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JEREMY PAUL: AN ARTIST’S VIEW An exhibition at the Manx Museum and new book celebrates 25 years of Dr Jeremy Paul’s work as a wildlife artist






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© 2013 Keith Uren Publishing

Isle of Man Portfolio magazine is designed and published by Keith Uren Keith Uren Publishing • 12 Manor Lane Douglas • Isle of Man • IM2 2NX









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JEREMY PAUL: AN ARTIST’S VIEW An exhibition at the Manx Museum and new book celebrates 25 years of Dr Jeremy Paul’s work as a wildlife artist

Printed by Mannin Printing Ltd, Cronkbourne • Isle of Man


To advertise in Isle of Man Portfolio, please contact Sarah Versluijs T: 01624 623527 M: 07624 481189 E:


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Isle of Man Portfolio magazine is published monthly and is delivered to every private and public sector business in the Isle of Man by the Isle of Man Post Office. The magazine is freely available from a dispenser situated in the Departure Lounge of Isle of Man Airport, and in the Rendezvous Executive Lounge. Financial institutions and Government Departments take copies for circulation among their clients. The magazine is also taken by several leading Isle of Man hotels for their guests. Isle of Man Portfolio is also individually mailed to senior professionals retained on the magazine’s database.

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News Features Portfolio Life Isle of Man Business Directory Isle of Man Information Appointments















their Standard & Poor’s (S&P)

assigned by S&P. The funds "S1+" volatility

huge accolade to win this award. This is a

‘AAAf ’ fund credit quality rating

rating recognises that the fund demonstrates


Thomas Miller Investment (Isle of

and ‘S1+’ fund volatility rating



endorsement of the dedicated, highly

Man) Limited, a member of the

following the annual review of the

conditions, and it is the lowest possible

experienced and focussed team I am proud

128 year old Thomas Miller Group

funds by S&P.

volatility rating S&P can assign.

to be a part of within Equiom. Furthermore,

of companies, announce that the

The funds "AAAf" rating signifies the strong

Carolyn Gelling, Head of Collective

it is a true reflection of the ongoing

TMI Sterling Liquidity Sub-Fund

protection that the fund's portfolio holdings



commitment of our staff to deliver excellent

and the TMI US Dollar Liquidity

provide against losses from credit defaults,

Investment said, “The fact that these funds

customer service to all clients and trusted

Sub-Fund have both maintained

and is the highest possible credit rating

have maintained top ratings and first










quartile performance against a testing

Nominations for the Citywealth IFC

backdrop for cash and liquidity investments

Awards are judged by an international panel

is testament to the continued work of strong

of highly respected practitioners from across

investment research and a credit committee

all private wealth sectors that have

process that provides clients with a

experience of working with advisors in all the

diversified and risk adjusted return profile

jurisdictions covered. Online voting is now

on their investments.

open and ends on the 9th January 2014 with


winners being announced at a prestigious dinner on the 23rd January 2014 in London.

Equiom (Isle of Man) Limited, the international trust and corporate


services provider with offices in

Appleby Fund Services (Isle of

Jersey and Malta is delighted to

Man) Limited (“AFSIOML”) has









announced the exam success of


Eilis Kerford and Edward Perkins

International Finance Centre (IFC)

in The Association of Chartered

Awards 2014 in the category

Certified Accountants (“ACCA”)

“Trust Company of the Year – Isle


of Man”.

Both Eilis and Edward qualified as ACCA

The awards, which are now in their third

members in September, having completed

year, were established to highlight the

14 exams in Fundamental and Professional

excellence of those advisors and managers

areas, taking four years to complete. Both

within the private wealth sectors of the major

passed all exams the first time round, a rare

international finance centres.

achievement with the ACCA qualification.

Equiom’s Group Managing Director,





Sheila Dean commented: “It is a great

accountants joined Appleby in June 2013

honour to be shortlisted as ‘Trust Company

following its acquisition of Caledonian Fund

of the Year – Isle of Man’ and it would be

Services (Europe) Limited.

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series of events planned. I am looking

The Chief Minister explained: ‘Getting out

forward to working with CEO Greg Ellison

into the Departments proved to be really useful

and his team to develop mutually beneficial

and interesting, particularly as it provided the


opportunity to speak to staff and listen to their

Citywing has announced that, as


well as guaranteeing customers

announced the appointment of

the cheapest flights to and from

former British & Irish Lions rugby

the UK through Blackpool, it is now



that Scott has agreed to represent Boston as

“What impressed me most is the

promising to guarantee the lowest

consultancy capacity as a Boston

a Brand Ambassador. His experience in

dedication and professionalism of our

possible fares direct between

Brand Ambassador.







Greg also commented: “I am delighted


property and private equity, coupled with his

workforce, the pride they take in the job that

Ireland and the Isle of Man, using

extensive global network, will support

they do and their commitment to serving the

their Belfast City route.



Isle of Man and its people. It is heartening to

development plans, particularly in the


know that the spirit of public service remains

Middle East, Asia and South Africa. In his

so strong across the Departments, despite our

commercial and sporting career, Scott has

many challenges.

always displayed supreme professionalism,

“This is a time of change for the services

Citywing’s new offer means that if you

immense determination and an incessant

which Government provides, and many staff

find any flight between Ireland and the Isle

drive for excellence. These characteristics

are uncertain about what the future holds. That

of Man at a lower cost than that advertised

align perfectly with Boston’s brand and the

is understandable and sadly inevitable given

by Citywing, the company will offer you a

company’s values, and we are excited about

the comprehensive review of services taking

flight to or from Belfast City Airport on the

working with Scott to develop our mutual

place as part of the Scope of Government

day for less than the one found.

interests over the months and years ahead.”

initiative. We do have to re-examine our

Citywing Managing Director, David

Gibbs has recently returned from

services to see what can be delivered

Buck said: “We offer up to four return flights

Australia where he was commentating on the

differently and better, but I recognise that the

a day between the Isle of Man and Belfast,

Scott Gibbs

successful British & Irish Lions rugby tour

uncertainty is unsettling for staff and that

with fares starting at less than £35 single,

Gibbs, who lives in South Africa and has

alongside Jeremy Guscott and Jim

clarification is needed as soon as possible.

including all taxes and charges. Belfast, as

extensive business interests in the Middle

Rosenthal for the Middle East based OSN

Clear communication within Departments is

the capital of Northern Ireland and the

East and Asia, will support the strategic

Network. Client events with Boston have

essential as the process of change moves

country’s largest city, has plenty to offer

growth of the company with international

been scheduled for October in London and

forward so that everyone understands what is

those seeking a city break or a bit of retail

business development activities.

November in Dubai, with plans for an event

happening and why.”

therapy, and the Isle of Man is an ideal

Gibbs, who represented Wales and the

location for those looking to take a welcome

British & Irish Lions in Rugby Union, and

break from busy Belfast.

Wales and Great Britain in Rugby League,

on the Isle of Man in 2014.


