’s platform. The name

market under a unified global wealth management brand,” noted

aCanaccord Genuity Wealth Management also better aligns the

Paul Reynolds, President and CEO of Canaccord Financial Inc. “The

division with the brand of Canaccord Genuity, the Company’s

global reach of our business provides clients with seamless access

investment banking and capital markets division.

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SPRING INTO ACTION...

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gain enthusiasm with their property searching. When a deal is agreed, the next step is to find a trusting

You may well be in for a very long wait if

Conveyancer to carry out the legal work. Taking the time to choose

you are holding out for the perfect time to sell

the right firm of advocates is key to the whole process as it is

a property. The economy over the last few

essential to find the right person to handle what is likely to be your

years has clearly illustrated how difficult it is

most valuable and important asset.

to predict what is around the corner, and who

Our aim at Quinn Legal is to take away any stresses involved with

can tell what global events will happen next

the Conveyancing process and to complete the transaction in a

and what their impact will be. Having said

timescale to suit all connected parties. Buying and selling property

that, the Isle of Man has sheltered from some

and moving has often been labelled as one of the most stressful

of the negative impact witnessed across the

things in life. Our professional, friendly and enthusiastic attitude

water and properties on Island are still

combined with our modern approach to Conveyancing enables us to

By Catherin Burge, Advocate, moving even if at a slower rate than historical Quinn Legal trends.

ease these stressful effects, and allows you to feel and enjoy the excitement that also goes along with buying and selling properties.

With the longer days and brighter weather on the way, spring not

Quinn Legal has a strong property team headed by Conveyancer

only brings with it the feeling that the year itself is opening up, but

Neil Quilliam, a highly respected figure in the profession. Having been

traditionally it has been a good time to sell your property. Spring is

working in Conveyancing since 1996, Neil is more than familiar with

an upbeat time of year and the green shoots of new growth and

the change in seasons and the affect it has on the property market.

spring flowers improve the look of many gardens and patios, putting

Although the brighter weather does not necessarily mean that the

properties in a much better light. The longer days also allow for

property market will continuously improve, it certainly offers a

easier and better viewing opportunities all helping potential buyers

helping hand, and now may well be the time to “Spring into Action”.

10


INVESTMENT

Döhle Corporate Services: finding the perfect balance As leading entities within the corporate and trust services industry, Vantage Corporate Services Limited and Corsiom Limited have created individual traditions of service covering all aspects of the sector, both old and new. Now, in the midst of significant industry change, the two firms have come together under the Döhle Group flag, one of the leading providers of global maritime services, to capitalise upon a combined longterm strategy of controlled growth, technical precision and client care. Sales & Marketing Director Paul Swindale, Managing Director Eckhard Garbers and Financial Director, Phil McCarthy, get together to discuss the strategic, cultural and economic imperatives that have resulted in a major corporate merger set to create a new leader in the market, Döhle Corporate and Trust Services Limited.

What is the rationale behind the

have the advantage of access to global

looking to enhance the scope and

resources. Now, as part of our

decision to merge these already

resources as part of the Peter Döhle

quality of their corporate and trust

development, we’re increasing our

well established companies?

Group, which is one of the largest

management.

presence here on the Isle of Man and

Eckhard – By bringing together

shipping firms in the world, and this is

Phil - We may not have the largest

are drawing not only upon its excellent

our two operations we have certainly

unique within our industry. This is now

footprint in terms of corporate services,

reputation in terms of regulatory scope

strengthened our offering. We have

a truly international brand, with a

and that has been a deliberate element

and private/public sector engagement,

better qualities within the team as a

global infrastructure, which enjoys the

of our niche strategy, but we do now

but also upon the highly talented skills

collective and this helps us to offer

depth, breadth, solidarity and esteem

have the footprint of a very much larger

pool it provides. We have already

more for our clients. Of course, we also

that clients are looking for when

operation in terms of our access to

recruited new members of industry

12


Sales & Marketing Director Paul Swindale, Managing Director Eckhard Garbers and Financial Director, Phil McCarthy qualified staff since the merger, with

existing clients are speaking to their

US

this

certainly don’t see it as a major issue

more to come, and we’ve seen

existing contacts within the company

impacted the merger process and

in terms of our existing client offering.

immediate benefits in terms of client

and they’re also enjoying the increased

how might it affect future

offering and resource.

breadth, certainly in terms of access to

operations?

FATCA.

How

has

Phil - And, of course, because we enjoy high quality rather than mass

trusts as a result of our combined

Eckhard – Additional regulation

quantity clients, identifying those that

Such developments can often

licence. In the longer term, particularly

will always have an impact and the

may be impacted by such measures is

result in a degree of client unrest:

with respect to our new clients and

smaller the entity the more of an

much easier. We know these clients

how has your existing client base

intermediaries, we also have access to

impact it will have. Our past trajectory

personally and that’s the model we

reacted to the merger?

the quality and range of resources that

of growth, however, has made it easier

would like to continue operating

they want to see when appointing their

for us to absorb any extra burden as a

within. We don’t want the size, we want

trustees and advisors.

company without it affecting the ways

the bespoke, high quality clients with

Eckhard – Our clients have certainly reacted positively. I think much of our client portfolio was already

Phil - In many ways we are

in which we engage with our clients.

whom we can enjoy a relationship

aware of the close relationship the

operating within a perfect world where

Every CSP has to prepare to be able to

which is efficient, responsive and built

companies enjoyed prior to the merger,

we have the safety and capability of

work with new regulations in the

on trust.

and by bringing them together and

the Döhle brand balanced by the fact

future, particularly over the next five

rebranding as Döhle Corporate and

that we have managed to retain our

years or more. In many respects our

How

Trust Services Limited we have

focus upon client requirements. We

current plans for growth position us

positioning

reinforced this message. Our customers

haven’t all of a sudden become a

well to be able to meet any further

operations overall?

are still in contact with the same people

monolith within the industry, which can

challenges from the regulatory side.

and are already familiar with the

often result in a loss of intimacy overall.

strength of our offerings so the merger

has

this

strategic

impacted

your

Paul - We have always enjoyed

Paul - We have never been

access to Döhle offices all around the

aggressive on the tax planning side.

world, especially in the shipping world,

has really served to clarify our position

Many within the industry are

Really, we started with the luxury asset,

which gives us multijurisdictional

and simplify the process of referral and

preparing

added

a vessel that requires infrastructure put

capabilities in all areas of service. If you

transition to other areas.

administrative

of

around it for example, and then worked

actually take our new business in the

Paul - We’re really seeing benefits

regulatory measures such as the

back from there. So, the impact of such

year to date, we are also very active in

in all aspects of the organisation. Our

Manx Disclosure Facility and the

regulation on us is very small, and we

places such as Malta and the BVI. Our

for

the burden

13


INVESTMENT Döhle Corporate and Trust Services (continued) weighted proposition in terms of new

knew

business is very active in Malta at the

everything was already very

moment, due to its being a prevalent

familiar. It was, after all,

yacht jurisdiction. So while our core

quite an easy merger.

skills are here, they’re just as easily

Indeed now, not long after

deliverable anywhere else, to the same

we began the process, we

high standards and with the same

are already completely

degree of efficiency.

merged.

the

staff

and

Eckhard – I think one of the key reasons we’ve embarked upon this

What has been the

merger is that it also makes us more

impact of the merger

ready to take on acquisitions and

from

moves of a similar nature as the market

perspective?

changes and develops. Our view is that

has this translated

the market here on the Isle of Man,

within your client

which has a very significant number of

relationships?

licence holders, will probably reduce in

an

internal How

Paul

-

size over coming years, and as a joint

Interestingly for an

entity we are now better placed than

organisation of our

most to be able to respond to the

size,

opportunities that those changing

company and a

market conditions present. From day

team have matured

one both businesses have grown each

with our clients. As

year and we believe that this merger

we have grown,

serves to highlight that not insignificant

and our abilities

achievement and capitalise upon it.

have grown, our

Phil - There is the additional

we

clients

as

a

have

benefit of being better able to address

grown with us. In

the pressures of the contemporary

some ways, the

marketplace as a combined entity. With

creation

the increasing regulatory burden, the

Döhle

cost of compliance, administration and

Services Limited is part of that journey.

maturation which has been chiefly

so on, the bigger CSPs have a need to

As our clients have seen that we are

spurred by mutual trust.

consolidate while the smaller more

maturing and diversifying, they are

Paul – Communication is always

bespoke CSPs, such as ourselves, have

keener and happier to work with us

difficult to get absolutely right but we

an equal need to draw upon additional

and have more confidence in our skill

have tried in all cases to ensure that

Eckhard – I also think one of the

resources and maintain our focus upon

set.

of Corporate

and Trust the resulting new business generated by increased resource has, again, resulted in our taking on new employees.

everyone is kept up to speed with

most important points to take away

the care of our clients. If you’re looking

Phil - It’s a self fulfilling prophecy

developments as far as possible, both

from the entire project is just how well

at mergers and acquisitions externally,

in that if your clients trust you more,

at client and team level. Again, the fact

our people have reacted to and

the best thing you can do is to first

their intermediaries trust you more and

that our people were already within the

embraced this merger. From a social

consider your in-house opportunities,

your ability to provide services

same building has certainly worked in

perspective, a merger is always risky in

and that’s what we did here. We know

continues to grow. While historically our

our favour but transparency remained

any shape or form, and it has really

the individuals and clients involved and

expertise have always been on the

a key concern throughout. On a similar

been reassuring to see that the

in many cases we’ve worked together

maritime side of the industry we have,

note, due to the successes of both

restructuring has been received so

on other projects. Prior to Vantage

for example, recently been working in

companies we have also been very

readily and with such enthusiasm. I

being set up, Döhle Private Clients used

more diverse areas such as AIM

fortunate in being able to assure

think that this really is a compliment to

Corsiom as its main provider so we

quotations for companies, a process of

individuals of their future here, while

the people and to the culture here.

14


INVESTMENT

US Dollar set to remain the least ugly major currency! Our strongest currency view globally is that the US dollar will continue to outperform other G10 currencies. Our enthusiasm for a strong dollar partly reflects relative US cyclical optimism. The US has come further in terms of household debt reduction and is further down the track (compared with Europe in particular) towards growth recovery. hence are most unlikely to be moved

across the region. An escalation in

1.4% in 2014 (from 1.5%), primarily

from their open ended Quantitative

worries over the ability of countries to

a reflection of a weaker profile for

Easing (QE) stance this year and –

meet austerity targets amid a weak

household consumption as a larger

quite possibly – deep into next year.

growth outlook could see increased

inflation overshoot erodes purchasing

Meaningful

about

capital flight from the region resulting

power (the absence of wage inflation

when/how the Fed starts to become

discussion

in significant downside pressure on

means there is no 'free lunch' soft-

less accommodative is still too early.

the EUR. Given the weak economic

default for the heavily indebted

The Fed keeps the theme of dollar

data expected from the UK in the very

household sector). Despite some

debasement on markets' minds as

short term and a slight soothing in

faltering

they continue $85 bn per month in

political concerns in Italy, risks appear

corporates remain cash-rich and

QE for the foreseeable future. Despite

to the downside for GBP/EUR in the

investment

this, relative US interest rate support

By Conor Grant, Director, Corporate Treasury Solutions, RBS International

has steadily improved, mainly due to

Still, with the US spending cuts

forecast EUR declines against the

ongoing and economists busy

dollar over coming months. Euro area

salami

growth

growth is weak, chances are that the

expectations again, we are

European Central Bank (ECB) will be

reluctant to overdo the cyclical

dragged back to the policy easing

optimism story.

table and systemic risks around the

slicing

falling interest rates across the G10 while US interest rates have been largely unchanged. The USD is no longer the only major funder in town. However, we still continue to

profitability

data

intentions

UK

surveys

registered a modest improvement in Q1, so we stick with our forecasts for

The MPC retains its dovish bias and May’s meeting, coinciding with the next Inflation Report, appears to be a very close call.

a belated pick-up in capex. With regard to monetary policy, there is a growing risk of a sort of Orwellian 'Doublethink' around UK monetary policy. The revised Bank of England (BoE) Monetary Policy Committee’s (MPC) policy remit retains

the

inflation

targeting

framework and reiterates that the 2% target 'applies at all times'. Yet, the Consumer Price Index (CPI) has

More realistic is a scenario under

EUR remain. The mid March furore

which the US muddles along and

over whether/how Cyprus is bailed out

hence outperforms a Euro area still

is potentially of profound consequence

mired between recession and weak

as new policy rubicons are crossed

distortions) and is projected to remain

growth.

for

and as prospects for coherent progress

above target for a further 3 years.

owning/buying dollars also reflects

on e.g. Euro wide banking union, are

near term but we do expect GBP/EUR

Adopting the MPC's phraseology, this

our view that the dollar does best in

holed with the decision to bail in

to rise through the summer months.

overshoot

a still-risky world.

Cyprus bank deposit holders.

Enthusiasm

overshot its target for 4 of the past 5 years

(even

adjusting

for

predominantly upside indirect tax

looks

much

more

Closer to home, the UK looks set

'protracted' than 'temporary'. Far from

A significant headwind for the

So looser policy from the ECB is

to avoid a 'triple-dip' recession but

clarifying what the BoE is required to

dollar is that the Federal Reserve (Fed)

also looking more likely, potentially in

full-year Gross Domestic Product

achieve, the revised remit risks giving

leadership (Chairman Bernanke and

July in the context of their new

(GDP) outturns will be dented by

the impression that its primary

Vice Chair Janet Yellen) are still

economic projections. For the EUR,

overshooting inflation. Our growth

purpose is to confuse. The recent sell-

forensically focused on the weakness

much depends on the Euro zone

forecasts have been trimmed to 0.7%

off in sterling and rising break-even

of the American labour market and

growth data and the fiscal position

GDP in 2013 (0.9% previously) and

rates are a warning that policy

16


credibility is beginning to fray. Shoring it up is likely to require less emphasis on 'flexibility' and more 'inflation targeting'. The MPC retains its dovish bias and May's meeting, coinciding with the next Inflation Report, appears to be a very close call. On balance, we stick with our forecast for no change

Enthusiasm for owning/buying dollars also reflects our view that the dollar does best in a stillrisky world.

in favour of no change. April's MPC

The decision on April 19th by

Minutes noted some members'

ratings agency Fitch to downgrade

preference for 'policies to improve the

the UK's AAA status to AA+ did not

working of credit markets' rather than

come as a surprise. Following a

QE gilt purchases. Preventing a

similar downgrade by Moody's in

further acute sell-off in sterling may

February this year, we had seen risks

also encourage the MPC to refrain

skewed to downgrades by the other

from further loosening. Further

two agencies.

monetary easing – including more

Fitch cited a weaker economic

radical policy developments – seems

and fiscal outlook as reason to

more likely in August, shortly after

downgrade. No surprise given the

Mark Carney's term as Governor

continued lacklustre nature of UK

in Q1. A resumption of GDP growth in

begins and coinciding with the MPC's

data and the slow progress on

Q1, however anaemic, may also weigh

response to the revised policy remit.

reducing the deficit.

in QE: CPI overshot the MPC's February central projection, though only fractionally (2.78% vs 2.73%)

17


INVESTMENT

Resist the Consensus As the Isle of Man makes further moves into emerging markets, Steve Clarke, Director of Offshore and Local Markets at Barclays Wealth and Investment Management in the Isle of Man, explores the trend of manufacturing and technology businesses moving production back to developed economies. way they do business leading to greater

Industrial Revolution’ in his renowned

labour costs and new technologies like

investment in more traditional markets.

article on manufacturing published in

3D printing have resulted in businesses

It has been noted that entrepreneurs

the Economist. They urged Isle of Man

focusing back on the developed world.

and start-ups could be just as likely to

businesses to challenge preconceptions

We could be seeing the pendulum of

be found in developed markets as in

about the global economy and

investment starting to swing away from

countries like China and India. New

cautioned against too heavy a focus on

emerging markets.

technologies are facilitating greater

the emerging markets.

flexibility in manufacturing, resulting in

According to Markillie the

importance of staying invested.

more businesses investing in supply

revolution is being enabled by new

Businesses should not panic or jump on

chains that are shorter and do not

technology in additive manufacturing

the latest trend without properly

necessarily involve the developing

or 3D printing as it is popularly known.

interrogating the market. A long term

world.