Mr Bell added: “The programme of visits has also enabled me to have discussions with senior management teams about the scale and

“We are always seeking to provide our

commented: “I am impressed with the team

Chief Minister Allan Bell MHK has

nature of the issues facing the Government as

on-Island customers with the best possible

at Boston, and very pleased to be working

been making time during the

a whole. Long-term challenges such as the

offers to popular destinations, and are

with a dynamic company with clear

summer political recess to visit all

ageing population will extend far beyond the

confident that this new guarantee will be of

international growth plans. I see great

nine Government Departments,

current budgetary re-balancing exercise and

great interest and will further support and

synergies between my business interests

talking to staff as well as senior

Scope review, so the pressures for change

promote the Isle of Man economy.”

and those of Boston and we have an exciting

management and Ministers.

will not be going away in the years ahead.”

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general picture for the banking sector here

corporate, trust, pension and Life Company

Island, carrying everything from food to space

is positive. The message to all of our

depositors. PBI’s roots date back to 1884

capsules. Freight is measured in metres and

customers, existing and potential, is that PBI

with the establishment of the Irish

it is estimated she has carried 6.2 million

is here to stay and is very much open for

Temperance Permanent Benefit Building

metres of freight over the 15 years.

business. That’s good news for our

Society culminating in the launch of

customers, and for the Isle of Man’s banking

Permanent TSB in 2002.

sector.” The PBI Managing Director’s comments

Chief executive Mark Woodward said: “In the mid-1990s, the Steam Packet Company


decided to update its fleet with the addition of a newly-built vessel designed to meet the

were echoed by Niall O’Grady, Permanent

Isle of Man Steam Packet company

Island’s freight needs long into the future as


TSB Group’s Director of Transactional

vessel Ben-my-Chree has marked

well as delivering capacity for increases in

Permanent Bank International Ltd

Banking, Savings and Investments. He said:

15 years’ service, during which

passenger travel.


“Permanent Bank International Ltd will

time she has carried the equivalent

“Ben-my-Chree represented a significant

increasing strength of the Island’s

continue to play an important role within the

of the Island’s population 45 times

investment for the company, and a vote of



Permanent TSB Group. The Group’s

over and enough freight to reach

confidence in the future success of the Isle of

message from PBI’s Managing

restructuring plans are well advanced and on

from Douglas to Liverpool and back


Director Carlton Freegard who was

target and include a significant contribution

more than 20 times.


from PBI.”

Carlton Freegard














“Over the past 15 years Ben-my-Chree

Built for the Steam Packet Company at the

has provided a vital link for the Island all year

suffered a setback earlier this

Permanent Bank International employs

Van der Giessen de Noord shipyard in the

round, with an exemplary reliability record of

month with the announcement that

11 staff in the Isle of Man, has customers in

Netherlands, at a cost of £25 million, Ben-

97.8% since January 2010. Today, she

the Bank of Ireland Group is to

more than 70 countries, and is part of the

my-Chree arrived in Douglas on 6th July

continues to exceed freight and passenger

close its Isle of Man subsidiary.

Permanent TSB Group which is 99.2%

1998. After a period carrying freight, she

demands, ensuring the Steam Packet

This means that PBI – which is part of

owned by the Irish Government. PBI moved

conducted her maiden passenger-carrying

Company is able to meet increases in future

the Permanent TSB Group – is now the only

to impressive new premises at Hillary House

voyage on 4th August that year.


remaining Irish banking presence anywhere

on Prospect Hill, Douglas, in March this year

Since then she has carried around 3.9

He added: “We look forward to many

in the Isle of Man, Jersey, Guernsey and

with the new offices being officially opened

million passengers, 1.1 million cars, 250,000

more years of reliable service from the Ben-

Gibraltar that is still taking deposits and

in May by His Excellency the Lieutenant

motorcycles, and more than 100,000 vans

my-Chree, but as a forward-looking company,

accepting new customers. Mr Freegard said

Governor Mr Adam Wood. The last few

and trade cars.

we are already in discussions about the future

that while he was saddened to hear news of

months have seen a steady growth in

Ben-my-Chree, the sixth Steam Packet

shape and size of our fleet to ensure the Isle

Bank of Ireland Group’s plans to close its Isle

deposits, a trend fuelled by the launch of

Company vessel to carry that name, has also

of Man Steam Packet continues to be the

of Man business, the bigger picture was one

new and improved deposit account terms.

moved 500,000 freight trailers to and from the

Island’s lifeline for generations to come.”

of a stable banking sector on the Island –

These include the recent announcement that

with PBI making its own significant

PBI is now offering its highly competitive

contribution to this more confident mood.

Sterling 1 Year Fixed Term Deposit Account

He said: “The decision to close the Bank of

rate of 1.85% on balances of £20,000 or

Ireland operation on the Island represents a

more, and a Euro 1 year Fixed Term deposit

reduction in choice for the consumer which

Account rate of 1.5%. PBI’s full range of

is unwelcome for the sector. However, the

deposit accounts are available to personal,

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team motivation skills and follow a rigorous judging process, whereby nominees are

A site manager from Heritage






Homes has won his third National

consistency, health and safety, leadership




House-Building Council (NHBC)

and technical expertise.

Citywealth International Financial




Bill Mummery



Award ahead of tough competition

Dandara managing director Seamus

in the Northern Ireland and Isle of

Nugent commented, “Shaun has been with

The agreement will see the SBOBET

Man region.

us for 20 years and has always taken great

brand promoted on the Premier League


pride in what he does, which is clearly

clubs’ LED pitch-side perimeter advertising

boutique wealth manager from

evident at Croit ny Glionney. I am delighted

hoardings during all home games. The

Professional Adviser Magazine.

that he has received this independent

Premier League is broadcast across 212

The investment boutique has been

industry recognition for his dedication. It

territories, reaching an audience approaching

shortlisted in the ‘Isle of Man Investment

really is a great accolade and fully

five billion, providing SBOBET with a total of

Management Company of the Year’ category.


more than 1000 minutes of global

The awards celebrate the excellence of

Commenting on his achievement,

Shaun O’Boyle

advertising exposure across the season.

Centre Award. This comes hot-onthe-heels of the firm scooping the in




the advisors and managers in the private

Shaun said, “This award is more than just a

Celton Manx executive director Bill

personal achievement, its proof of the great

Mummery said: “These signings illustrate the

team effort and wouldn’t have been possible

growth of and respect for the trusted SBOBET

Coincidentally, Creechurch Capital has

without the support from all of the tradesmen

brand in the Asia region where it is

also grown from strength-to-strength over

on site”.

recognised as the leading online sports book.

the past three years, having met its three-

wealth sector, highlighting the quality of their work in the international marketplace.

Judges from the NHBC Supreme

“These agreements also demonstrate our

year target with six months to spare and

judging panel will be visiting the Island to

commitment to continue building mutually

added £150m of private client assets in the past 12 months.

see Shaun and the Croit ny Glionney

beneficial relationships with the Premier


Development prior to the Gala ceremony in

League clubs, which most recently saw

John Greenwood, CEO at Creechurch

acknowledgment for his work on the

Belfast this November, where Shaun is also

SBOBET enjoy a four-year partnership as

Capital, commented: “It is hugely flattering


in the running for the ‘Seal of Excellence’

principal sponsor of West Ham United, which

to receive industry recognition at this level,


and overall ‘Regional Winner’s’ awards.

forms part of our commitment for the 2013-

particularly given the fact that we are only

ary-17925" Croit ny Glionney development

halfway through our initial five-year business

in Colby. His win came in the medium


2014 season.

category for developers building between 51

Celton Manx Isle of Man, as

arrangements also provide SBOBET, as a

“This is testament to the hard work and

and 1,000 units per year in the Northern

operator of the global online

company with a strong sense of corporate

unwavering dedication of the entire team

Ireland and Isle of Man region.