Steve Clarke, Director, Offshore and Local Markets, Barclays Wealth and Investment

“What this latest trend shows is the

“Advances in technology are

view is often ignored when there is a

At a recent conference hosted by

reducing the manufacturing industry’s

sudden shift in market priorities but

Barclays for business leaders in the Isle

reliance on economies of scale and unit

sometimes the best move to make is

of Man we explored these issues with

labour costs.

no move at all.”

Kevin Gardiner, Head of Investment

“Where previously large scale

With the global industry becoming

Strategy at Barclays Wealth and

operations were needed to make

more fragmented there is also an ever

Investment Management and Paul

manufacturing work financially, new

increasing need for finance centres to

There is no doubt that emerging

Markillie, the innovation editor at the

processes mean that businesses can be

facilitate the movement of funds

markets

Economist.

offer

a

compelling

Chief

more nimble: creating prototypes

between businesses in different

investment argument at the

Executive of the Department of

quickly and cheaply. This is having the

jurisdictions. This will present many

current time. Higher rates of

Economic Development, joined the

effect of bringing a lot of businesses

opportunities for the Isle of Man’s

return and greater opportunities

panel for the event which was also

back to the developed world.”

finance companies; however this is not

for

attended by Economics students from

short-term

growth

are

attracting investors to developing regions

of

the

world

in

considerable number.

Chris

Corlett,

Ballakermeen High School.

Gardiner agrees that the world is

the end to the potential involvement for

potentially shifting away from emerging

the Island. Markillie describes a world

Chris Corlett: “It’s great for the Isle

markets. “It is certainly true that

where anyone with a laptop and an

of Man to benefit from Barclays’ access

developed world economies are not

internet connection could become a

However, the investment economy

to global expertise through events such

growing as strongly as we might like.

manufacturer.

is not so simple that it is possible to

as this. Both speakers were world-

“However we must remember to

“It’s an exciting time for

‘give up’ on developed markets.The US

class. I spoke to many of the business

look beyond the accepted view that

innovation. 3D printers have been a

economy performed more strongly

people and students who attended and

western economies are struggling. In

key factor in the ‘maker’ movement,

than expectations in 2012 and the UK

all reported they found the evening

actual fact they can be viewed as

which has energy much like the early

economy was also stable with some

very thought-provoking. Emerging

having shown strong performance. US

days of Macintosh computers –

growth seen in the second half of

markets are undoubtedly one of the

companies, over the long term, have

perhaps we will see the next Apple

2012, thanks largely to an Olympic-

Island’s key targets and it was a

out-performed their counterparts in

come from this movement.”

fuelled increase in economic activity.

fascinating

China.

opportunity

to

gain

additional insight and discuss ongoing Industries that have traditionally

trends.”

“Developing economies have done

Given the ease of access to these new

technologies,

the

seminar

a lot of catching up over the last

audience was told there is no reason

been moving away from the West to

Both speakers outlined their views

decade leading many to assume that

why the next ‘Apple’ could not come

establish themselves in emerging

of the global economy in light of what

this is the most desirable place to

from

markets are also starting to change the

Markillie identified as the ‘Third

invest. However, factors like rising

entrepreneur.

18

an

Isle

of

Man-based


TOURISM

Minister encouraged by 2012 visitor figures The Minister for Economic Development, John Shimmin MHK, has expressed his satisfaction at the 2012 visitor figures which are contained within the 2012 Passenger Survey Annual Report. The

Minister

commented:

Island a more enjoyable place to live,

alluding to some of the key initiatives

expenditure

which is vital as we seek to retain and

that have been developed over the

increased by just over 5% to

attract the highly skilled workers and

£103M over the figures for

their families that we need to grow our

2011. Of this, the expenditure

economy. Therefore I am convinced

by Leisure Visitors increased by

tourism remains a key part of our

14% to £47.7M.

economy.”

“Overall

visitor

This is

particularly impressive as the

The Department published its

figures in 2011 were boosted by

‘Visitor Economy Strategy 2012-

the

2015’ on 1 March 2012. This set out

highly

successful

Commonwealth Youth Games.

the need to drive up quality and

“I believe this shows our strategy

exploit new markets to develop the

of working with the local private sector

Island as a year-round, distinctive and

to target high-value niche markets is

unique visitor destination. The strategy

starting to deliver real results.

is highly targeted towards high-value

“My Department is committed to

niche markets as well as having a

supporting further growth in tourism.

greater focus on specific geographic

The sector directly supports many jobs.

regions, such as integrated marketing

In addition, it brings a level of leisure

campaigns in the North West of

and social activities – from sporting

England.

events to restaurants – that a domestic

The Minister highlighted how this

population of 85,000 people could

strategy was being implemented and

never sustain. As a result, it makes our

some of the results achieved to date,

20

We have already hosted visits by the Daily Telegraph and BBC Olive magazine, with numerous further visits planned for the rest of the year. We have articles pending for the Daily Mirror and The Guardian.

past few months. He said: “We have strived to make the strategy a success through targeting specific markets.

For

example, broadening the portfolio of event-led tourism and developing activity-based holidays and group visits. “We are also delivering greater value for money in terms of our expenditure on marketing. We have been working our marketing budget very hard and allocate it to where we feel it would have most impact. “For example by facilitating various visits from broadcasters and other key media we have enabled the Island to be viewed by millions of people on television, in print and online, with an equivalent advertising value of £3M for 2012.


“The Department’s portfolio of

“Following improvements to the

international media and specialist

developing a more open dialogue with

event-led tourism products has been

website last year it now attracts

lifestyle titles. We have already hosted

industry stakeholders in order to

expanded to include visits by classic car

70,000 visits per month, which is an

visits by the Daily Telegraph and BBC

maximise the impact of the initiatives

groups and small niche tours –

increase of 300% on this time last

Olive magazine, with numerous further

it is working on.

particularly groups interested in

year. A new, free Visit Isle of Man

visits planned for the rest of the year.

The Minister continued: “The Head

aspects of the Island’s heritage such as

mobile app was also launched last

We already have articles pending for

of Tourism participates regularly with

railways and our natural environment

October and to date there have been

the Daily Mirror and The Guardian.

the Chamber of Commerce’s Tourism

such as diving or sea kayaking.

over 3000 downloads.

Much of this interest is directed to

Committee as well as engaging with

those new markets we are keen to

carriers and travel agents. We have

develop.

also been communicating to local

Stargazing packages are also in

“We have also facilitated the

development to exploit the Island’s

introduction of an online booking

seven Dark Sky Discovery Sites, which

system

accommodation

“The Department has also been

industry providers via a regular e-

were announced by Manx National

providers as research indicates this is a

working on developing its group travel

newsletter and a dedicated travel trade

Heritage in October last year.

very popular and growing method for

markets for 2013 onwards. There are

section on the Visit Isle of Man website.

for

all

“The Department continues to

booking in the UK. There have been

18 cruise liners booked to visit the

support and deliver new events to help

nearly £100,000 of bookings made

Island

10,000

seven Government departments has

boost visitor numbers such as the TT

since its launch three months ago and

passengers an increase of 50% on

been created in order to better utilise

Triathlon and the Classic TT, the latter

although there have been some issues

2012. There are already 11 cruise liner

our resources to benefit the tourism

part of the new Isle of Man Festival of

since its implementation I am confident

visits booked for 2014. It is also

and hospitality sectors. This is in its

Motorcycling. The Steam Packet has

that these are well on the way to being

liaising with over 240 coach tour

early stages but we do plan to involve

recently reported that bookings for the

rectified.

operators to include the Isle of Man in

local authorities as well in recognition

future itineraries.

of the important role they have to play.

Classic TT are 22% higher than the

‘The popularity of the website and

same time last year, which indicates

focus on online channels may indicate

that overall visitor numbers for the event will be significantly higher than for last year’s Manx Grand Prix.”

this

year

“Exhibitions

with

continue

to

“Additionally, a working group from

be

“We have also developed a visitor

that people are turning away from

important in marketing to the travel

information distribution system which

traditional channels such as printed

trade. Although we have reduced the

has

enabled

small-scale

tourist

brochures, however to date we have

number of exhibitions we attend each

information centres to be provided at

The Minister highlighted the

actually seen an increase of 48% in the

year, we are optimising our presence at

key points, with a view to driving up

greater emphasis placed on utilising

number of requests for the 2013 Visitor

the ones we do attend. This year we

visitor spend.”

the Internet to promote the Island.

Guide over the 2012 version. This

attended the Active Travel Show,

The Minister concluded: “These

bodes well for future bookings.”

Destinations and Best of Britain and

visitor numbers are encouraging and

Ireland.

We have been highly

together with the many initiatives we

He said: “According to Google, 80% of travel products in the UK are

In terms of its public relations

researched or purchased online, the

approach the Department is also

encouraged by the outcomes and

are working on show how the

highest figures for any country in the

seeing the results of its targeted

generated may high quality leads and

Department remains committed to

world. So we are using our digital

approach pay off.

attracted a lot of interest from media,

tourism and the visitor economy, which

particularly within the key markets we

are vitally important to the Isle of Man,

have been actively targeting.”

both in terms of jobs and the quality of

channels to a much greater extent and

The Minister noted: “Our targeted

the Visit Isle of Man website has

PR plan has resulted in a renewed

become our main promotional tool.

interest in the Island from national,

The Department has also been

life we enjoy here.”

21


INVESTMENT

What does your reporting say about you? In today’s environment, the public, investors, regulators, politicians, and commentators continue to challenge companies for failing to communicate effectively. that is informative and convincing.

the KPIs for the business should be (95%)

Standard setters and regulators are

• Led to better quality data collection

also involved in the IIRC’s work, including

International Integrated Reporting Council

(93%) and,

the International Accounting Standards

(IIRC), a global coalition of regulators,

• Improved business decision making

Board and the Financial Accounting

investors, companies, standard setters, the

(88%)

Standards Board, and are starting to

In order to address these concerns, the

accounting profession and NGOs, has

The framework also proposes a series

consider how the proposals within the

recently released a consultation draft of its

of core questions that an integrated report

framework influence their own work. By

International

Reporting

should answer. They take as a starting

testing what works and what doesn’t

Framework. The IIRC defines integrated

point established elements of reporting,

before moving to regulation, the IIRC

reporting as, “a process that results in

such as the management commentary,

hopes that its work will lead to an

communication by an organisation, most

financial statements and sustainability

enabling regulatory environment.

visibly a periodic integrated report, about

reports. However, when considered in the

So what should companies be doing

value over time”, and an integrated report

context of the ‘fundamental concepts’ and

now? We would encourage companies to

as, “a concise communication about an

‘guiding principles’, they suggest a

read the consultation draft framework and

organisation’s strategy, governance,

broader scope of reporting that focuses

assess the implications for their own

performance and prospects, in the context

more on: financial and non-financial

reporting. When considering the picture

of the external environment, lead to the

drivers; companies’ dependence on key

that your current reporting creates, it is

The credit crunch was a particularly

creation of value over the short, medium

resources and relationships; a longer term

worth asking yourself:

sharp reminder that historical

and long term”.

perspective; and alignment between

By Nick Halsall, Partner, PwC

financial

measurement

Integrated

alone

This has been a topic of significant

cannot provide sufficient insight

debate in recent years and many see

The seven content elements are:

into corporate performance.

integrated reporting as an opportunity to

• Organisational overview and external

internal and external reporting.

Does your current reporting present a connected and coherent picture of your organisation? Is the market value of your business a

Despite the significant efforts being

ensure that they present a consistent

environment

fair reflection of the performance of your

committed by many companies to their

picture of their business to multiple

• Governance

business? If not, what information hasn’t

reporting, the end result is often

stakeholders and as a catalyst for a more

• Opportunities and risks

been properly factored into valuations?

unconvincing, lacks cohesion and critically

cohesive approach to corporate reporting.

• Strategy and resource allocation

Is the external picture that you portray

leaves too many questions unanswered.

In developing the framework, the IIRC

• Business model

a fair reflection of the internal reality of

From talking to investors we know that

has tested its development through a pilot

• Performance

how the business is run and governed? If

poorly conceived reporting is largely

programme involving over 85 companies

• Future outlook

it is, is it something you are proud of?

ignored and the quality of management

and 50 investors around the world.

A number of companies are already

Corporate reporting will only play its

is brought into question. When reports

Emerging findings from this pilot

using aspects of this framework to change

part in rebuilding public trust if it is robust

have substance, they are read and have

programme reinforce the view that

the way they report.The IIRC has a strong

and meets stakeholder expectations. A

an impact on decisions.

integrated reporting delivers benefits both

focus on market led action through its

company’s ability to use integrated

Understandably, reporting is not made

for the organisation and for its

international

of

reporting to respond to stakeholder

easy by the regulatory demands imposed

stakeholders, including its investors. In

companies and investors which have

demands will differentiate the best

on all companies today, but sadly too many

particular, IIRC pilot companies found that

tested the framework as it has been

companies from the pack. It will provide

reports display the dead hands of

integrated reporting:

developed. For most organisations, the

evidence of which companies are well run,

compliance and the editorial committee.

• Provided a clearer view of their business

primary reason to look at the IIRC’s

well governed and sustainable businesses.

Too few companies have cut through the

model (95%)

consultation draft is to understand how it

A copy of the draft framework is available at:

historic clutter and the short-term financials

• Breaks down internal silos (93%)

can help to improve decision making and

www.theiirc.org/consultationdraft2013.

to create a strategic picture of the business

• Increased board focus on exactly what

make communications more effective.

Comments are due by 15 July 2013.