“These mutually beneficial commercial


sports book SBOBET, has signed

responsibility, an opportunity to work with the

who have made our business targets a reality


contracts with five Premier League

clubs in supporting their community and

and worked to surpass all of the initial


clubs to be their official Asian

charitable initiatives.

ambitions for the business.

PrideintheJob/" \o "Find out more about the

betting partner for the 2013-2014

“The 2013-2014 Premier League season

“I’m extremely proud of the achievement

Pride in the Job awards" ‘Pride in the Job

season: Hull City, Norwich City,

promises to be a very exciting one and we

and also delighted to be flying the flag for the

Quality Awards’ recognise excellence in

Southampton, Swansea City and

are proud to partner with so many highly

Isle of Man as an International Financial Centre

working practices, site management and

West Ham United.

regarded clubs.”

that projects excellence on a global stage.”

The prestigious NHBC

Stand out vacancies for stand out candidates Permanent, Temporary & Contract Opportunities



increasing 7.6 times over the same period

a period of good activity followed by a lull

last year.

followed by another period of good activity and

Manx Financial Group PLC, the

Sandra Cardwell commented: “Our growth

AIM listed Isle of Man based

is customer service driven and we remain

“But it has to be appreciated the level of



committed to being the Island’s market

activity overall is much better than last year

announced its interim results on

leader for the provision of independent

and we are selling a significant higher number

Tuesday 19th August.

financial advice. We have a strong,

of units than last year. Our Ramsey office in

professional, well qualified IFA team which

particular is forging ahead and having an

is now complemented by our general

excellent period both in sales, rentals and

insurance division, which can offer tailored



Edgewater’s Sales Director,

insurance solutions to both individuals and


this there is an

businesses alike. This comes as part of a

abundance of property on the market for sale

Sandra Cardwell

constant focus on service development and

BUT not enough buyers. Some of these

being Island residents. Last year the Group

on identifying the needs of the Island’s

properties as I have indicated before are

contributed nearly £10 million to the Island’s

residents through local knowledge and

overpriced and will not achieve the figures

national income, and embarked upon a cost

expertise. It is this degree of understanding

aspired to and I would advise any Vendor who

reduction exercise aimed to complement

that has secured our offering over recent

is motivated to sell to speak to their agent and

significant growth in sustainable revenue.

years and which enables us to successfully

address the issue. Those who are not in any

adapt to the Island’s maturing economy.”

rush to sell should perhaps think about renting

Conister Bank’s Managing Director, Juan Juan Kelly

another lull.

Kelly, stated: “Given the current evolution of


if this is an option or identify the property you

The Group, which includes local

the offshore banking sector here, more than

businesses Conister Bank Limited and

ever the Isle of Man needs a strong domestic

The Chairman of leading Isle of

to enable the transaction to proceed.

Edgewater Associates Limited, recorded a

bank. We are committed to providing



Alternatively it might be a good idea to rest it.

profit of £255,000 for the first six months of

lending and deposit solutions to all of our

Groves, has suggested a recovery

“On a more positive note it its very

the year, an improvement of £822,000 on

community. Our success over recent months

in sight for the Isle of Man

encouraging to read the good news on the

the same period for 2012. Conister Bank

demonstrates the increasing demand from

property market after a flat period

economy front coming out of the UK and

Limited, the Island’s only independent bank,

the Island’s small and medium sized

over the last two to three years.

indeed the USA with the return of consumer

grew 6 months earnings to over £1 million

businesses to secure flexible and responsive

with its loan book growing 23% to £64.88 million.

Overall, the Group’s financial






wish to go to and negotiate a suitable discount



spending ,house price sales on the increase

funding, which enables them to reinvest in

observations during an interview on manx

and the great news is that interest rates will

their ventures and contribute further to the

Radio. He said, “As forecasted at the

remain low for the foreseeable future thus

highlights include a 367% increase on

local economy. We feel this is best achieved

beginning of the year we at Cowley Groves

enabling the economy to recover.

trading profit over 2012, a 44% increase in

through partnership with an organisation that

thought that the market would have its peaks

“This is good news for the Isle of Man

net interest income and a 23% increase in

possesses a detailed understanding of the

and troughs and bounce along for the coming

where buyers can now plan with some

loans, instilling a degree of customer

Island’s economic subtleties and whose

year. This is certainly what has transpired for

certainty for the future.

confidence which has resulted in an 18%

long term interests are fully aligned with

the 8 months to date and while having a good

“The economy is improving and the low

increase in customer deposits.

those of the Isle of Man.”

April, May and June – July and August have

cost of funds will ensure this gradual recovery

The Group is Manx based and majority

Edgewater Associates Limited improved

been a little quieter than the previous months.

is sustained. The UK has been in recession

Manx owned with over 88% of its employees

its financial performance with earnings

So yes since the start of the year we have had

since 2008. It is time for a reversal.


Next Day to UK, Europe and the USA. Tel: 01624 661122


Wildlife: An Artist’s View Internationally acclaimed wildlife artist Jeremy Paul will showcase highlights from a quarter of a century’s work as a professional artist in a new exhibition now open at the Manx Museum This stunning exhibition features

own photographs for reference and

enviable worldwide reputation for

was nurtured alongside his work as a

paintings from Jeremy’s travels

building his work in layers with under-

accurate and sensitive representations

marine scientist in Scotland and the Isle


of the natural world.

of Man. The realistic portrayals of


painting and using glazes for different

artworks which have won awards

effects. The development of these skills

An artistic career has not always

animals in their environment that

from BBC Wildlife Artist of the

alongside thousands of hours of work

been Jeremy’s intention. His decision to

Jeremy is best known for today reflect a

Year and Wildscape Magazine’s

and self-motivation have turned this all

make art his full time occupation

scientific attention to detail as well as

Wildlife Artist of the Year.

too precarious existence into a reliable

developed from a successful career in

an appreciation of the subtleties of light,

A completely self-taught artist,

a source of income as can be hoped for

marine biology. An affinity with drawing

textures and colours which create tone

Jeremy Paul works in acrylics, using his

in an artistic career. He has earned an

and painting, present since childhood,

and atmosphere. He has said that he




would not be an artist if he hadn’t been

four years completing his first degree

to take part in small safari expeditions

a marine biologist; the one goes with the

and PhD. Over the years the Island’s

witnessing wildlife spectacles firsthand.

The exhibition of is on display at the


wildlife has been a consistent source of

He has also been lucky enough to go

Manx Museum from Saturday 14

Gallery Shop at the Manx Museum.