22

pilot

programme


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INVESTMENT

The increasingly important role of alternatives within Balanced Portfolios (APCIMS) which has an allocation of

contribute meaningfully to portfolio

balanced portfolio, the resulting fund

70% to equities, 17.5% to bonds, 5%

return, particularly during periods of

will be expected to display lower

to cash and 5% and 2.5% allocation

equity market volatility or outright bear

overall volatility and superior risk-

to hedge funds and commercial

markets is now very questionable.

adjusted returns.

A reassessment of Alternatives

standard asset class labels used to

The key here is to look beyond the

property respectively. In light of the higher prospective returns from equities, while the

Abi Oladimeji Head of Investment Strategy, Thomas Miller Investment A more challenging environment for balanced portfolios The

rationale

We contend that a carefully

look to the underlying characteristics of

portfolio would mean lower expected

selected basket of alternatives can fulfil

the assets themselves. So for instance,

return versus an equity-only portfolio,

the dual role of reducing portfolio

while listed infrastructure funds would

the lower volatility of bonds helps to

volatility and enhancing portfolio

be categorised as regular equity

reduce overall portfolio volatility.

returns. An alternative portfolio that

investments,

However, the reduction in portfolio

goes beyond property, commodities

characteristics including high degree of

volatility is not the only compensation

and hedge funds can be constructed to

cashflow predictability, high income

for the reduction in expected returns. A

provide exposure to a range of sectors

and lower price volatility during

crucial benefit of the asset mix derives

that exhibit low correlation to

broader market declines make them

from the behaviour of bonds during

traditional

prime candidates for a broadly

periods of equity volatility or bear

opportunistic market exposure to

markets. It

safe-haven

different return profiles to equities and

In addition to property, hedge

characteristics on offer that really make

bonds. Combined with a traditional

funds, commodities and infrastructure,

is

the

Over, the last 30 years we have

and accepted. For most investors the

yields and a corresponding bull market

attraction of an appropriate mix of

in government bonds. In our view, the

equities and bonds centre on potential

outlook for government bonds for the

diversification

the

long term investor is not particularly

anticipated reduction in portfolio

attractive. Real yields remain near

volatility.Today, it is not uncommon for

historic lows and prevailing levels of

a ‘balanced fund’ to have up to 70%

government debt are difficult to

in equities. The bulk of the remaining

sustain. Additionally, the search for

30%

allocated

yield has also seen corporate bond

predominantly to bonds and cash with

spreads narrow notably in recent years,

small

undermining the outlook for that asset

allocations

to

property,

commodities and hedge funds as a

diversified basket of alternatives.

investments, defined by the nature and

brought about a steady decline in

typically

provide

the broad range of alternative

seen a confluence of events that have

and

and

defensive

additions to a balanced portfolio.

balanced

benefits

assets

their

government bonds in particular, worthy

portfolios has long been understood

is

for

categorise investments and instead to

inclusion of bonds within a balanced

class.

The key here is to look beyond the standard asset class labels used to categorise investments and instead to look to the underlying characteristics of the assets themselves.

characteristics of their return profile rather than typical asset class labels, could be extended to other low volatility, absolute-return seeking assets such as private equity funds, zero-dividend

preference

shares,

insurance-linked securities, some niche debt funds. The rationale for balanced funds remains as valid as ever. However, today’s economic and financial market realities dictate that investors reassess the traditional approach to their implementation. A well designed multiasset class investment strategy should

representative group of ‘alternative

Looking ahead therefore, while the

investments’. A well-known industry

correlation between bonds and equities

example is the balanced portfolio index

may remain low enough for them to

from The Association of Private Client

offer diversification benefits to a

adjusted returns over the economic

Investment Managers and Stockbrokers

balanced portfolio, their ability to

cycle.

24

not emphasise returns over risk management. On the contrary, it should focus on delivering superior risk-


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26

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PROFILE

A Week in the Life Alex McNee is a Director of Boston Limited. Alex lives in the east of the Island with his wife, Joanne, his three sons, James (14), Matthew (8), Thomas (6) and his dog, Cassie. Alex is responsible for managing a portfolio of Boston’s top clients, and he is also a pivotal member of the business development team at Boston. Balancing his time between existing clients, developing new client relationships in work, and an active family life, we managed to catch-up for a coffee with Alex to find out how he is settling into his role in Boston

Monday As most Mondays tend to unfold, my week is kick-started in a somewhat busy fashion with a business trip to Birmingham – my first since the move to Boston. The day consists of no shortage of friendly smiles, introductions and welcoming handshakes, as I meet existing clients, introduce Boston and discuss new business opportunities. The day is punctuated with a fantastic lunch at Fumo, after which it’s back to more smiling, handshaking and meetings. With the end of the day approaching, I make use of the time spent at the airport to catch up on, and respond to, the ever-increasing list of emails collecting in my Inbox. The day ends on a perfect note: with a late supper with my wife, Joanne, and a nice bottle of Pouilly Fume. Tuesday Tuesday starts bright and early with a 06h45 start and a run on the beach with Cassie, my Springer Spaniel and sixth member of our family. It’s Cassie’s favourite part of the day, and had I been one of the fortunate few to be born a ‘morning person’, that would make two of us - I was not. But the exercise is good for you, and the feeling afterwards is great, so we press on. Then it’s back home for a shower while Joanne prepares a pot of coffee and a bowl of porridge. In typical fashion, Tuesday continues in much the same busy manner as Monday, with meetings taking up most of my morning. I normally go out of the office for an hour or so at lunchtime, but today lunch sees me at my desk, multitasking with a sandwich in one hand, and a pen in the other, as I sign countless papers (mostly relating to the recent acquisition of business). Tuesday is family film night, and tonight the film of choice is Charlie and the Chocolate Factory. The selection sits well with the whole family, with my wife particularly happy with the presence of Johnny Depp as a lead character, and my youngest, Thomas, diligently noting tips for his performance as an Oompa Loompa in the school assembly. Wednesday Wednesday sees me off the rock again, as today I am in London for the day to discuss new business ventures with existing clients. The day passes by in a whirlwind of various meetings with intermediaries, and many discussions on Boston ventures (a topic in which there appears to be a lot of interest); and by lunchtime I welcome a nice meal at the royal exchange with an old Coutts contact. I maximise my time at the airport again looking at emails, and arrive home to a late supper with my wife and lovely bottle of Sancerre. Thursday On Thursday morning it’s back down to the beach for a run with Cassie before work – a task that was far more appealing last summer when the weather meant that I could go down every day, rain or shine. But with a dark, cold winter only just gone, getting back into the swing of getting up and taking her out every morning has been substantially further down my priority list than it should have been. It’s at this point that I make a mental note to myself to try harder. Back at home, as I get ready for work, Joanne makes sure that there’s fresh coffee and toast waiting for me in the kitchen when I’m finished in the shower; a perfect (and again, much appreciated) start to the day. The morning unfolds with a procession of meetings, and with a number of client’s projects concluding early next week, the afternoon passes by with more emails and telephone calls with lawyers than I care to remember.

28


In association with

Alex’s creation: the Sunday Roast . . .

In typical father son competitive style, Thursday night consists of a run with

Weekends are usually my chance to showcase my culinary sills, however

my eldest son, James, and an attempt to beat him at FIFA 13 on the Xbox – I can

tonight my wife and I are out at one of our favourite restaurants on the island:

still run, but sadly can’t beat my fourteen year old at computer games as much

MacFarlane’s. One can always be ensured good wine, great food and lovely

as I could in years gone by.

people at MacFarlane’s, and as I am a creature of habit I always have the goat’s

Friday

cheese soufflé to start - tonight is no exception. A beautiful hake dish follows

Breakfast in Costa at the Sea Terminal has become a weekly ritual for James

as my main course, and all is enjoyed with a lovely crisp Sauvignon Blanc.

and me, where we enjoy a lovely meal together and play backgammon on my

We’re back home before 22h30 (a sure sign that we’re not getting any

iPad, in preparation for the big competition each school term. Then it’s off to

younger), and the night is finished off with a couple of games of pool with

work, where we end off the business week with a directors meeting in the

Joanne, and a night cap before bed.

morning - a good opportunity to cover key operational matters and provide

Sunday

new areas of thought for over the weekend. Having been there for a short

Ah, lovely Sunday. It is indeed the day of rest, and starts off as any Sunday

while, I am starting to understand and get a feel for how things are done, and

should, with a lazy morning in bed, a cup of coffee and the Sunday Times in

the rest of the day is spent ironing out transfer matters and considering the

hand, and Frasier playing on the TV in the background. It would seem the kids

latest business opportunity for a new client from the Middle East.

are all on some kind of Apple product (iTouch, iPad, iMac), making the most of

On Friday I aim to be home by 19h00, in time for Chinese dinner with the family, and Modern Family and Revolution on Sky 1. Seeing as it’s the end of a busy week, I reward myself by cracking open a new bottle of twelve year old

the precious time before my wife and I spoil it all by making them change out of their pyjamas and suggest we do something. By late afternoon, the much-anticipated football match between my team

Bruichladdich whisky, and settle in to enjoy it. Mmm, smoky hints!

(Braddan) and Ayre kicks off at the bowl. It’s a veteran’s league, but given that

Saturday

this game is for the league title, and given our competitive nature, today is a

Saturday unfolds in typical fashion, with football training for the two oldest

big game – and the bragging rights are huge.

boys, James and Matthew, after which it’s down town for brunch at

Finally, the week comes to a bittersweet end with a delicious Sunday Roast,

Jabberwocky. Everybody’s happy with the choice, as the kids continue to

manufactured by yours truly. I produce a work of art, which consists of a slow

marvel at the place.

roasted leg of lamb and rosemary infused roast potatoes; accompanied by all

As in most households, Saturday always requires some form of DIY

the trimmings. My wife loves it, partly because she didn’t have a hand in its

maintenance around the house, and today it’s a spot of painting – it never ends!

creation, but mostly for the taste, and the kids seem marginally unimpressed

Saturday afternoon sees Joanne, Cassie and me on the beach for a long walk,

by the presence of six different vegetables on the table.

followed by a much-appreciated flask of coffee in the car to round off the great

Sunday night ends off in front of the TV, working on emails and some

trek. At this stage, Cassie is looking very sleepy, and very dirty, and I’m feeling

important work matters on my laptop, in readiness for another busy week at

much the same.

Boston.

29


In association with

PROFILE

30

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Rod Stewart 4, 6 Jun

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Jesus Christ Superstar 15 Oct

Pet Shop Boys 20 Jun

Paloma Faith 07 Jun

Bruno Mars 02 Oct

Cirque Du Soleil 30 Oct - 03 Nov

The Who 23 Jun

Kings of Leon 12-13 Jun

Micky Flanagan 11 Oct

Milton Jones 01 Nov

Kings of Leon 24-25 Jun

Josh Groban 14 Jun

Jessie J 15 Oct

Jessie J 04 Nov

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The Who 15-16 Jun

Depeche Mode 07 Nov

Micky Flanagan 12 Nov

Rihanna 12-13, 15-16 Jun

Neil Young 17, 19 Jun

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Nickelback 23 Nov

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Pet Shop Boys 18 Jun

Mrs Brown 19-23 Nov

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Roger Waters 16 Sep

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Mrs Brown 26-30 Nov

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In association with

PROFILE

INTRO Name Robert Rotherham Title and Company Senior Tax Manager, KPMG Where do you live on the Island? Douglas, with my wife, Joanne, and three children: Grace, 6, Lucas, 4 and Ava, 1. How long have you lived on the Island? I moved to the Isle of Man when I was 10 and attended high school here then, after 10 years in the UK, moved

Which website do you visit most?

back 7 years ago.

BBC, ICAEW’s news page, Guardian, IOM Newspapers and Cricinfo, to keep up

YOU

with the latest cricket news and scores.

What is your business background?

Do you shop online and if so what for?

I qualified as a Chartered Accountant whilst working in the corporate tax

I’ll often buy books and running gear online, although I’ll buy just as much

team at PwC in the North West of England. Since 2006 I have been helping to

of this stuff locally.

manage KPMG IOM’s tax team.

PERSONAL

What was your very first job?

Where in the world would you most like to visit and why?

I was an Operations Assistant at Marks & Spencer during university holidays.

Japan appeals and I’d love to take the family on a fly-drive to California – my

This essentially meant helping to take deliveries and looking after the

parents took me when I was young and I’ve really happy memories of it.

storeroom . . . and eating subsidised breakfasts!

What is your favourite TV?

Who is your business role model?

I’m really enjoying Modern Family on Sky One. In recent years Sherlock and

I can’t say I have one, I like to think I’ve learned from pretty much everybody

Luther have been stand-outs, whilst further back there’s no beating either

I’ve worked with.

I’m Alan Partridge or Fawlty Towers for sheer out-and-out hilarity

What’s the best business lesson you’ve ever learned?

What is your favourite film?

Be open to change. There have been plenty of occasions when somebody

I’ll name three – Godfather Part II, Carlito’s Way and Goodfellas. Basically any

has suggested a new way of doing something which, despite maybe

gangster film . . . apart from Dick Tracy.

resulting in some short-term hassle, has proven to pay long-term dividends.

What is your favourite album?

What’s the best thing about your job?

This changes almost daily – as of today, I’m going to go with London Calling

The team at KPMG are a pleasure to work with and I also get to meet lots of

by The Clash.

interesting people outside of the office.

What is the most memorable event you have recently attended?

What is the best business advice you could offer to anyone?

The 2005 Champions’ League Final in Istanbul: Milan 3 Liverpool 3, with

Try to enjoy your work as much as you can – you spend long enough doing it!

Liverpool winning on penalties . . . still makes the hairs on the back of my

DIGITAL AGE

neck stand up!

Do you own an iPad?

Name 3 things you would like to do before you die?

Yes, although my children would beg to differ.

I’d like to beat my marathon PB (ideally in New York), see Liverpool FC win

What are your favourite gadgets?

the Premier League and be a good Dad.

The Garmin GPS watch I use for running and our Sky+ Box – what did we do

What is the best piece of personal advice you could offer?

before they came along?!

Be grateful for what you’ve got in life and try to squeeze all you can out of it!