Scotland, particularly the west coast

inspiration, from majestic settings for

to both the Arctic and the Antarctic

September 2013 to 4 January 2014.

and Highlands, where Jeremy Paul spent

peregrine falcons to intimate studies of

regions for first hand experiences of

Admission is free.

much of his career as a marine biologist

wrens. Having brought up his family

fragile landscapes and the amazing

in the 1980s, provided both opportunity

here, Jeremy’s base continues to be at

wildlife adapted for survival there.

and inspiration for his art work.

home in Colby, from where he produces

His incredible and unforgettable

meet Dr Jeremy Paul at the Manx

Wilderness and abundant wildlife

artwork for exhibition locally and

experiences while travelling to see

Museum on Saturday 12 October from

motivated him to begin painting


wildlife have no doubt strengthened his

10am to midday, when Jeremy will



provide a fascinating talk about his

• There will be a special opportunity to

seriously, particularly during his time

Jeremy likes to see animals in their

living on the Inner Hebridean island of

natural environment before depicting

conservation. He is a Signature Member

career development from a marine


them. That way he can experience the

of ‘Artists for Conservation’ and has

biologist to professional artist.



A two-year spell of unemployment

nuances of light, landscape and

contributed paintings to ‘Art for Survival’

His unique talk will take a look at his

in Kent gave Jeremy the time to develop

behaviour that set his paintings apart.

auctions at Christies in London on behalf

own photo album of wildlife from travels

his painting skills and his art began to

When opportunities arise, he travels to

of the David Shepherd Conservation

across the world, looking at his

sell. His first exhibition in Ashford public

different parts of the world to observe


development of paintings – shown step

library proved to be successful, giving

and photograph native species.

To find out more about Jeremy’s

by step from blank board to the final

him the encouragement to continue

Big cats have particularly captured

fascinating career, admire, or even

painting.Tickets cost £10 from the Manx

painting, even as he moved back to

his imagination whether they are tigers

purchase some of Jeremy’s work, special

Museum Gallery Shop.

Scotland for a job researching and

in India or lions, leopards and cheetahs

edition prints, stamps, cards and his new

developing shellfish farming.

in Africa. Botswana, Zambia, South

illustrated book, published with the kind

In 1988 Jeremy moved back to the

Africa, Tanzania, Kenya and Namibia

support of Manx National Heritage and

Isle of Man, where he had earlier spent

have all drawn him back to the continent

KPMG are all available to buy in the



It’s not all doom and gloom Following recent developments, mere mention of the word ‘tax’ is likely to make us bury our heads in our hands and mutter a profane equivalent of ‘Oh no! What now?’ But it’s not all doom and gloom. Sometimes, things come along that present real opportunities but you have to have your eyes open and perhaps be a bit of a tax geek, to see them coming.

By George Sharpe and Phil Morris, senior tax professionals at PwC

services to consumers will be the

• good quality of life for senior

customer’s country. It will not matter


where the supplier is located. If it is

• a stable government with a balanced

supplying consumers in other EU


countries, it will need to charge the VAT

• a stable, understandable and

that applies in those other countries.

affordable corporate tax regime that,

This looks like an administrative

unlike the regimes in many EU

nightmare. Companies supplying these

Member States, is certified as

services across the entire EU will now

compliant with the EU’s Code of

have to file 28 different VAT returns in

Conduct on Business Taxation,

28 different countries and a host of

• a well-educated and hard-working

different languages. How could we

labour force,

possibly think this is a good thing or

• an established banking and financial

an opportunity for the Isle of Man?

services industry with an international

Two reasons:

perspective and

Firstly, Isle of Man Customs & Excise are on the case. To coincide

• the availability of trained IT professionals.

with the change, they in partnership

As regards this last point, they are

with HMRC, will be introducing MOSS

likely to be particularly impressed by

Articles that start ‘Future changes

introduced a very low VAT rate for

(the ‘mini one-stop shop). This will

a country planning to set up a

to the EU’s VAT rules regarding …

electronically supplied services. This

enable Manx suppliers to file a single

specialist IT university.

’ are likely to induce a yawn and

was great for them. It created a

VAT return here in the Island, once a

Now, let’s think. Where can we find

rapid flipping of the page but wait;

substantial number of jobs in

quarter, accounting for all the VAT that

a place that ticks all these boxes?

stay with us; this is good stuff.

Luxembourg and generated massive

is due across the whole of the EU. Yes,

Hmm, tricky! Not really. Complete

The point at issue is electronically

tax revenues for the Luxembourg

suppliers will still need to do a lot of

this sentence: The I… of M.., where

supplied services and in particular,

government – when a country of half

analysis breaking down their sales by

you can.

when they are supplied by a business

a million people supplies a market of

country and charging the applicable

It is becoming increasingly clear

to a consumer rather than to another

over 400 million, even a very low VAT

VAT rate in each. It won’t be easy but

that e-business has a major role to

business. This can be anything from

rate can add up to a lot of cash. We’re

it will just be one VAT return and it will

play in our Island’s economic future.

downloading the latest novel to your

not saying this was predatory or even

be in English. That’s got to be good.

E-business is bigger than just e-

e-book, buying a new ring-tone for

unfair tax competition - Luxembourg

your mobile phone or streaming a

is an EU Member State and therefore



opportunity here to expand and

footie game onto your tablet. If the

above reproach in these matters – but

Wherever in the EU a business locates,

broaden our e-business sector. We

seller is in one country and the buyer

it did corner the market at the expense

the VAT it has to pay on its sales will

should seize that opportunity. At PwC,

is in another, which country’s VAT is

of the rest of the EU.

be the same. The playing field will be

we are advising a number of

level. Businesses will decide where to

businesses looking into setting up or

locate for sound economic reasons and

expanding their e-businesses in the

will be attracted by things like

Isle of Man and are keen to work with

• a state of the art IT infrastructure,


charged on the sale?

All this is about to change.

Today, within the EU, the answer is the seller’s country. Luxembourg was

From 1 January 2015 the place of

the first to spot the opportunity and

supply for electronically supplied


Secondly,VAT will no longer dictate these


gaming; much bigger. There is a real


Prime Minister recognises Isle of Man’s positive action on tax transparency Treasury Minister Eddie Teare MHK has welcomed recognition from United Kingdom Prime Minister David Cameron that the Isle of Man is not a tax haven.



territories and countries that really are

in respect of tax cooperation and

Commons in early September, Mr




tax havens. The Crown Dependencies

transparency for the past 15 years and

Cameron highlighted the positive

and Overseas Territories, which matter

action taken by the Isle of Man and

so much - quite rightly - to the British

the other Crown Dependencies and

people and Members, have taken the


necessary action and should get the



international tax matters.

backing for it.”

He told MPs that Britain’s Crown

The Prime Minister’s comments

Dependencies and Overseas Territories

have been welcomed as a further

deserve support for the steps they have

endorsement of the Isle of Man’s

taken to promote transparency and

commitment to remaining at the


forefront of global standards.

“The Isle of Man has led the way in respect of tax cooperation and transparency for the past 15 years”

was the first nation to commit to a FATCA-style agreement with the UK to automatically share tax information. We have also produced an Action Plan to set out our position on tax information




identification of corporate beneficial ownership, and recently confirmed our intention to join the Multilateral Convention on Mutual Assistance in Tax

Responding to questions about his

Minister Teare said: “Mr Cameron’s

statement on the G20 summit in St

remarks provide clear recognition of

Petersburg, Mr Cameron said: “I do not

the Isle of Man’s constructive

think it is fair any longer to refer to any

engagement with the international tax

with the UK and our international

of the Overseas Territories or Crown

agenda. With positive assessments by

partners to drive forward measures to

Dependencies as tax havens. They

such organisations as the OECD, IMF

terms. It supports our view that the Isle

tackle tax evasion and fraud. There is

have taken action to make sure that

and Financial Stability Board, we do

of Man is a responsible business centre


they have fair and open tax systems.”

not consider ourselves to be a tax

with a competitive, clear and simple

willingness to be part of the solution,

He added: “It is very important that

haven. The Prime Minister has now

tax regime.

as highlighted by Mr Cameron’s

our focus should now shift to those

reinforced that message in very strong


“The Isle of Man has led the way

Matters.” Minister Teare added: “The Isle of Man continues to work very closely




comments in the House of Commons.”


The Claremont’s transformation continues The Claremont has completed another stage in the award-winning 4star hotel’s multi-million redevelopment to become the Island’s business visitors’ destination of choice.

Following detailed research into

Isle of Man cements its reputation as a

the requirements of corporate

global business centre it is vital that we



meet the needs and expectations of the





modern corporate traveller. It is equally

facilities matching the highest


important that local businesses remain

international standards.

confident that their hotel of choice

The latest phase of refurbishment

reflects the qualities and values they

completely renovated and re-designed

expect for visiting delegates, colleagues

the entire ground floor of the hotel,

and potential investors.”

transforming the entrance, reception and

with the wholesale refurbishment of the

recently the Isle of Man Newspapers

Mr Wilson continued: “This multi-

foyer areas and incorporating premium

hotel’s 56 bedrooms into Business Club

Awards for Excellence - Company of the

million pound private commitment to

lounge facilities to provide a convenient

rooms and suites. Guest rooms now


the Island’s premium hospitality sector

and luxurious meeting space. This

provide Nespresso machines, super-king

Commenting on the success of the

reflects our confidence in the Isle of

complete structural and stylistic revision

sized beds with Tempur® mattresses,

project, Mark Wilson, Managing Director

Man’s economic future. Only by

saw the introduction of a new entrance,

Hungarian goose down pillows, and

of Sleepwell Hotels, stated: “Completing

providing world-class facilities can our

walnut reception desk, granite tiled

elegant wet-rooms with Aveda products.

this phase of the project marks a turning

business community continue to attract

lobby, and the opening of structural

Complimentary high speed broadband

point not just for the Claremont but for

external investment and secure the

walls to create a carefully furnished open

is available throughout all areas of the

the Island’s corporate hotel facilities as

Island’s international reputation. Our

space. The interior design has been

hotel.The upgrade has already seen the

a whole. We set out to create a luxury

product is now unrivalled within the Isle

carried out by Berlin-based interior

Claremont win a raft of awards including

business class destination which is on

of Man and I am confident that the



the Bloomberg International Hotel

par with those available throughout the

international acclaim we have gained

Lagemann Architekten and constructed


Award, the UK Hotel Awards Highly

world’s commercial centres. We have

positions us well to represent the best of

by G. J. Inghams of Peel

Commended Hotel Interior, Visit Isle of

achieved this through persistent

everything that the Island has to offer.


Award, Trip-Advisor

consultation with industry experts and

We look forward to our future at the

Certificate of Excellence and most

unwavering attention to detail. As the

pivot of the local business community.”

The Claremont’s 4-star privately financed transformation started in 2012




Merry Christmas! That gift could get you 10 years in jail The Isle of Man Bribery Act 2013 (the Act) has now received Royal Ascent and is on its way to becoming law before the end of this year. And it is something you and your organisation must consider seriously because ignorance of this law truly is no excuse.

By Dani Kelly, Head of Compliance, Moore Stephens Isle of Man

But why is the Bribery Act an issue

extra-territorial jurisdiction over offences

The bad news is that a company or

for you? Surely you’re not guilty of bribery

committed off Island, if the offender has

organisation may well face prosecution

– but are you so sure?

a close connection with the Isle of Man -

for the acts of their employees, even if they were unaware.

Firstly, from the most basic

a natural person as a resident, a company

standpoint, your personal freedom is at

incorporated on the Island or an Isle of

stake - the Act raises the maximum

Man partnership.

A company’s best defence; if it discovers one of its employees has

prison sentence for the offence from

The problem is that what might seem

contravened the Act, rests in the policies

seven to 10 years. Sadly, that’s an even

just an innocent and accepted business

and procedures it has in place to prevent

greater issue, as many individuals may

practice, can in fact be a punishable

bribery. Good procedures and top-down

fail to recognise corrupt situations or, if

criminal offence under the Act, which

policies go a long way to distance a

they do, fail to appreciate the risks or the

includes offences committed, albeit

company from a guilty employee who has

personal exposure of becoming involved.

reluctantly, simply to remain competitive.

clearly violated company policy.

On a global scale, bribery leads to

Remember, a bribe doesn’t have to

suffering, particularly in emerging

be cash - promising someone a contract


economies by making a mockery of local

or two weeks in the Seychelles is exactly

1. proportionate procedures;

rule of law and discouraging investment.

the same thing.

2. top-level commitment;

The ensuing political disenfranchisement

And it’s a two way street. Both the

In fact the Act sets out six specific

3. risk assessment;

makes true democracy almost impossible.

person(s) offering/giving the bribe (active

4. due-diligence;

The Act follows in the footsteps of,

Being associated with it does nothing for

bribery) and the person(s) who ask for it

5. communication (including training);

and appears to be modelled on, the

the reputation of an individual, an

or agree(s) to accept it and/or ultimately

6. monitoring and reviewing.

UK Bribery Act 2010 which came

organisation or a country.

receive(s) it (passive bribery) would be

into force on 1 July 2011, eclipsing

Not surprisingly the Isle of Man has

in both scope and impact the US

no interest in being seen to be soft on

Foreign Corrupt Practices Act

global bribery. It’s a basic brand issue.

1977(FCPA). It also replaces the

Section 18 of the Act gives the court

Isle of Man Corruption Act 2008. One reason the Isle of Man continues to thrive in a world hostile to international finance centres is its brand of doing business in the most ethical manner and holding itself to high international standards, often far exceeding those of so-called onshore jurisdictions. The challenge, as always, is to do it without overburdening our businesses with

Not surprisingly the Isle of Man has no interest in being seen to be soft on global bribery. It’s a basic brand issue.

guilty of an offence under the Act.