31


In association with

Book online: citywing.com

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Tel. 0871 718 5000 www.aerlingus.com

Isle of Man to Belfast

Belfast to Isle of Man

Isle of Man to Dublin

Dublin to Isle of Man

Depart Arrive M T W T F S S 0725 0800 0910 0945 1110 1150 1400 1440 1600 1640 1800 1840

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Isle of Man to Blackpool

Blackpool to Isle of Man

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Tel. 0905 821 0905 www.easyjet.com Isle of Man to Liverpool

Liverpool to Isle of Man

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London Gatwick to Isle of Man

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Isle of Man Airport Contact Information

Tel. 0844 493 0787 www.ba.com Isle of Man to London City

London City to Isle of Man

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•••••• ••••• • ••••• •

Information Desk

01624 821600

Administration

01624 821601 (9-5 Mon-Fri)

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admin@iom-airport.com

Website

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Airport Advertising

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Car Hire

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Isle of Man to Birmingham

Birmingham to Isle of Man

Depart Arrive M T W T F S S 0835 0930 1155 1250 1920 2015

Depart Arrive M T W T F S S 0715 0810 0755 0850 1800 1855

Isle of Man to Bristol

Bristol to Isle of Man

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Isle of Man to Edinburgh

Edinburgh to Isle of Man

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Isle of Man to Glasgow

Glasgow to Isle of Man

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Liverpool to Isle of Man

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Isle of Man to London Gatwick

London Gatwick to Isle of Man

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Isle of Man to Luton

Luton to Isle of Man

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Isle of Man to Manchester

Manchester to Isle of Man

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Isle of Man to Norwich

Norwich to Isle of Man

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Isle of Man to Southampton

Southampton to Isle of Man

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•••••• • •••••• ••••• • • ••••• •

Tel. 01392 268529 www.flybe.com

••••• • ••••• •

NEWCASTLE

••••• • ••••• • • •

•••••• • •

• •

• • • •• •• •

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• •

Some of the destinations listed in these schedules are seasonal and apply only to certain times of the year. If in any doubt, please check with the individual airline for confirmation.

33


TV

Sugar rush anyone?

those usual clichés. I’m sick and tired of all that rubbish to be perfectly honest with you, because I believe actions speak louder than words. And it’s going to be actions that I’m going to judge you on. Now the aim of this process is to get your business plans in front of me. The tasks are there to test you and take you through every facet in business.” The first task kicks off at midnight with Lord Sugar asking the candidates to sell a shipping container load of goods to London’s trade in just one day. From novelty items to household necessities, each team must find suitable The Apprentice returned on Tuesday 7 May on BBC One for a ninth season,

buyers for their different product lines and the team that makes the most

as Lord Sugar and his advisors began to put 16 new candidates through the

money from the day’s sales will be declared the winner. It’s a super-sized

toughest business test going.

straightforward selling task but Lord Sugar throws in a surprise twist right

Sixteen determined candidates will compete to stay out of the firing line for 12 weeks in a bid to win Lord Sugar’s £250,000 investment. They must

at the beginning, proving that the candidates can never be certain what to expect from him.

demonstrate business sense, creativity and leadership in order to impress

The candidates will be put through their paces every week by a range of

Lord Sugar, Nick and Karren, but only one applicant will triumph and become

challenging tasks, from creating and branding their own flavoured beer and

Lord Sugar’s next business partner.

selling caravans, to putting together a corporate away-day for some very big

This year, the candidates will reveal their business ideas right from the

clients. At the end of each day they will go home to their luxury town house

start of the process, not only creating an additional level of competition

in Central London, enjoying a taste of the high-end lifestyle that a successful

between the applicants but also challenging them to prove they have the

business can make a reality.

skills to succeed in the business they are pitching to Lord Sugar. This year’s budding business partners come from a diverse range of careers and backgrounds, from catering, leisure and recruitment to property, medicine and academia.

But, as always, it ends in the boardroom. After each task, the losing team will return to face Lord Sugar and battle it out to keep their place in the process, before one candidate will hear the infamous words ‘You’re Fired’. The ever-popular companion show The Apprentice: You’re Fired! will also

East End boy and entrepreneur, Lord Sugar started from modest

return to air immediately after the main series on BBC Two. Host Dara

beginnings to build a global business empire worth millions. He says: “This

O’Briain will reflect on the fired candidate’s time on the show, asking for their

process is not about a job, it is about me ploughing £250,000 into a business.

insight on their best and worst moments, as they are interrogated by a panel

This is an unbelievable opportunity. For me to choose you, you’ve got to be

of business experts and celebrity fans.

brilliant.” [Just ask Stella English]

The official Apprentice website - bbc.co.uk/apprentice - will host

Lord Sugar is once again joined by his trusted advisors Karren Brady and

candidate biographies and information about the series alongside preview

Nick Hewer, who are on hand to observe the candidates throughout the

clips of upcoming episodes. Also hosted on the site, The Apprentice super-

process and report back on the successes and failures within each task.

fan, TV and radio presenter Matt Edmondson, will catch up with each fired

As Lord Sugar greets the candidates in the boardroom for the first time, he explains what he expects from them in order for them to succeed from week to week: “As you can see, I’ve got a pile of CVs here – it’s full of the usual BS. You know, ‘I’ll give 110%, I’m the greatest entrepreneur since sliced bread, failure’s not an option, I think outside the box, inside the bleeding box.’ All

34

candidate for a weekly high-pressure, post-exit interview with a difference in Matt Edmondson’s Awkward Conversations. You can catch up with all The Apprentice action on the official Apprentice Twitter (@bbcapprentice) and Facebook (facebook.com/BBCApprentice) The Apprentice airs on BBC One on Wednesdays at 9pm.


In association with

CINEMA

The Epic (3D) Hangover III

The Great Gatsby

Despicable Me 2

Released May 24th Certificate 15

Released May 24th Certificate PG

Released May 17th Certificate TBC

Released June 28th Certificate TBC

This is the third and final film in the

A young girl named Mary Katherine

Nick Carraway (Tobey Maguire) is an

‘Despicable

hugely successful Hangover film

lives in a cabin in the woods with her

aspiring stock broker in 1920s New

audiences around the globe in 2010,

series, which sees the return of stars

father, Professor Bomba, who has long

York. Living on the outskirts of town,

grossing more than $540 million and

Bradley Cooper, Ed Helms, Zach

studied a group of warriors who live in

he re-establishes a friendship with

becoming

Galifianakis, Ken Jeong and Heather

the forest and protect it as guardians

his cousin, Daisy (Carey Mulligan),

animated film in American movie

Graham. Once again, Todd Phillips

of good. He often goes into the forest

and her husband, Tom Buchanan

history.

directs.

and survey them.

(Joel Edgerton).

Me,’

the

delighted

tenth-biggest

So get ready for more minion

While driving Alan to a treatment

One day, the professor doesn’t

Nick also befriends golfer Jordan

facility, Doug, Stu, Phil and Alan are

return so Mary Katherine sets out to

Baker (Elizabeth Debicki), who is

When a criminal mastermind

set upon by a gang. The gang leader

look for him. Hours later, she comes

pressured by Daisy to begin a

uses a trio of orphan girls as pawns

(John Goodman) informs them that

upon a group of glowing, falling leaves.

romance with Nick. Jordan informs

for a grand scheme, he finds their

Leslie Chow escaped from prison and

Catching one of them, she is suddenly

Nick of his neighbor, the rich and

love is profoundly changing him for

stole $21 million dollars from him.

shrunken down. In her minuscule

enigmatic Jay Gatsby (Leonardo

the better.

Ordering them to track Leslie down,

state, she discovers the group of

DiCaprio) who is famed for staging

Steve Carell, Russell Brand, and

Doug is kidnapped as insurance. They

warriors, known as the Leafmen. Soon

large, flamboyant parties for the

Miranda Cosgrove will reprise their

find Leslie in Tijuana, who leads the

she is forced to assist them in a war

region's elite.

roles. New cast members include Al

guys back to Las Vegas . . .

against forces of evil known as the Boggans,

madness in ‘Despicable Me 2’.

While getting to know Gatsby,

Pacino as Eduardo, and Steve

while

Nick learns of a love affair between

Coogan as Silas Ramsbottom, head

trying to find out

Gatsby and Daisy that was broken

of the Anti-Villain League.

how to return home.

by the First World War. Now, Nick is caught in the crossroads of a staged

game

aimed

at

recreating the past. Soon it begins to show that greatness can sometimes be a front to one’s true identity.

35


ENTERTAINMENT

Poker returns to the Palace Casino

After a tense start to the final, it took more than two hours for the first player

The resurgence in the interest of poker at the Palace Casino will continue with the

to be eliminated before the top three spots were claimed. Bruce Williamson

start of a new ‘summer league’, building on the success of the recent winter league

came in 3rd, followed by Adam Kelly in 2nd, and the much sought-after 1st place

which saw the winner walk off with a £1,000 top prize.

and title of Palace Casino Winter League Champion went to Sam Kenny.

In November 2000, the then Hilton Hotel and Casino hosted the biggest poker

Following the huge success of the winter league, poker is certainly here to

tournament to be held in the UK, with a 1st prize of £1 Million guaranteed. ‘Poker

stay at the Best Western Palace Hotel and Casino. The Palace Casino will host a

Million I’ was sponsored by Ladbrokes and Matchroom Sport, with the Final table

summer league in 2013, following the same format as the winter league,

of Poker Million airing live on Sky Sports and attracting 30 million viewers

beginning after TT week in mid-June.

worldwide, making it one of the most watched live sporting events of its time.

But players don’t have to wait till then to savour the excitement of

For almost twelve years after ‘Poker Million I’, the poker scene at the Best

competition – individual tournaments are being held every Monday evening in

Western Palace Hotel and Casino all but disappeared before being brought back

the Casino, and will continue up until the start of the summer league.

in a series of weekly tournaments from October last year. The tournaments grew

Registration for the Monday tournaments is from 5.45pm-6:45pm; with a huge

increasingly popular week after week through to December, when the decision

following and limited spaces available, make sure you get in early to avoid

was made to create a new winter poker league.

disappointment.

The league took place every Monday night over 12 weeks, with 10% of the prize

An added incentive for the 2013 summer league is that the winner will receive

pool being withheld each week to contribute to the final table prize pool, along

a seat at the Pokerstars UKIPT main event, to the value of £1,100. This tournament

with £1,000 added by the Casino. The first tournament was held on January 7th,

is due to begin on October 31st this year and will be held at the Villa Marina

with the top 10 players after the 12-week league period being invited to participate

under the Palace Casino’s gaming licence. Look out for further details to be

in the Grand Final on March 31st, for a chance to win a share of the prize pool.

released closer to the event.

36


GOVERNMENT

Isle of Man welcomes developments in international taxation The Isle of Man Government has given an update on a number of taxation and regulatory matters in the light of international developments which are progressing ahead of the forthcoming G8 Summit, to be hosted by UK Prime Minister David Cameron in June. Among the topics expected to be

complying with FATF standards on

the UK, Chief Minister Allan Bell, MHK,

on the Summit agenda is the

AML/CFT. Establishing the ultimate

said: “The nature of tax cooperation is

beneficial ownership behind all account

changing and, as I made clear in my

and business relationships conducted by

Agenda for Change speech to Tynwald

financial intermediaries in the Isle of

in October, automatic exchange is

Man is a mandatory legal requirement

becoming the global standard. The

backed by onsite regulatory supervision

Island already shares tax information

in order to ensure compliance. The Isle

automatically under the EU Savings

of Man is committed to remain at the

Directive and has recently announced

forefront of jurisdictions in this regard.

that it will do so on a wider basis with

initiative announced by the United Kingdom, France, Germany, Italy and Spain on 9 April 2013 for developing and piloting a form of multilateral

tax

information

exchange based on the model FATCA

intergovernmental

agreement which they developed with the USA. Further European Union member countries have said that they will join the pilot. The Isle of Man Government welcomes this move and intends to engage with the pilot and in supporting the development of a new global standard on automatic information exchange. Having a single global standard will lead to greater tax transparency

while

minimising

It is right that the private sector takes on new obligations in the fight against tax evasion and money laundering, but it is also right that the impact of those obligations should be kept to the minimum

compliance costs for business and Government. The Isle Man also welcomes the communiqué issued by the finance

Chief Minister Allan Bell MHK said:

the USA. This decision is a well-

“The Isle of Man takes a leading role in

considered next step in the Island’s

the fight against tax evasion and illicit

long-established policy of commitment

finance, both in terms of legislation and

to being at the forefront of tax

enforcement. Economic success is

transparency

driven by the linked factors of having

and international cooperation. The

the best international standards in place

Isle of Man has achieved global

and understanding the needs of

recognition for its proven record of

business. My Government welcomes

compliance with current international

the impact that rapidly evolving

standards of tax co-operation, with the

international standards are having in

OECD reporting to the G20 last year

raising standards globally, but also

that the Island was one of only a few

Man stands willing to participate in the

knows that business must not be

jurisdictions with all the elements of

technical work of developing the new

forgotten.”

effective tax information exchange in

standard.

Mr Bell added: “There must be a

place. At the same time the Financial

ministers of the G20 on 19 April 2013,

The 19 April G20 communiqué also

concerted commitment by governments

Stability Board placed the Isle of Man

in particular the statement that: “We

said: “We reiterate our support for FATF

that the foundation of automatic

in the highest category of co-operative

look forward to the OECD working with

work, notably the identification and

exchange of tax information, whether

jurisdictions strongly adhering to

G20 countries to report back on the

monitoring of high-risk jurisdictions

between two partner countries or

international standards of co-operation

progress in developing of a new

with strategic AML/CFT deficiencies. We

multilaterally, has to be a common

and information exchange. Continuing

multilateral standard on automatic

must tackle the risks raised by opacity

international compliance system for

with this approach, it is logical for the

exchange of information, taking into

of

legal

business. It is right that the private

Isle of Man to embrace new forms of

account

arrangements, and encourage all

sector takes on new obligations in the

tax cooperation with our largest trading partner, the UK.”

country-specific

characteristics.”

legal

persons

and

countries to take measures to ensure

fight against tax evasion and money

As many more countries than those

they meet the FATF standards regarding

laundering, but it is also right that the

Negotiations with the USA and the

in the OECD and G20 apply

the identification of the beneficial

impact of those obligations should be

UK are continuing, and it is expected

international tax standards, it is

owners of legal persons, other corporate

kept to the minimum.”

that the agreements introducing

important that countries from outside

vehicles and trusts, that is also relevant

those organisations are invited to take

for tax purposes.”

part in this vital work; and the Isle of

The Isle of Man is committed to

When the Isle of Man announced on

enhanced tax co-operation will be

7 December 2012 its intention to

signed and published in the near

conclude a FATCA-like agreement with

future.