As a minimum, it should be standard company policy that no payment or gift

Even blackmail victims who pay their

of any kind may be made, promised or

extorter will very likely fall foul of the Act,

offered to a government official, political

as will any party who fails to take

candidate or an employee of a

reasonable steps when fraud is suspected.

government-owned entity or any other

But before you panic and hire a

individual who may be able to influence

lawyer to defend yourself for buying

such a person or business relations if the

someone a coffee, the good news is that

intent in doing so is to obtain or retain


business, or obtain or to retain an




promotional business expenditure, that is

advantage in the conduct of business.

within the norms for your business

Intent can be subjective so in practice

practice, is not necessarily considered a

it may be simpler to just prohibit any such

bribe if the measures are reasonable and


proportionate. Careful consideration must

The bottom line is the Act can have

now be given to hospitality or

very serious consequences for any

promotional practices to ensure they do

company or person not taking it seriously

business people on the Island can in turn

not contravene the Act or might be

and remember, wilful blindness or

enhance this positive reputation.

perceived by others as contraventions.

ignorance is no excuse.

bureaucracy. By embracing and promoting the Act,



FEEL THE FORCE, the renowned recording star, record producer, songwriter, dj and philanthropist, performs arena shows in manchester and london this december SEE GIG GUIDE PAGE 30


A Week in the Life My name is Warwick Bartlett and I am the Chief Executive and founder of Global Betting & Gaming Consultancy, or GBGC. I came to the Isle of Man with my wife, Jennifer, in 2007, in order to relocate GBGC and to find a quality of life closer to what I was used to in 1970s UK. Having lived in Worcestershire for many years, I felt a longing to live nearer the sea and the Isle of Man certainly ticks all the boxes for us. As strange as it may seem, I quite like the climate’s cool summers and relatively mild winters.

Monday I normally rise at about 7am . At 07-30 I scan the incoming emails that have hit the inbox over night from around the world. We are a global business and our clients are active while we are sleeping. It never ceases to amaze me that our friends in the US think that the world runs on US time! They always call you up when you are about to eat in the evening! I then take a quick look at the FT online to see how my investments are going. I get to the office at nine. We start the week with a meeting between GBGC’s Director of Research, Lorien Pilling, and me. We assess where we are on the latest news and information that is relevant to the data that will be included in our Global Gambling Report, which is updated every month. We will then examine the news flow for the coming week such as what governments are planning with gambling legislation, and any forthcoming company results. Finally, a review of the consultancy projects in hand. We will liaise via Skype with Tihana, the manager of our Zagreb office, so I can get a 360 degree view of where we are. We have never missed a client deadline yet and I have no intention of that ever happening. The meeting will review what information we have managed to collect and the format of the advice we are to present as measured against the client’s briefing paper. We break for lunch, which is normally taken at the desk. We have the luxury of TV in the office and we switch between sport and Bloomberg. At the time of writing, the Ashes is taking place. Samantha, our accountant, is from South Africa and wants Australia to win the Ashes because she does not like Peterson, so she damns the entire English team. She also supports Man U and as I support Liverpool the banter between us

Global Betting and Gaming Consultants (GBGC) was established during 1999 and has an extensive track record in the gambling industry spanning more than 40 years. GBGC has established itself as the most credible, specialist, independent, international gambling consultancy in the world. The company has worked with or supplied information to over 500 clients, ranging from financial institutions and consultancies to leading gambling operators such as Boston Consulting Group, Loto Quebec, William Hill, Hong Kong Jockey Club, and Morgan Stanley.

is what the Foreign Office would describe as ‘constructive dialogue’, which is code for a good disagreement. At about 3pm I review the financial markets because what happens in the global economy affects our clients’ business. I leave at five thirty to go off to Mount Murray to swim. I get home at about seven starving and the wait until 7-30 to eat seems like hours. I raid the fridge, something I should not do. Jennifer is such a great cook. She should have been a chef, my waistline proves it. Tuesday I have to prepare for the International Association of Gaming Advisers Conference (IAGA) on Wednesday where I have been asked to speak about financing mergers and acquisitions in the gambling industry. My original speech is too long and I have been asked to cut it back. How do you talk about the global industry in ten minutes? Next week I am off the GBGC’s Zagreb office so I need to make the travel arrangements. The purpose of the visit is to catch up with Tihana and to see how the new staff member is fitting in. Unemployment in Croatia is chronic, something like 50% for those under 25 years of age. The Government has started a scheme whereby they pay employers to take young unemployed people to give them work experience. We have taken on Luka, a smart young man; I am hoping he will graduate to a full time job.


Jennifer and I both leave for London in the afternoon. I am off to my very

has a gin and tonic, and I have another glass of wine. £62! I begin berating

own leaving party at the Guinea Grill, my favourite steak restaurant. The

Sarah on the way out. “If you drink in places like this you will never have any

Bookmakers Committee to the Horserace Betting Levy Board have taken a

money”, I said. Then I missed two steps and landed on my knee. I am out cold.

private room to say farewell and to thank me for the service I have given as

The ambulance arrives and within minutes I am in St Thomas’ Hospital.

Chairman and as a member for 20 years. Will Roseff, CFO of Bet 365 and the

There is no break, which is good news. The medical team were rushed off their

current chairman, makes a speech and has us all in stitches.

feet but were still polite and caring and did a great job. I was impressed and


later wrote in to say so. We arrive back at the hotel at four in the morning.

Today we have the IAGA conference. I get there just before twelve and


listen to the panel on social responsibility. Peter Brooke, the Chief Executive

I am in a wheel chair and in pain. The journey to Gatwick was a nightmare.

of multinational Genting, makes the point that in the UK’s casinos there are

Flybe arranges for a lift to get me in the plane as I cannot manage the steps.

2,800 slot machines whereas there are that many in just one of Genting’s

Eventually I am home.

casinos in New York State. He would like more for the UK!


We break for lunch and I go off to meet an old friend and colleague David

Our office in Castletown has two flights of stairs, what a bugger, but I made

Harding, the former CEO of William Hill. David was on good form and it was

it. I now have a crutch and the knee is bandaged. The sympathetic office

really great to meet up after so long.

neighbours are calling me hop-along and the butcher asks if I lost my parrot,

The Financing and M&A Panel is next and I am joined by Peter Stein, the

thinking I look like a relic from Treasure Island. I have booked to go to Zagreb

CFO from Novomatic, Mark Harms from Global Leisure Partners, Edward King,

next week and the week after we are sponsors at the Gaming Executive

Managing Director of Morgan Stanley ,and Tom Roche, the Managing Partner

Summit in Barcelona. I make it to both.

of Ernst and Young.

It was essential to turn in today. A new client had arrived on island from

We had the graveyard slot right after lunch so only 70 delegates had the

Australia, he had come a very long way at great expense. He had seen the film

will to attend. It was a hot, sunny day outside so who can blame them! The

“Closer to the Edge” and had wanted to visit the island ever since. I endure

presentation went well.

lots of peg leg Australian jokes, all in good fun of course.

I am staying over in London. Jennifer has gone off to meet her daughter and new grandson and I am meeting my daughter Sarah. Sarah asks to meet at One Aldwich; a swanky West End bar. I am there first and order a glass of white wine, she arrives and has water, her boyfriend Paul

It is now getting late and I have had enough. Off to the Glue Pot, the best pub in Castletown. The Guinness and Okells bitter are pure nectar and are calling me. I am joined by Jennifer and the Shipley girls, forget Paracetemol, Okells does the job much better. Life has suddenly improved.



Jennifer and Warwick Saturday

Isabel, Warwick, Andres

Barry and Ann Marie Smith from Equiom started an egaming dinner for people in Castletown and it is our turn to host Barry and Ann Marie, Paul and Monica Davis and Garth and Liz Kimber. Jennifer spends all day preparing and is worried all will be good on the night. I have more faith. We had a great night. Jennifer has triumphed again. Sunday I am perched on a stool at the sink washing up what will not go in the dishwasher. Under deep cover and full of embarrassment we both make our way to the Port Erin bottle bank. We are fearful that Doctors Cowen and Blackwell may see our depository of wine bottles from last night and think it was our daily intake. Jennifer drops the bottles carefully into the hopper but they crash and make a huge noise. She looks round, no one saw her, and we are away. We made it. Now for the best part of the week. It’s Skype time. Between us Jennifer and I have five grandkids living in Brussels, London and Winchester. First it is the two granddaughters aged three and two. They smile and laugh and like us marvel at the technology that brings us together. Next up, the Brussels contingent, aged eleven and nine. They are both multi lingual; their mother Carmen is Spanish, so the conversation goes from

such a short space of time. I must learn Spanish. Andres and Isabel are of an

English to us and Spanish in the background.

age where they get bored quick. They disappear, leaving the parents to pick

We never mention the Armada or Gibraltar. When Carmen tells them off in Spanish it is something to behold: speech takes the form of a machine gun. I have never heard so many words used in


up. Finally the new addition, a boy of only six months, Arlo. A happy little chap, he may have been a Gannet in a former life.


INTRO Name Tommy Harrison Title and Company Managing Director, Signed Sealed & Delivered Ltd Where do you live on the Island? St Johns How long have you lived on the island? 43 ½ years. I was born at home in Peel.

YOU What is your business background? I have been running my own small business arranging low cost mailing

Which websites do you visit most?

solutions for local companies since 2008. Before that I worked in various, it’s just an interesting site. I limit myself to 10 minutes on

technical roles, with 15 years at Manx Telecom.

Facebook per day because it can take over your life if you let it.

What was your very first job?

Do you shop online and if so what for?

I was a fisherman when I was 13 years old. It was hard work and I still have

I mainly buy specialised printers and enveloping machines online - some from

Popeye muscles from it now.

the UK, some from on Island. I spend a lot of time looking for good deals.

If you hadn’t chosen your current career, is there another career path you


would have liked to have pursued?

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

I do a lot of youth work in my spare time, such as running Firestarter Festival,

Machu Picchu – I am intrigued by the Incas and how they built it with such

and I love it. If I could make that a paying career, I would.


Who is your business role model?

What is your favourite television series?

Charles Wesley, the founder of Methodism. He wasn’t a businessman, but I

Outnumbered – it is too close to real life.

liked his principles on money; he took the same basic wage every year and

What is your favourite film?

gave the rest to charity.

‘Falling down’ – sometimes you just have a bad day.

What’s the best business lesson you’ve ever learned, and how did that come

What is your favourite album?


‘The Madcap Laughs and Barrett’ by Syd Barrett. It is an acquired taste. He

Learn from other people’s mistakes. When I get bad service, I make sure I don’t

really doesn’t care about the listener, he is free to do what he likes, and he does.

do the same to my customers or suppliers. It seems to work - I have great

If you do Google the album, listen to it all, it will grow on you.

relationships with all them. It makes business far more fun.

What is the most memorable event you have attended?

What’s the best thing about your job?

Kath Crowe in concert. Her singing is fabulous and her honesty and

Problem solving. I enjoy meeting new customers and finding new ways to

enthusiasm for life are infectious.

meet their requirements.

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

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

Stay healthy. See my great grandchildren. Go to sleep.

Write down 3 things you want from your business and 3 things you don’t want. Put

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

them on a big sign on your wall and read them every time you make a big decision.

Don’t worry about making mistakes. The biggest mistake you can make is


doing nothing.

Do you own an iPad? No.


What are your favourite gadgets?

If you could make one change to the Isle of Man, what would it be?

My Nokia 5140i phone, it’s the only phone I’ve ever had. It’s 8 years old now

I would liberalise laws surrounding direct mail, post and monopoly regulation,

and still going strong. I also have a few professional enveloping machines,

such as the Post Office Act 1993, to encourage more competition in the

which I think are really cool… but nobody really agrees with me.



In association with

Book online:

Tel. 0871 200 0440

Tel. 0871 718 5000

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• • • • • •••••• • ••••• • • • ••••• • ••••• • •

0 to 30 minutes 31 mins to 01 hour 01 to 02 hours 02 to 04 hours Up to 08 hours Up to 12 hours Up to 16 hours Up to 24 hours Up to 02 days Up to 03 days Up to 04 days Up to 05 days Up to 06 days Up to 07 days

Long Stay Car Park Free £1.00 £1.00 £2.00 £4.00 £6.00 £9.00 £12.50 £16.50 £20.50 £24.50 £28.50 £32.50 £36.50

•••••• • ••••• ••••• • • ••••• • • • • • • ••••• ••••• • • • • ••••• • • ••••• •

Depart Arrive M T W T F S S 1210 1330

Depart Arrive M T W T F S S 1400 1520

Isle of Man to Southampton

Southampton to Isle of Man

Depart Arrive M T W T F S S 1155 1310 1235 1350

Depart Arrive M T W T F S S 1335 1450 1415 1530

Isle of Man Airport Car Park Charges Short Stay Car Park Free £1.00 £1.50 £2.50 £4.50 £6.50 £10.00 £13.00 £19.00 £25.00 £31.00 £37.00 £43.00 £49.00


• •

Southampton Season ends 21 September 2013.

• •

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.




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Micky Flanagan 11 Oct

Lawson 05 Oct

Fleetwood Mac 01 Oct

Barry Gibb 03 Oct

Jessie J 15 Oct

Jesus Christ Superstar 15 Oct

Jay Z 03-04 Oct

Bruno Mars 08-09 Oct, 21 Nov

Depeche Mode 07 Nov

Arctic Monkeys 28 Oct

Bruno Mars 05 Oct

Jay Z 10-12, 14 Oct

Stereophonics 11 Nov

Cirque Du Soleil 30 Oct - 03 Nov

M People 10 Oct

Micky Flanagan 16-19, 24-26 Oct

Disney on Ice 14-17 Nov

Milton Jones 01 Nov

Crosby, Stills & Nash 12 Oct

John Mayer 20 Oct

Queensof theStone Age 18 Nov

Jessie J 04 Nov

Alter Bridge 22 Oct

Jessie J 29-30 Oct

Mrs Brown 19-23 Nov

Micky Flanagan 12 Nov

Arctic Monkeys 23 Oct

Peter Gabriel 21-22 Oct

JLS 01 Dec

Nickelback 23 Nov

Peter Gabriel 25 Oct

WWE Live 15 Nov

Wet Wet Wet 06 Dec

Bruno Mars 24 Nov

Billy Joel 29 Oct

Mott the Hoople 18 Nov

Black Sabbath 12 Dec

Mrs Brown 26-30 Nov

Jessie J 01-02 Nov

Depeche Mode 19 Nov

Andre Rieu 16 Dec

Diversity 04 Dec

Stereophonics 14 Nov

30 Seconds to Mars 23 Nov

Calvin Harris/Tiesto 18 Dec

Status Quo 06 Dec

Depeche Mode 15 Nov

Nickelback 24 Nov

Russell Howard 08 Mar

JLS 09 Dec

30 Seconds to Mars 16 Nov

Stereophonics 28 Nov

Miranda Hart 28 Mar

Deacon Blue 09 Dec

Will.I.Am 03 Dec

Will.I.Am 05 Dec


Cautious optimism? Over the past few weeks a range of economic indicators have pointed to a pick up in growth momentum across various regions including the US, Euro-zone and UK. wobble in May and June which was