37


LAW

Non-executive board members updated on corporate governance Key Isle of Man non-executive board members gathered last week at a special breakfast briefing on the latest developments in corporate governance. business and to fostering a more

directly from university in 1993. On

stable, long-term focus in the

completion of his training here he then

market in general.

spent

years

in

Boston,

There is certainly plenty of

Massachusetts, experiencing the dotcom

scope for change, a recent global

boom and bust, the Enron collapse and

survey of investors by PwC found

the resulting changes to financial

that many had little idea of what

regulation. His primary focus was

an audit committee actually does,

business start-ups and listed clients in

and few read the audit committee

the technology sector; in particular high-

section of the annual report.

tech

The two main aspects of the changes encompass delivering a ‘fair,

balanced

manufacturing

and

life

science/medical devices. Back in the Island, his specialist areas

and

are the listed and AIM markets, as well

understandable’ annual report

as being a member of PwC’s

and Audit committee’s reporting

‘Sustainability & Climate Change’ group,

of ‘significant issues’. Nick Halsall

focusing on clients investing in carbon

commented:

assets, and those operating in the

“We expect that many

Nick Halsall, Wendy Jessop

five

renewable energy sector.

companies will provide more

PwC Senior Partner, Ian Clague

transparent information on the

commented: “Nick has a huge range of

work of the audit committee,

international corporate governance

Organised by PwC as part of their

September 2012. Guests were also given

which was already developing as best

experience, and advises both listed and

ongoing commitment to keep

an insight in to recent feedback from the

practice. Some may also want to confirm

AIM companies here in the Isle of Man,

board members up to date on

Financial Reporting Review Panel on the

that the annual report is fair, balanced

and Wendy has a wealth of relevant

governance and related matters,

quality of financial reporting.

and understandable, and we believe all

accounting technical knowledge. This

over 30 senior business people

The changes to the UK Corporate

boards should consider at the earliest

presentation and the closing Q and A

heard presentations from Nick

Governance Code largely implement the

opportunity whether they would be in a

session provided a tailored insight for us

Halsall, PwC Isle of Man Assurance

ideas of the FRC’s ‘Effective company

position to make that statement, given

here in the Isle of Man, and I am sure

Partner, and Wendy Jessup, PwC

stewardship’ initiative. Aimed at giving

the existing Code and Disclosure Rules

that the briefing was of value to the

Isle of Man Assurance Manager.

investors increased confidence that the

and Transparency Rules requirements in

breakfast audience. PwC is committed to

The event gave an overview of the

information in a company's annual

that regard. As with so much in

supporting the local non-executive board

current corporate governance landscape

report is transparent and reliable, the

governance, the Code’s success will

community and I look forward to the

and its relevance to companies in the Isle

changes apply to premium listed

depend on the extent to which it drives

upcoming future events with interest.”

of Man, including current activity by the

companies for accounting periods

both behaviour and reporting in practice.

A repeat of this event will be

UK Government’s Department for

beginning on or after 1 October 2012.

We urge companies to grasp this

arranged in the coming weeks for those

Business, Innovation and Skills, the

PwC has supported this initiative since it

opportunity to revisit their corporate

that were unable to attend this event.

Financial

Authority, the

began, believing that an effective

reporting processes and the quality of

Anyone interested in attending the

European Union and recent changes to

independent audit committee coupled

their annual reports.”

repeat event or any future events in the

the UK Corporate Governance Code and

with high-quality corporate reporting can

Born and brought up in the Isle of

Stewardship Code announced by the

make a significant contribution to

Man, Nick has long associations with

689689

Financial

rebuilding trust and confidence in

PwC, having joined Coopers & Lybrand

l.jackson@iom.pwc.com

38

Services

Reporting

Council

in

series should contact Linda Jackson on or

email

her

at


eGAMING

SMP Partners join launch of new IOM-licensed Gaming operation SMP Partners, represented by David Hudson and Lorna ConiglioBurrows, joined executives and guests of Vivant at the launch of Jaro.com, recently licensed by the Isle of Man Gambling Supervision following six months’ intensive work with the Gambling Commission and the gaming team at SMP Partners, the Island's leading provider of gaming related corporate services, to prepare and submit the licence application. Speaking of the decision to come to the Isle of Man, Anthony said: "Our decision to licence in the Isle of Man was primarily based on the Island's reputation as a highly regulated gaming jurisdiction and the access it gave us into the UK market - the first market we intend to target.” “Also, we needed to establish a strong working partnership with a professional firm with the experience to guide us through the licensing process Paul Argus (Jaro.com), David Hudson (SMP Partners, Group Director), Steven Henderson (Jaro.com), Lorna Coniglio-Burrows (SMP Partners), Anthony Farah (Jaro.com, CEO), Fred Serhal (Jaro.com) and Bill King (Jaro.com) The prestigious launch event at

year.

and help to manage our ongoing operations. SMP Partners have been such

pull together and make that US$1 billion

a partner; they have demonstrated a

a reality."

deep understanding of the licensing

London’s One Marylebone, hosted

In the game, players buy a ticket for

by The Gadget Show’s Jason

$10, giving them entry into the

Jaro claims the game could become

process and have helped us foresee and

Bradbury and headlined by BRIT

tournament. Players must split the $10

the single largest fundraising initiative in

resolve the complex issues involved in

Award-nominated AlunaGeorge,

between the prize pool and charity,

the world and, potentially, the provider

building a framework on which to

was also attended by a host of

choosing the charitable causes they want

of the biggest single prize pot of money

establish what we hope to be a $1BN

leading business figures and

to benefit. Players then take part head-

ever. It has given itself a one year

operation. My thanks and appreciation

celebrities, including singer Sophie

to-head in a knockout tournament with

deadline to generate $1bn.

go out to the team at SMP for the

Ellis-Bextor and Ortise Williams

others around the globe.To win the final

The 13 leading charities signed up to

contribution they have made in getting

from chart-toppers JLS.

prize pool, a player needs to successfully

be beneficiaries of the game are

us to this very important milestone; we

navigate their way through 27 knockout

ActionAid,

Amnesty

look forward to working with them as

matches.

International, British Red Cross, Cool

Jaro.com continues to build its international profile and operations.”

The new crowd-funding social platform aims to become the world’s

Age

UK,

largest single annual fundraising

“Jaro.com is a billion dollar game for

Earth, Great Ormond Street Hospital

initiative, with 13 of the world’s top

good – it is good for charities, good for

Children’s Charity, Guide Dogs, Merlin,

David Hudson, Group Director at

registered charities and one lucky winner

the players and good fun,” said Jaro.com

War Child, World Cancer Research Fund,

SMP Partners commented: "It has been

expected to benefit from the knockout

CEO Anthony Farah.

World Heart Federation,World Society for

a real privilege to work with Anthony and

Protection of Animals and WWF.

his team; Jaro.com is an incredibly

tournament game.

“We’re asking people a billion dollar

Jaro.com is an initiative of Anthony

question: how would you split a mind-

Farah, founder and CEO of Sydney-

the

exciting game concept with ambitious

boggling amount of money between

culmination of many years of hard work

plans; we are delighted to be involved

based digital agency Vivant, and aims to

charitable causes and one lucky winner’s

for Anthony and his team. Jaro was

and look forward to supporting the

generate funds of $1bn over the next

jackpot? And then we’re asking them to

awarded its gaming licence in March

operation as it grows."

40

The

launch

party

was


PR

Content Marketing This month, two of Ashgrove’s marketing gurus, Moya Wilson and Annie MacLeod, explain the concept of Content Marketing. business’s overall favourability, while other forms of marketing may be more successful in increasing brand exposure and recognition. So what are these other forms of marketing, and how can your business concentrate on increasing its visibility in the world of the modern consumer? AM: Enter content marketing, with its bows, ribbons, bells, whistles, smoke and mirrors neatly disguised. Through the simple offer of personal, engaging and relevant information, an organisation can develop trust and credibility, and ultimately an intimate relationship with the consumer. Typically, it is considered a business-to-business (B2B) marketing

Annie MacLeod

Moya Wilson

strategy; the aim of which is to offer advice and relevant and meaningful conversations, building

MW: Ever heard of it? I’m hearing

AM: The concept of content marketing

silence. The kind of silence that would

itself is not necessarily a new one.

likely follow if I attempted to strike up

Companies such as John Deere, with its

a conversation with a casual, “so,

custom made publication “The Furrow”,

advanced cellular microbiology, hey …

have been at it since as early as 1895;

”. But unlike a topic that requires a

though Pan Am airlines’ in-flight

PhD and 15 years of study simply to

magazine is one example probably more

remember its name, content marketing

recognisable to the everyday consumer.

is a concept with which a surprising

Simply put; content marketing is the

amount of you are probably already

practise of developing and distributing

familiar. Maybe you’d recognise it as

relevant, valuable and engaging content

one of any number of other names that

to a target audience with the object of

it goes by. Custom publishing, custom

increasing business growth. Indeed, the

media, branded media, customer

concept is not a ground-breaking one,

media, contract publishing, private

although it may require a new way of

media, corporate media, corporate

thinking for some marketing teams as

journalism, authoritative journalism,

they get to grips with how content

and others are all names and variations

marketing should work within their

of the same concept: content marking.

overall marketing strategy.

If you recognise any of these as practices

your

lasting

Content Marketing is the practise of developing and distributing relevant, valuable and engaging content to a target audience with the object of increasing business growth

business owner without his even realising it. All this so when the time comes yours is the only company that comes to mind. MW: The value of content marketing is that, rather than bombarding the customer, it engages them in a conversation; talking with them rather than at them. Research shows that 70 per cent of business owners feel that content marketing positively influences their relationship with the sponsoring company. In opposition to the (often somewhat invasive) nature of some forms of advertising, content marketing is a non-disruptive, passive delivery of relevant information, which makes your consumer anticipate and look forward to your message. Ultimately, the result is a

business,

MW: Our previous segment focussed on

congratulations, you’re on the right

how cause marketing as a marketing

message of your brand or company. This

track. If not, welcome. We’ll explain.

strategy can drastically enhance a

is not, however, to be misinterpreted to

42

in

a

relationship with the consumer or

more positive predisposition towards the


mean discontinuing your existing

Furthermore, producing content within

marketing warrants significant mention

marketing has an external centre of

marketing strategies altogether. The real

your company’s area of expertise can

of the way in which social networking

gravity in the form of a separate site or

magic happens when the two strategies

position you as a valuable resource to

sites come into play. Despite common

brand website.

work together to sing the same tune.

those looking for guidance, increasing

confusion, online content marketing is

marketers can make use of social

your reliability and overall brand image.

not to be confused with social media

networks to distribute their content, in

marketing; the two are distinctly

this case the social network acts as a

different. Whereas

distributor of links directing traffic away

AM: A successful content marketing

Though content

strategy has at its fingertips any one of a

MW:Take care to ensure you produce the

number of different media channels and

type of content that your everyday

can appear in a number of different forms

consumer is seeking and can relate to,

- newspaper and magazine articles, white

rather than simply describing how great

papers, custom magazines, advertorials,

your company is. The success of content

eBooks, or even social media such as

marketing as a strategy relies heavily on

Facebook , Twitter or blog posts. The

its conversational nature. A well thought

question, in this case, is not only where

out strategy will successfully make use of

but also what and how, and the three go

(arguably) a company’s most important

hand-in-hand

careful

resource: word of mouth referrals. Will

consideration of your target audience.

your content stick with the reader so that

Take the time to analyse your customers’

they think about it later and discuss it

behaviour patterns - where they spend

with their colleagues? Will they share and

their time, what type of issues they care

spread it over social media? Is it so

about, whether they have an awkward

engaging that they will ‘friend’ or follow

(yet significant) penchant for rollerblading

you?

A well thought out strategy will successfully make use of (arguably) a company’s most important resource: word of mouth referrals.

singing aloud to Abba. This will determine

AM: Which brings us to our next point;

marketing concerns itself primarily with

the magazine in anticipation, or that it

the type of content you’re going to cover,

obviously, in the digital and .com age any

media activity occurring within the social

is your heading typed in the Google

and where it will be distributed.

discussion that deals with online

networks themselves, online content

search bar.

with

a

social

media

and to another site. The conversational

in the rain wearing spandex unitards and

nature and two-way aspect of social networks can also prove to be vital to your company’s content marketing strategy, as discussions often uncover matters of particular interest to your customers. MW: All this is why more and more companies are producing material and launching websites that mirror that of a journalistic product. So instead of your company’s marketing falling on the deaf ears of the wrong target audience, imagine rather that yours is the article that sees the reader paging through

EPL Recruitment... refreshingly simple recruitment EPL is one of the market’s leading recruitment consultancies providing both candidates and clients with a different kind of recruitment. Working with many of the biggest employers, as well as start up groups relocating to the island, EPL provides support, advice and assistance with all recruitment matters. Whether you are a graduate, a seasoned professional, someone looking for a career change, or recently been made redundant EPL Recruitment can provide the advice and know-how you need to move your career forward in the right direction. With a host of high-profile client companies on the books, they'll ensure that your next move is the right one. Once you’ve registered with EPL you’ll have access to a team of professionally accredited advisers committed to matching you with your ideal role. The recruitment team have genuine real-life experience as well as being qualified through industry specialists. You will be appointed a

consultant that fits your skills and experiences best, whether you have recently left school and looking for your first role, or if you are searching for a more senior appointment. As a candidate looking to register you may have a clear idea of the job you want - even the people you want to work for. You may however have no more than a sense that your prospects could be more exciting. Whatever, you'll find EPL keen to listen and advise. Contact EPL today to find out more about how they can help you. Call 01624 615600 or visit their website at www.epl.im to register your information. All registrations made are confidential. You can also follow EPL via Facebook and Twitter to keep updated with all new vacancy releases. No-one offers better individual advice and support for people changing or seeking jobs.

Stand out vacancies for stand out candidates

43


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

F E A T U R E

No longer a ‘high street’ business Looking back over the past ten years plus within the local recruitment market, Jon and Cathy Morley have seen a big change in the way the Island’s recruitment market operates . . .

Recruitment,

By Jon and Cathy Morley, Founders and Directors, Bespoke Recruitment

General

Permanent

Executive Officer, Finance Director and

Recruitment and Temporary/Contract

a Senior Company Secretary, among

roles.

others. The largest increase in

We thoroughly enjoyed our time

placements, however, has come from

spent working from our offices in Athol

our

General

Permanent

and

Street. However, once people were

Temp/Contract Divisions. This is due to

When I first started in recruitment,

service. We are very selective in regard

aware of the Bespoke brand, we no

our flexible, cost effective charging

CVs would be submitted in writing

to who we represent and, rather than

longer needed a shop front - our

structure which we believe high street

and posted out via mail to local

having the Island’s largest database of

reputation

past

agencies simply can’t match due to the

companies. We would then have to

candidates, we are proud to have what

performance has resulted in the vast

overheads that they carry such as rent,

wait weeks for feedback.

and

proven

we consider to be the Island’s best

majority of our candidates being

rates and parking, plus the costs of

In today’s fast changing market,

candidate database - a database of

introduced on a recommendation basis

consultants who work on commission.

with smart phones, face time, Skype,

candidates who we know well and who

by other happy candidates who we

psychometric

online

we are proud to represent rather than

have placed.

applications and an international client

just another number on a volume

and candidate database, things

database.

testing,

couldn’t be more different.

We set up Bespoke Recruitment in

Changing times call for a change in approach

and,

at

Bespoke

Bespoke is run as an online agency so, in addition to offering our clients a

All of our Candidates are still

more

cost

effective

recruitment

interviewed, vetted and reference-

solution, we in turn offer candidates

checked face to face by a qualified and

wishing to register the opportunity to

2006, and it has proved to be a

experienced

meet with us at a secure private

genuine success story.

consultant,

so

our

We put

approach remains, and always will be,

location of their choosing.

When

always

everything on the line at the time of

of the highest quality. This approach is

considering

roles,

endeavoured to be the first recruitment

setting up. We had no candidates and

vital in every respect, not least because

confidentiality has to be maintained at

agency to adapt, improve and exceed

no clients but, within a matter of

Bespoke Recruitment is a full

all costs and, by running the risk of

candidate and clients expectations.

Recruitment,

we

have

moving

months, Bespoke was already gaining

Corporate Member of the Recruitment

being seen walking into a high street

Although the Island seems to be

recognition as the Island’s most

& Employment Confederation.

agency on an Island, you automatically

saturated with recruitment agencies,

proactive and effective agency on the

We have had a positive start to

the Bespoke approach couldn’t be

Island. Seven years on, Bespoke has

2013, with our Executive division

more different from the high street

built on this already very positive

being

having

Since moving from Athol, Street, we

agencies. We are more of a boutique

reputation and has developed as the

successfully placed candidates in roles

have seen a huge increase in

agency that offers far superior levels of

Island’s stand out agency for Executive

including a Trust Manager, Chief

candidates registering who simply

44

particularly

busy

run the risk of being seen by a friend, colleague or your present employer.


Twitter pages on a daily basis, and can be contacted 24/7 on 611044 or by emailing jobs@bespoke.co.im Not all of our vacancies can be advertised however, so if you are looking for a temporary, contract or permanent role in any of the following sectors contact Bespoke Recruitment for free friendly advice. • Accountancy • Insurance • Trust/CSP • eGaming didn’t want to run the risk of being

business development. We work closely

with candidates. We intend to continue

• eCommerce

seen walking through our front door.

with these clients to take care of any

providing our clients and candidates

• Legal/Compliance

This has been welcomed as we have

staff that they have sadly had to let go,

with the highest levels of service and

• Marketing

consequently seen a big increase in the

and support them going forward by

welcome the opportunity of bringing

• IT

number of vacancies that are being

introducing them to candidates who

yet more of the Island’s leading

• Yachting/Aviation

placed with us, thus increasing

add genuine value to the business and

employers and quality candidates

• Secretarial/Administration

turnover.

enable them to win new business in

together. With minimal overheads, an

• Banking

different avenues.

enviable reputation and a flexible and

• Human Resources

‘bespoke’ approach, the future is

• Funds/Investments

looking bright.

• Project Management

We are still talking to certain clients about the negative side of the local employment redundancy,

market

such

downsizing

So what does the future hold?

as

Bespoke Recruitment is now in its

and

strongest position since we opened.

We have recently invested in a new

streamlining. However, this also results

Our client database is growing and our

website www.bespoke.co.im and also

in clients discussing strategy and

online presence has proved to be a hit

update our Facebook, LinkedIn and

• Business Analysis www.bespoke.co.im

This is just a small selection of live vacancies that we have available . . . • Business Analyst • Network Engineer • Group Administrative Assistant • Web Developer • Test Analyst • Trust & Company Manager

• Senior Trust & Company Administrator • Audit Manager • Audit Senior • Client Accountant • Life Assurance Candidates - at all levels, temp, contract and permanent!

• Qualified Advocates • IFA • Yacht & Aviation Manager (must be ICSA or STEP qualified) • Graduates • Financial Controller

• Plus many more roles that we are unable to advertise - but happy to discuss.

Contact the team by calling 611044 Emailing jobs@bespoke.co.im Visiting: www.bespoke.co.im 45


MEDIA

You are not alone

By John Marsom, Business Director, Manx Radio You know, I am rather passionate about what I do for a living; I like

founded in 2006 after the merger of the

Much work has been done in recent

type of response you want from your

to think of it as improving

Radio Advertising Bureau (RAB) and the

years by RadioCentre to support the

campaign: for example, awareness,

someone’s business rather than

Commercial

growth of Radio stations and improve

consideration, etc.This is then computed

selling radio advertising. If you

Association (CRCA).

their professional approach to potential

and you are presented with baseline

Radio

Companies

think that last statement through

RadioCentre gives British Isles

advertisers and listeners alike. From the

data from those people not exposed to

you will see that there is a big

commercial radio a voice, working with

advertising standpoint, the Radio

radio advertising and those that are.

difference between the two.

government,

and

Advertising Bureau has invested hugely

The really cool part is that you can add

So, for me, it is much appreciated

regulators as well as providing a forum

in getting information out to radio

in your other media mix and see how it

when someone wants to improve my

for industry-wide debate and discussion.

stations and advertisers. This is where

improves its impact by supporting it

In recent years, RadioCentre have

the investment in mine and your

with radio. So if you advertise in this

business comes in . . .

fine publication it will tell you in

business so that I, in turn, can improve yours . . . stay with me - it gets better!

policy

makers

lobbied successfully to provide stations

At the beginning of the month we

with more freedom in how and where

A couple of years ago the RAB

percentage terms how much more

had a new lady, Kelly Smith, join us in

they produce content; deregulation of

launched ‘Radio Gauge’ on their web

effective your campaign will be by

the position of Senior Business

commercial messages; tighter rules on

site.This allowed prospective advertisers

supporting the ads in here with radio

Development Executive. Those of our

the prominence of commercial brands

to see how various campaigns had

commercials . . . cool!

clients in the South of the Island will

on the BBC; and the removal of local

worked for brands across the UK. This

Because all the data in Predictor is

already have met her by now. As part of

media ownership rules.

was (and is) a great tool for getting

from the real world, one can be

any new sales person’s training, I like to

Radio Centre is the amalgamation

advertising ideas that have already

confident in the results provided. So the

take them off the Island for a couple of

of several radio industry bodies that deal

worked somewhere else. However, this

next time you are thinking of advertising

days to experience what radio culture is

with

measurement,

was dealing with the past so now the

and want to know how the results might

like on the ‘adjacent Island’. The main

compliance, Digital radio (DAB) and

boffins at the RAB have added ‘Radio

look, check out:

reason for this is so they get a

advertising - basically, anything to do

Gauge - Predictor’. What Predictor

www.rab.co.uk/helpful-tools/radiogauge

perspective of the support that’s out

with supporting commercial radio, all

allows you as a business to do is see

By investing in the radio industry as

there for them throughout the British

under one roof. All the folks at

what the effect of a radio campaign will

a whole, the Radio Centre is directly

Isles’ radio industry.

RadioCentre were very pleased that we

be with information collated from many

investing in you and your business.

This time, our trip took us to London

had made the effort to go and see them

UK campaigns.

Many thanks to all those super talented

to meet a great bunch of people at

and they had some very impressive

‘RadioCentre’.

technology to share with us.

46

RadioCentre

was

audience

Predictor allows you to select industry sectors, age groups, and the

people at Radio Centre for a great experience.


HOSPITALITY

Manx-tinted Glasses

By Mark Wilson, Managing Director, The Claremont Hotel

Manx Government cannot bear the full burden of the marketing and PR needed to catch up with our competitors and ultimately they do not control the entire user experience, so the private sector needs to consider creative ways to work together in educating our potential visitors. We also need to work together on removing some of the barriers to getting here. It can be seen as expensive and difficult, so we must constantly engage with the key carriers and UK tour operators to produce flexibility and value for money routes and travel packages that ultimately give our sponsors a fighting chance of selling our unique product.

COAST RESTAURANT RECIPE OF THE MONTH

It can be easy as a local to underestimate the importance of our tourism industry. Aside from the TT and a handful of other events, it doesn’t seem to have a major impact on Island life. This isn’t the case. The Island receives visitors all year round, and these visitors help to support the leisure and retail industries, which locals, in turn, benefit from. These visitors also make our hotels profitable, ensuring nice venues are available for weddings and business clients, plus attractive accommodation for visiting friends and relatives. For the business sector, a great hotel and leisure experience could even decide whether we gain new investment or not.

Roast Bream, Escalivada, Kohlrabi & Capers Ingredients (Serves 2)

It also helps to build the brand of IoM PLC. I can say from experience of attending recent trade events that many people in the UK think we are located near the Channel Islands and that we’re bike-happy tax avoiders. Every time someone comes here for a holiday or short break or even just on business their acquaintances in the UK learn more positive things about us, and this is to our mutual benefit. As a community we need to encourage new visitors by removing our Manx-tinted glasses and seeing them from a potential consumer’s perspective. We have to realise that we exist in an extremely competitive leisure environment – close to home, Wales, Scotland and Ireland are all better known for their Celtic heritage, scenery and outdoor pursuits and carry a greater profile just by, size, natural resource and location. The

48

• 2 Fillets of Fresh Sea Bream • ¼ Kohlrabi Grated • Juice of ½ a lemon • 1 Red Pepper • 1 Aubergine • 1 Small red onion • 1 teaspoon fine capers • 1 teaspoon sherry vinegar • ½ tablespoon olive oil • Salt & Cracked black pepper

Method For the Escalivada: Sprinkle 10ml of the olive oil over the vegetables, place in the oven on 200oC for 30 minutes. Remove from the oven, place the peppers & aubergine in a metal bowl and cover with cling film for 10 minutes. Remove the skin and seeds from the peppers and aubergine, slice the peppers and dice the aubergine. Remove the skin from the red onion and slice. Mix in a bowl with olive oil, sherry vinegar, capers, sea salt and chopped parsley. For the Bream: Pan Fry the bream in a hot pan with olive oil and sea salt, skin side down. Turn over once the skin is crispy and finish is the oven for 2-3 minutes on 180oC. Plate up & garnish as shown in the photograph.


CAPTIVE

Seminar highlights Captives continuing success Over 100 members and other practitioners attended the recent Isle of Man Captive Association (IOMCA) Spring 2013 Educational Seminar at the Villa Marina in Douglas, sponsored jointly by Barclays Wealth and Investment Management and KPMG. The seminar highlighted the sector’s continuing success, with industry

experts

discussing

developments in the economic, legislative climates

and to

regulatory ensure

key

stakeholders are up to date with topical issues of interest and relevance. The event, co-ordinated by IOMCA Executive Committee member Mark Willis, and featuring a range of

a high level overview of the

presenters from organisations including

forthcoming Isle of Man Bribery Act

Barclays and KPMG, was opened by

and

Chief Executive of the Isle of Man Insurance and Pensions Authority,

to the reporting landscapes - whether

interest and the highest quality of

David Vick, who provided regulatory

a

insightful

and legislative updates.

likely performance of global markets.

In terms of its public relations

Carol Stevens, Deputy Chair IOMCA

approach the Department is also

impact.

commented: “Once again the IOMCA’s

seeing the results of its targeted

Accountancy updates covered changes

Spring Seminar has attracted great

approach pay off.

relevant

company

potential

prepares

financial

and

The Minister noted: “Our targeted

informative

PR plan has resulted in a renewed

statements under UK GAAP or IFRS,

presentations. We would like to thank

interest in the Island from national,

David Vick, Chief Executive of the

preparation for transition to the “new

Barclays and KPMG for their continuing

international media and specialist

IPA spoke about the differences in the

UK GAAP” and key decisions to be

support of the Isle of Man Captive

lifestyle titles. We have already hosted

International Insurance Association

made by companies as to the route

Association and captive sector as a

visits by the Daily Telegraph and BBC

between October 2011 and today. The

they wish to take, and thoughts around

whole in its ongoing success for the Isle

Olive magazine, with numerous further

progression areas he identified were

uncertainty in insurance accounting for

of Man. We are truly differentiated by

visits planned for the rest of the year.

capital

IFRS.

the close quality working relationships

We already have articles pending for

adequacy

and

solvency,

enterprise risk management and

In the final session of the morning,

we have with key stakeholders –

the Daily Mirror and The Guardian.

also

Kevin Walmsley, Vice President at

government, regulators and business

Much of this interest is directed to

highlighted the need for an industry-

Barclays Wealth and Investment

owners, and look forward to developing

those new markets we are keen to

wide road map with further discussion

Management, gave a presentation

the sector further in the future, a true

develop.

on key changes.

regulatory

reporting.

He

about using Trusts as an alternative to

demonstration of the Isle of Man’s

Simon Nicholas, Director, KPMG

Letters of Credit and the differences

‘where you can’ ethos.

then introduced sessions from KPMG

between Standby Letters of Credit

“The popularity of the website and

markets for 2013 onwards. There are

colleagues Sandra Skuszka, Kevin

(SBLoC) and STAs (Security Trust

focus on online channels may indicate

18 cruise liners booked to visit the

Loundes, Jenny Trimble and Sinead

Arrangements).

“The Department has also been working on developing its group travel

that people are turning away from

Island

Gardiner,

traditional channels such as printed

passengers an increase of 50% on

possible changes to the VAT exemption

Managing Director and Head of

brochures, however to date we have

2012. There are already 11 cruise liner

for insurance related services, updates

Investment Strategy at Barclays Wealth

actually seen an increase of 48% in the

visits booked for 2014. It is also

on relevant international tax issues - in

and Investment Management shared

number of requests for the 2013 Visitor

liaising with over 240 coach tour

particular an overview of the new UK

with guests his thoughts about the

Guide over the 2012 version. This

operators to include the Isle of Man in

CFC regime, the launch of FRS102 and

future economic landscape and the

bodes well for future bookings.”

future itineraries.”

O’Connor. Topics covered included

Over

lunch, Kevin

this

year

with

10,000

49


REFERENCE

ISLE OF MAN BUSINESS DIRECTORY ACCOUNTANTS 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 95 2a Lord Street Douglas Tel. +44 1624 693900 info@bakertillyiom.com

BDO (Isle of Man) LLC, Analyst House, 20-26 Peel Rd., Douglas. Tel. +44 1624 652000 mail@pkfiom.com

Boothmans, Millennium House, Victoria Road, Douglas. Tel. +44 1624 611926 bca@boothmans.com

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

Browne Craine & Co, Burleigh Manor, Peel Road, Douglas. Tel. +44 1624 629369 burleigh_manor@mcb.net

Callin & Co, 6-7 Fort William, Head Road, Douglas. Tel. +44 1624 675528 callin@manx.net

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

Celtic Associates Ltd, Chartered Accountants, One, The Parade, Castletown. Tel: +44 1624 822022 Email: email@celt.im

John Clarke & Co, Ragnall House, Peel Road, Douglas. Tel. +44 1624 661821 gentrex@mcb.net

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

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

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 627335 mail@crowecw.im

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

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

Edwards & Hartley, Peregrine House, Peel Road, Douglas. Tel. +44 1624 622302 edwardsandhartley@manx.net

Evolution Accounting Ltd., West Suite, Ragnall House, 18 Peel Road, Douglas. Tel: +44 1624 611160 accounting@evolution.co.im

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

Finnie & Co, 6, Goldie Terrace, Douglas. Tel. +44 1624 621523 finnies@altavista.com

Douglas & Co, Suite 2, Broadway House, 8-10 Broadway, Douglas. Tel. +44 1624 628571

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

Crowe Morgan, 8, St George’s Street, Douglas. Tel. +44 1624 665100 admin@crowemorgan.co.im

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

Fryers Bell & Co, 27, Athol Street, Douglas. Tel. +44 1624 639850 fryers_bell@manx.net

Galloway Smith & Co, 9, Hope Street, Douglas. Tel. +44 1624 661800 ocs@advsys.co.uk

Grant Thornton, 3rd Floor, Exchange House 54/58 Athol Street Douglas Tel: 44+ 1624 639494 gtiom@grantthornton.co.im

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

Greystone LLC, 18 Athol Street, Douglas. Tel +44 1624 620711 mail@greystone.im

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

R. P. Harker, Maskani Yetu, Garey Close, Foxdale Tel. +44 1624 675450

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

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

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

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

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

In Safe Hands Business Services 75 Bucks Road Douglas, IM1 3EF Tel. +44 1624616133 contact@insafehands.im

J B Quirk BSc FCCA, Milbourn House 13 St. George's Street Douglas. Tel. +44 1624 616660

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

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 619022 mgcomp@manx.net

J. H. Maddrell ACA, 1, Meadowfield, Port Erin. Tel. +44 1624 833535 jhj@mcb.net

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

PO Box 25, 26-28 Athol St, Douglas, Isle of Man IM99 1BD +44 (0) 1624 662020 mail@msiom.com www.msiom.com

Noble & Co, Abacus House, Mona Street, Douglas. Tel. +44 1624 624633 abacus@manx.net

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

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

KPMG, Heritage Court, 41, Athol Street, Douglas. Tel. +44 1624 681000 mfayle@kpmg.com Matthew Edwards & Co, Clinch’s House, Lord Street, Douglas Tel. +44 1624 663166 audit@matthew-edwards.com PricewaterhouseCoopers LLC, Sixty Circular Road, Douglas. Tel. +44 1624 689689

PurpleAccounts, Salisbury House, Victoria Street, Douglas. Tel: +44 1624 618002 enquiries@purpleaccounts.com

Sabre Management Services Ltd, 2nd Floor Anglo International House Lord Street Douglas. Tel. +44 1624 629409

Shannon Callister & Co, Shannon Court, Bowring Road, Ramsey. Tel. +44 1624 812343

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

SMP Accounting & Tax Limited Clinch’s House Lord Street Douglas Tel: +44 (0) 1624 683229 info@smppartners.com

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, Douglas Tel. +44 1624 670577

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

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

W T Tickle & Co., 24 Finch Road, Douglas. Tel. +44 1624 627772

Michael Turner & Co, 17 Hope Street, Douglas. Tel. +44 1624 629619 mbturner@manx.net

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 855110 david.wilcock@manx.net

T. P. Winnell & Co,, 7, Hill Street, Douglas. Tel. +44 1624 670022 mail@fiscalservices.co.im

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

50


In association with

ADVOCATES Advocates Smith Taubitz Unsworth Limited, Barrule Chambers, 36 Finch Road, Douglas. Tel +44 1624 677888 reception@advocates.co.im

Appleby, 33-37 Athol Street, Douglas. Tel. +44 1624 647647 www.applebyglobal.com IOM@applebyglobal.com

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

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

Cains, 15-19 Athol Street, Douglas. Tel. +44 1624 638300 law@cains.co.im

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

Callin Wild, Bank Chambers, 15-19, Athol St, Douglas. Tel. +44 1624 623195 www.callinwild.com mail@callinwild.com

Carter’s, Court View Chambers, 12 Maount 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 670003 www.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 676868 mail@corlettbolton.com

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

Dougherty Quinn, The Chambers, 5 Mount Pleasant, Douglas. Tel. +44 1624 626999 info@dq.im

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

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

Laurence Keenan, Victoria Chambers, 47, Victoria Street, Douglas. Tel. +44 1624 611933 info@lklaw.co.im

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 611117 mail@ik.im

M&P Legal, New Court Chambers, 23-25 Bucks Road, Douglas. Tel. +44 1624 695800 law@mplegal.im

MannBenham Advocates Ltd, 49 Victoria Street, Douglas. Tel. +44 1624 639350 enquiries@mannbenham.com

Old Court Chambers, Eight Finch Road, Douglas. Tel: +44 1624 641580 info@oldcourtchambers.im

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

Quinnlegal, 30 Ridgeway Street, Douglas. Tel. +44 1624 665522 mail@quinnlegal.im

Simcocks, Ridgeway House, Ridgeway Street, Douglas. Tel. +44 1624 690300 mail@simcocks.com

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 836757 barrister@manx.net

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

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

BANKS - LICENCEHOLDERS AIB Bank (CI) Ltd, Isle of Man Branch, 10, Finch Road, Douglas. Tel. +44 1624 639639 one@aib.im

Alliance & Leicester International (IOM) Ltd, P. O. Box 226, 19-21, Prospect Hill, Douglas. Tel. +44 1624 641888 customer.services@alil.co.im

Anglo Irish Bank Corporation (International) PLC Jubilee Buildings Victoria Street Douglas Tel. +44 1624 698000

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

Bank of Scotland PLC, PO Box 19, Evergreen House, 43 Circular Road, Douglas. Tel. +44 1624 644000 offshore_enquiries @bankofscotland.co.uk

Barclays Bank PLC, Eagle Court, Circular Rd, Douglas. Tel. +44 1624 684444 iom@offshorebanking.barclays.com

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

Barclays Private Clients International Ltd, PO Box 9, Barclays House, Victoria Street, Douglas Tel. +44 1624 684444

Britannia International Ltd, Britannia House, Athol Street, Douglas. Tel. +44 1624 681100 enquiries@britanniainternational.com

Cayman National Bank & Trust Company, 4-8 Hope Street, Douglas. Tel. +44 1624 646900 banking@cnciom.com

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

Duncan Lawrie (IOM) Ltd, 14/15 Mount Havelock, Douglas. Tel. +44 1624 620770 iom@duncanlawrie.com

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

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

Kleinwort Benson Bank (IOM) Ltd, St George’s Court, Upper Church Street, Douglas Tel. +44 1624 643270 www.closewm.com bankingiom@closewm.com

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

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

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

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

Permanent Bank International Ltd, 5, Hill Street, Douglas. Tel. +44 1624 673373 info@permanent-bank.com www.permanent-bank.com

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

Santander UK PLC, 28/30 Ridgeway Street, Douglas Tel. +44 1624 644900

Standard Bank (IOM) Ltd, Standard Bank House, One Circular Road, Douglas. Tel. +44 1624 643643 www.sboff.com sbiom@standardbank.com

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

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

The Standard Bank of South Africa, Standard Bank House, One Circular Road, Douglas. Tel. +44 1624 643643 www.sboff.com sbiom@standardbank.com

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

51


REFERENCE

ISLE OF MAN BUSINESS DIRECTORY INVESTMENT COMPANIES 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) Ltd 3rd Floor, Atlantic House, Circular Road, Douglas. Tel. +44 1624 662255

Capital International Ltd, Capital House, Circular Road, Douglas. Tel. +44 1624 654200 info@capital-iom.com www.capital-iom.com

Caledonian Fund Services (Europe) Ltd, PO Box 172, 4th Floor One Circular Road, Douglas www.caledonian.com Tel: +44 1624 640150.

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

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

Creechurch Capital Limited, Knox House, 16-18 Finch Road, Douglas. Tel: +44 (0) 653800 info@creechurchcapital.com

Fedelta Trust Limited, 29-31 Athol Street, Douglas. Tel. +44 1624 622331 mail@fedelta.com

Fortis Fund Services Ltd, P.O. Box 156, 18-20 North Quay, Douglas. Tel. +44 1624 688300 fundservices@im.fortisbank.com

Fund Management Services Ltd, P.O. Box 156, 18-20 North Quay, Douglas. Tel. +44 1624 688300 fundservices@im.fortisbank.com

GAM Administration Ltd, 11 Athol Street, Douglas. Tel. +44 1624 632632 info@gam.com

Isle of Man Assurance Ltd., IOMA House, Hope Street, Douglas. Tel. +44 1624 681200 ioma@ioma.co.im

Kleinwort Benson Bank (IOM) Ltd, St George’s Court, Upper Church Street, Douglas Tel. +44 1624 643270 www.closewm.com bankingiom@closewm.com

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

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

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

Louis Group (IOM) Ltd Louis Building, 29 Bucks Road, Douglas Tel: +44 1624 649200 info@louisgroup-iom.com www.louisgroupint.com

Maitland Management Services (IOM) Ltd, Falcon Cliff, Palace Road, Douglas. Tel. +44 1624 630000

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 690800 nedgroupinvestments.com

Ramsey Crookall & Co, Securities House, 38-42 Athol Street, Douglas. Tel. +44 1624 673171 dealers@ramseycrookall.com

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

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

Sabre Management Services Ltd, 2nd Floor Anglo International House Lord Street Douglas. Tel. +44 1624 629409

SMP Fund Services Limited Clinch’s House Lord Street Douglas Tel: +44 (0) 1624 683229 info@smppartners.com

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

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

CLI Institutional Limited Ltd., Canada Life House, Alexandra Road, Castletown. Tel. +44 1624 820200 info@canadalifeint.com

Canada Life International Ltd., Canada Life House, Alexandra Road, Castletown. Tel. +44 1624 820200 info@canadalifeint.com

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

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

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

HPB Assurance Limited, IOMA House, Hope Street, Douglas. Tel +44 1624 681200 info@hpba.co.im

IntegraLife International Limited, Barbican House, 8-10 Malew Street, Castletown. Tel +44 1624 825986

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

LCL International Life Assurance Company 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

Royal London 360° Insurance Company Limited Royal London House, Isle of Man Business Park, Douglas Tel. +44 1624 681681 servicing@royallondon360.com

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

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.

52


INFORMATION

Ramsey

Peel

Douglas Port Erin Castletown

THE ISLE OF MAN . . . Capital

Douglas

Population

80,058

Land Area

572 sq km - 227 sq miles

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 Lieutenant Governor

A Global Partner

Her Majesty the Queen, Lord of Mann His Excellency Mr Adam Wood

Chief Minister

Hon Allan Bell MHK

President of Tynwald

Hon Clare Christian MLC

Speaker of House of Keys Hon Steve Rodan SHK

www.gov.im

Taxation allowance

The Isle of Man is a leading international business centre renowned for its innovation, professionalism and long standing policy of positive engagement with international initiatives and standards. The Isle of Man operates a policy of low taxes with a standard rate on individuals of 10%, a higher rate of 20% and generous personal allowances. There is a cap of £120,000 on the amount of income tax payable by an individual each year. The Isle of Man strives to be a model of political stability and financial supervision and has long been committed to international standards of tax transparency. There is no capital gains tax, wealth tax, stamp duty, death duty or inheritance tax. Single Person: £9,300 Married Couple: £18,600 Additional Personal Allowance: £6,400

The Department of Economic Department of Economic Development Development’s financial assistance scheme offers support to qualifying businesses (up to): 40% equipment grants 40% building grants either for new build or for rents payable; 40% revenue grants

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New Volkswagen Golf GT TDi 2.0 150 bhp 5 door Manual (MK7) £25,500 Finished in Pure White with Black Alcantara Upholstery, Climate Air Con, Satellite Navigation, Panoramic Glass Sunroof, 18" Serron Black & Silver Alloy Wheels, Winter Pack including Heated Seats, Privacy Glass, Park Distance Control Front & Rear, iPod Connection, Bluetooth System, Delivery Miles, in stock ready for immediate delivery

2012 (Nov) Porsche Cayenne 3.0 V6 Diesel Auto £58,995 Finished in Jet Black Metallic with Full Black Leather Upholstery, Climate Air Con, Panoramic Roof, PCM Satellite Navigation, 6CD/DVD Changer, 21" Sport Edition Alloy Wheels in Black, Heated Seats, Porsche Crested Headrests, Black Mono Exterior Pack, Privacy Glass, Phone Module, Servotronic Steering, Universal Audi Interface, Bi-Xenon Headlights, 2,800 Miles As New, in Stock Ready for Immediate Delivery

2007 (Jan) Mercedes-Benz CLS 320 CDi Auto £14,950 Finished in Black Metallic with Designo Burgundy Leather, Climate Air Con, Electric Glass Sunroof, Sat Nav, Keyless Go, Cruise Control, Memory Heated Front Seats, 18” Alloy Wheels, Park Distance Control, CD Changer, Privacy Glass, Xenon Headlights, 26,000 Miles, Absolutely Immaculate

2012 (Late) BMW X1 20d X Drive M Sport Auto £27,950 Finished in Le Mans Blue Metallic with Full Black Leather Upholstery, Climate Air Con, Heated Seats, Park Distance Control, Privacy Glass, Universal Media Interface, 18" M Sport Alloy Wheels, Black Shadow Line Exterior Trim, Cruise Control, Cost Nearly £40,000 New, Covered Only 8,000 Miles in As New Condition

2004 (Late) Mercedes-Benz SL 350 Convertible £14,950 Finished in Brilliant Silver Metallic with Full Anthracite Leather Upholstery, Climate Air Con, Command, Satellite Navigation, 18" 5Spoke Alloy Wheels, Heated Seats, Park Distance Control, Electric Memory Seats, 6 CD Changer, Xenon Headlights, This is an Exceptional Car and has Covered only 38,000 miles with a Full Service History

2012 (Apr) BMW 320d M Sport £26,950 Convertible Finished in Silver Metallic with Full Black Leather Upholstery, Climate Air Con, Heated Seats, 18" M Sport Alloy Wheels in Black Gloss, Enhanced Bluetooth, Park Distance Control, DAB Digital Radio, Cruise Control, CD Player, Xenon Headlights, This Car Cost Approximately £40,000 New, Only 6,000 Miles Totally As New and Unmarked

2012 (June) Fiat 500 By Gucci £12,750 Limited Edition, Finished in Sparkling White Metallic with Black and Ivory Gucci Embossed Interior, Climate Air Con, 16” Gucci White Alloy Wheels, Blue&Me Bluetooth with USB, Front Fog Lights, Stop&Start, CD Player, Multi-Function Steering Wheel, Remote Locking, Only 3,600 Miles From New

New Volkswagen Golf GT TDi 2.0 150 bhp 5 door £25,500 Manual (MK7) Finished in Pure White with Black Alcantara Upholstery, Climate Air Con, Satellite Navigation, Panoramic Glass Sunroof, 18" Serron Black & Silver Alloy Wheels, Winter Pack including Heated Seats, Privacy Glass, Park Distance Control Front & Rear, iPod Connection, Bluetooth System, Delivery Miles, in stock ready for immediate delivery

2002 Mercedes-Benz CLK 55 AMG Coupe £10,995 Auto Finished in Brilliant Silver Metallic with Full Black Nappa Leather Upholstery, Climate Air Con, 18" AMG Alloy Wheels, Electric Memory Seats, CD Player, Cruise Control, Remote Central Locking, Amazing Performance, 54,000 Miles in immaculate condition

2011 (July) Mercedes-Benz E 250 CDi Sport Auto £24,950 Finished in Tenorite Grey Metallic with Black Artico Leather Interior, Climate Air Conditioning, Heated Seats, 18" AMG Alloy Wheels, Park Distance Control, Privacy Glass, Full AMG Body Kit, Cruise Control, Electric Seats, CD Player, Xenon Headlights, 13,000 Miles, As New (Cost New Circa £38,000)

2011 (Jun) Alfa Romeo Mito 1.4 Sprint Manual £10,000 Finished in Special Alfa Red with Anthracite Sports Upholstery, Climate Air Con, Blue&Me Bluetooth, CD Player, Cruise Control, Front Fog Lights, Stop Start Technology, Drivers Information System, Only 8,000 Miles As New Condition

2010 BMW 530d GT SE Auto £23,950 Finished in Sapphire Black Metallic with Full Oyster Leather Upholstery, Climate Air Con, Panoramic Glass Roof, 19" Upgrade Alloy Wheels, DAB Digital Radio, Heated Seats, Privacy Glass, Park distance Control, Bluetooth System, Electric Memory Seats, Xenon Headlights, Cost Nearly £50,000 New, Only 18,000 Miles Immaculate

2003 (Late) Mercedes-Benz E 320 CDi Elegance Auto £9,500 Finished in Champagne Silver Metallic with Full Sand Nappa Leather Upholstery, Climate Air Con, Heated Seats, Park Distance Control, Electric Seats, CD Player, Cruise Control, Upgrade Alloy Wheels, Drivers Information System, Only 30,000 Miles One Local Owner From New with Full Mercedes-Benz Service History

2012 (July) Audi A1 1.6 TDi S line £17,500 Finished in Daytona Grey Metallic with Half Black Leather Upholstery, Climate Air Con, CD Player, Bluetooth System, 17" S line Alloy Wheels, DAB Digital Radio, Stunning Looking Car, Only 11,000 Miles From New

2003 (Feb) Mercedes-Benz ML270 CDi (Lux) Auto £6,995 Finished in Tanzanite Blue with Full Black Leather Upholstery, Climate Air Con, Heated Seats, Memory Seats, 17" Alloy Wheels, Privacy Glass, Phone Kit, 83,000 Miles with Full Service History,Superb Condition.

Contact us on 01624 815055 Visit us at www.johningham.co.uk The Showroom, Derby Road, Ramsey, IM8 1DA

John Ingham L U X U R Y

A N D

P E R F O R M A N C E

C A R S


APPOINTMENTS In association with

Barry Curran.com Isle of Man Business Park, Douglas

Call 618080

APPLEBY ISLE OF MAN Appleby (Isle of Man) LLC is pleased to announce the promotion of Michelle Hotchkiss and Kyle Sutherland to Counsel. Michelle Hotchkiss is a member of Appleby’s corporate and commercial department in the Isle of Man, having joined the firm in 2002. She has experience in a broad range of corporate and commercial matters arising in the corporate finance, banking and asset finance, insurance and financial services sectors. Michelle acts for many international financial institutions, law firms, insurance companies and corporate service providers, advising on a full range of the key and complex legal issues that affect both their own businesses and those of their clients. Kyle Sutherland is a member of Appleby’s corporate and commercial department in the Isle of Man, joining in August 2010. He is qualified to advise on both the laws of the British Virgin Islands and Isle of Man, and specialises in a broad range of banking and finance and corporate and commercial disciplines in those jurisdictions, ranging from joint venture work, restructurings, mergers and acquisitions, asset finance transactions, private placement and listing work. Nick Verardi, Appleby Isle of Man Partner and local Corporate and Commercial Practice Group Head commented: “These are well deserved promotions for key

Nick Verardi - Isle of Man Corporate & Commercial Practice Group Head & Partner, Kyle Sutherland - Counsel, Michelle Hotchkiss - Counsel and Cameron Adderley - Global Corporate & Commercial Practice Group Head & Partner. offshore legal and fiduciary groups.” The announcement follows a number of recent appointments and promotions by the Appleby Group, including:

members of our team. The experience and professionalism of both Michelle and

Partner Promotions - Jeremy Berchem, a member of the corporate and

Kyle has always been highly valued by the team here in the Isle of Man and I am

commercial team in Guernsey; James Bodi, a member of the banking and asset

delighted this has been recognised at Group level.”

finance team within the corporate and commercial practice in Bermuda.; Andrew

“Corporate & Commercial is one of our core legal service lines and these promotions are testament to the continuing strength of this practice. They also reinforce our position as the leading law firm in the Isle of Man.”

Willins, a barrister, and Appleby’s Practice Group Head of the litigation and insolvency department in the British Virgin Islands (BVI). Counsel Promotions - Marc Guillaume, a member of the private client and

Appleby Group Chairman, Frances Woo, added: “These promotions come at an

trusts team in Jersey; Nadia Menezes, a member of the corporate and commercial

exciting time in our development when we are focused on our international growth,

practice group in the BVI; Matthew Wrigley is a member of the corporate and

greater depth of our teams and maintenance of our presence as one of the leading

commercial team in Guersey.

DUNCAN LAWRIE PRIVATE BANK Duncan Lawrie Private Bank has today announced the appointment of

Jordan is a practising Scottish Solicitor, a Notary Public in Scotland and has been a full member of The Society of Trust and Estate Practitioners since 2000.

Gillian Ralston Jordan as Head of Fiduciary Services at Duncan Lawrie in

Gillian Ralston Jordan, Head of Fiduciary Services at Duncan Lawrie Private

the Isle of Man. Gillian will be responsible for a team of accountants and

Bank, Isle of Man commented, “It is a pleasure to have joined such a strong

administrators who service the bank’s internationally diverse client base.

management team. Duncan Lawrie Private Bank offers its clients a bespoke service

With over 25 years’ experience, Jordan has previously held roles with a number

and my broad international experience blends well with the team already based

of international financial services companies, including The Royal Bank of Scotland,

on the island so that we can continue to offer our clients a well-rounded

Vice President and General Manager of Bank of Bermuda’s Private Client Services

proposition.”

and as a Director at Ernst & Young Trust Company.

Nigel Gautrey, Managing Director at Duncan Lawrie Private Bank, Isle of Man

After a period of almost 13 years in the Caribbean, Jordan relocated to the Isle

commented, “We are experiencing real growth on the Island and are highly

of Man in September 2008 to be closer to her friends and family and was Director

committed to our local and international client base. We are expanding our services

of two trust and company service providers before joining Duncan Lawrie Private

over the long term and Gillian’s legal background and work in international private

Bank.

client fiduciary services will be a huge asset.”

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APPOINTMENTS

DOUGLAS DEVELOPMENT

“Michelle is highly motivated and enthusiastic. She’s also a skilled communicator, which is especially important as a significant part of the work of a town centre manager is engaging with and inspiring local retailers, traders, businesses and many other organisations to work with the Partnership on a whole raft of projects. Against this background I am delighted to welcome her to the unpredictable world of the town centre manager for Douglas.” Former St Ninian’s High School student Miss O’Malley joins the Partnership from The Children’s Centre where she was fundraising manager. She lives in Douglas and is a keen netballer, playing for Thompson Travel. Of her new role she said: “I am really looking forward to the opportunity to make a huge difference in my home town and bringing some great events and initiatives to our town centre.”

Michelle O’Malley

Leader of Douglas Borough Council Councillor David Christian said: “As the

Douglas Development Partnership has appointed a new town centre

Partnership’s lead body the Council is driving the scheme to regenerate Douglas

manager, Michelle O’Malley.

town centre. But as I have said on previous occasions physical regeneration is only

Development manager Chris Pycroft said: ‘This role is crucial in the

one element of that scheme. Cultural and social regeneration are equally important

Partnership’s continuing work to make sure the town centre is re-invented, re-

if we are to revitalise the town centre, see it reclaim its position at the heart of the

energised and revitalised as the role of town centres evolves to deliver an

local community and become “Destination Douglas”. While retail is a critical

experience that goes beyond the retail. The past two years has seen the capital

component, for a town centre to survive and flourish it has to be a vibrant, creative

edging towards a new sense of vibrancy – theatre almost – in the town centre

community-focused space. In this the role of town centre manager is key.

with street performers, food and craft fairs and a whole range of other attractions

“The economic downturn presents daunting challenges. The Council looks

that have introduced colour, sights and sounds…and brought a good few surprises

forward to working with Michelle to turn those challenges into opportunities and

as well.

create a brighter future for Douglas town centre.”

EQUIOM

“Our people are key to the ongoing success of Equiom as it expands by both organic and acquisitive growth, and so retaining committed and highly professional individuals to ensure that our existing and potential clients continue to receive a seamless high quality service at all times is of paramount importance to the business.” All three individuals are based in Equiom’s headquarters in the Isle of Man and have taken on additional responsibilities to support the ongoing operations of the Equiom Group. The three promotions are: Daniel Cadamy promoted to Senior Manager – Finance with responsibility for overseeing the Equiom Group’s financial affairs, including the production of financial data and management information to assist the Group to fulfil its goals. Daniel has 13 years experience working within the finance industry, originally qualifying as a Chartered Accountant with PwC and is a member of the Chartered Accountants in England and Wales.

Dan Bryans, Sheila Dean, Daniel Cadamy and Caroline Ashley.

Caroline Ashley promoted to Marketing Manager with responsibility for planning and executing all aspects of Equiom’s promotional activities and overall marketing

Equiom, the leading international trust and corporate services provider

strategy. Caroline has worked in the finance sector for over 20 years, with the last

with offices in Jersey, Cyprus and Malta is delighted to announce the

15 years specifically in marketing roles. Caroline joined Equiom in 2007. She

promotions of Daniel Cadamy, Caroline Ashley and Dan Bryans.

achieved Chartered Marketer status in July 2012.

Equiom’s Group Managing Director, Sheila Dean said: “Equiom place great

Dan Bryans promoted to Manager – IT with overall responsibility for Equiom’s

emphasis on supporting the skills and careers of each team member and through

Systems Infrastructure. Dan and his team also ensure the maximum uptime for all

promotion we recognise the value and importance that we place on particular

systems which support Equiom's business. Dan has over 12 years experience within

individuals.”

the IT arena working in a variety of industries prior to joining Equiom in 2008.

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In association with

Barry Curran.com Isle of Man Business Park, Douglas

Call 618080

MOORE STEPHENS Moore Stephens Isle of Man, leading providers of multi-sector accountancy, consultancy and wealth management services have announced the promotion of Grant Atchison to head of aviation. “Our aim is to continue expanding into the aviation market and building on our expertise - Grant is a perfect choice to lead this initiative” said Clive Dixon, senior partner in Moore Stephens Isle of Man. As part of his new role, Grant will attend key aviation conferences and events to further develop business opportunities with key stakeholders; recently he attended the International Corporate Jet Finance Conference. He joined Moore Stephens in 2007 as VAT manager; in January 2012 he was invited to join the Board of Directors in Moore Stephens Trust Company Limited (“MSTC”). Previously a VAT and Customs officer for almost 15 years, he is well placed to provide guidance to clients on VAT and import/export matters. “I’m very pleased; this is a great opportunity to lead a fantastic team - I’m really looking forward to what the future holds for me as head of aviation,” said

Clive Dixon , Grant Atchison, Ayuk Ntuiabane aviation services including: EU VAT and Customs advice, corporate structuring, importation (both temporary and permanent), insurance brokerage and registration.

Grant, “Moore Stephens already has a real presence in the industry; it’s my job

An example of the efficiency with which the services can be executed, an aircraft

now to take it to the next level. We will continue to work closely on relevant projects

importation carried out last month by Moore Stephens Aviation (ably supported

with the Isle of Man Aircraft Registry who have done a fantastic job to date; it’s an

by the experienced and long standing local airport agents, Island Aviation and

exciting time to be involved in its continued expansion.”

Travel) resulted in the aircraft leaving the Island with relevant importation

For the best part of a decade, Moore Stephens Aviation has provided specialist

paperwork within just 50 minutes of arrival.

TO FEATURE YOUR COMPANY’S SENIOR APPOINTMENTS IN NEXT MONTH’S EDITION OF ISLE OF MAN PORTFOLIO, PLEASE EMAIL DETAILS TO: portfolio@manx.net BY 06 JUNE (PUBLISHED 14 JUNE)

ISLE OF MAN GOVERNMENT

Nicola Guffogg has become the Isle of Man Government’s next Assessor of Income Tax after Malcolm Couch took up his new role as Chief Financial Officer at the end of April. Ms Guffogg has been Deputy Assessor in the Income Tax Division of Treasury for the last six years and has played a key role in the development of the Island’s tax regime and its international reputation. Ms Guffogg said: “I am delighted and honoured to be taking over as Assessor. The Island’s tax regime and reputation have been essential to its economic success and I will endeavour to ensure that this continues. It is a privilege to be asked to lead the Income Tax Division and I look forward to working with colleagues across Government and to building on the constructive and valued relationships I have with the private sector.” Treasury Minister Eddie Teare, MHK, said: “I welcome Nicola’s appointment. She is well known and respected both in the Isle of Man and internationally, and I am sure that she will be a success in this challenging new role. The position of Assessor is a vital one both in the Treasury and across Government, and I look

Nicola Guffogg

forward to working more closely with Nicola as she takes it on.”

57


APPOINTMENTS

SCOTTISH WIDOWS ISLE OF MAN

Juan Clarke has been appointed managing director of Scottish Widows in the Isle of Man. Mr Clarke, who was appointed to the boards of the CMI Group of Companies in March 2012, joined the company in 1991 when it traded as CMI. It later became part of the Lloyds Banking Group and subsequently rebranded as Scottish Widows. Mr Clarke, who joined CMI after nine years with Barclays Private Bank, said: ‘While at Barclays I forged a valuable working relationship with CMI colleagues running the CMI High Income Fund. In 1991 I moved to CMI which had been operating for just four years to lead its flourishing fund administration function. As the company continued to grow I was afforded a broad range of opportunities to develop my skills in a variety of disciplines and in management and leadership.’ One of only a few Fellows of the Chartered Institute for Securities and Investment in the Island Manx-born Mr Clarke said: ‘I am proud to have been entrusted by the Lloyds Banking Group with the task of heading the company in which I have spent the last 22 years. “I should also like to pay tribute to my predecessor, Nigel Rothery, who remains on the board and who was instrumental in steering the business in 2012. “These are really challenging times for the financial services industry. I am looking forward to continue working with a great bunch of colleagues at Scottish

Juan Clarke

Widows in Victoria Road. It’s a fantastic company to work for and I am pleased to be leading it.”

barrycurran.com

% 618080

The Car Superstore, Cooil Road, Douglas, IM2 4WD • Opening Hours: Monday-Thursday 9.00am - 7.00pm • Friday 9.00am - 6.00pm • Saturday 9.00am - 5.00pm • Sunday 12.00pm - 5.00pm

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IOM Portfolio Issue 131