were widely expected. Following in the

the minutes of the last MPC meeting have

triggered by investors’ concerns about the

footsteps of the Fed, the MPC linked the

only served to amplify uncertainty about

outlook for monetary policy, recent data

path of monetary policy to threshold levels

just how much support the new policy of

showing improving economic growth and

in the unemployment rate (in the context

forward guidance has within the MPC.

resilient corporate profits have provided

of price stability). With


Overall, we expect that once things of

settle down, investors will once again

income markets, yields have been on a

unemployment at 7.8%, the 7%

focus on the underlying message which is

rising trend since the markets got spooked

threshold may seem within easy reach.

that the BOE retains a relatively dovish

by talks of a cut back in the level of

However, it is worth noting that the jobless

outlook. Such a position is arguably

quantitative easing by the US Federal

rate has not been below 7% since March

inconsistent with significant upside in


2009. Moreover, the BOE’s forecasts show

sterling. Consequently, we would expect

support for equity markets. In the fixed



sterling to come under renewed selling pressure in the weeks and

Abi Oladimeji Head of Investment Strategy, Thomas Miller

months ahead. More broadly, the relative strength of the US economy should mean that the US Dollar retains its relative strength against other major

However, data on the major


Emerging Markets remain weak.

Asset allocation summary

For instance Composite Purchasing Managers’ Indexes (PMIs) show


significant divergence in economic




fortunes between advanced and

investment strategy, various

emerging economies. In line with

indicators of market momentum

evidence from PMIs, the latest

In the currency markets, the US Dollar


and investor sentiment currently suggest

updates of the OECD composite

experienced a broad based decline in July

unemployment rate to drop below 7%

a cautious stance on financial markets.

leading indicators published in

and August. But looking at the year so far,

until after the third quarter of 2016. On

Moreover, the elevated level of uncertainty

August also signalled diverging

the US Dollar has strengthened against

this basis, the BOE’s guidance may be

about monetary policy is a cause for

growth patterns across advanced

both Sterling and the Japanese yen but is

viewed as a clear commitment to keep

concern about the short term outlook and

and emerging economies.

broadly flat against the Euro.

interest rates on hold until late 2016.

greater clarity on the future path of






However, that crucial message was

monetary policy will be required if equities

undercut by the ‘get out’ clauses that the

are to make further significant gains.While

case is for the global economic expansion

Impact of UK MPC’s forward guidance

Governor outlined. In response, after a

economic growth rates look set to pick up

to continue. Although we expect emerging

Mark Carney, the new Governor of the

brief decline sterling rose from a low of

across the developed economies, the

economies to contribute a rising share of

Bank of England, had flagged his

$1.52 to over $1.55 during the course of

reality is that these economies continue to

global output over time, shorter term

preference for forward guidance long

that news conference on August 7th.

operate substantially below potential. A

cyclical dynamics favour the advanced

before he officially began his tenure at the

countries where growth rates are expected

Bank of England (BOE). Consequently,



imposed fiscal straitjackets requires

to accelerate, having been depressed for

much of his remarks at the news

dissatisfaction with those ‘get out’ clauses

unequivocal commitment to ongoing

some time.

conference which followed the publication

and doubts about the credibility of the

accommodative monetary policy in the

of the BOE’s Inflation Report in August

new policy.The subsequent publication of

developed economies.

Overall, while there are notable downside risks to the outlook, our central

In the financial markets, following a

Arguably, the market reaction thus far been



sustained recovery in the context of self-



Appleby Reports Positive Offshore M&A Activity The second quarter of 2013 has shown positive signs of a return to more stable transactional activity following several years of volatility. Renewed confidence in offshore transactions and an increase in deals between Q1 and Q2 2013 have been highlighted in the latest Offshore-i Report released by Appleby, one of the world’s leading providers of offshore legal, fiduciary and administration services. value of USD449m, and we believe this indicates stability and confidence returning to the market.” He continued: “The number of deals has started to form a pattern averaging out at around 500 per quarter. So far this year we have seen 493 deals in Q2 and 491 in Q1. We feel comfortable asserting that business confidence is at last returning to the markets.” “At USD64m for Q2, average deal size is higher than it has been for five of the last eight years. The offshore region average is also higher than all other regions except for North America at USD119m and Central and South America at USD109m.” Nick Verardi

“When we look at the contribution of the top 10 offshore deals to overall

The latest edition of Appleby‘s

positive picture, with both the number

activity in Q2, we see that they

quarterly report, which provides

of deals completed and their value

accounted for just a third of the

remaining broadly consistent compared

cumulative deal value overall, as they

with Q1. This suggests that there may

did in Q1. We believe that this gives

be some stabilisation of transactional

further reason for optimism as values

activity levels after the volatility of the

for past quarters have been distorted

last few years.

by one-off mega deals. We can now see

data and insight on merger and acquisition activity in major offshore



focuses on Q2 of 2013 and shows




Dependencies enjoyed a positive quarter. Whilst deal volumes in the Isle of Man were down from 20 to 18 compared to Q1 2013, the value of the deals was considerabley higher, up 46% from USD194m to USD283m on the previous quarter.

We can now see genuine substance returning to the mid-market and activity returning across the spectrum of business sizes.

Commenting on the report, Nick

genuine substance returning to the

Verardi, Head of Corporate and

mid-market and activity returning

Commercial at Appleby (Isle of Man)

across the spectrum of business sizes.

LLC said: “The numbers speak for

Transaction sizes show signs of settling

themselves, but I am in no doubt that

at pre-boom levels, on a par with 2006

the Isle of Man market is in a more

data, when USD61m was spent on the

positive mood in line with our other

average transaction.”

offshore jurisdictions. Isle of Man

Cameron Adderley, Partner &

Offshore M&A activity in the second

companies were the target of nine

Global Head of Appleby’s Corporate &

quarter of 2013 presents a relatively

deals in Q2 with an aggregate deal

Commercial department added: "When


we look to gauge the relative strength

• The average offshore deal size

of the offshore markets as compared to

was USD64m for Q1 2013, the same

other major world regions, this quarter

as for 2013 to date. If this is maintained

we find these numbers are encouraging.

or improved to the year end, deal sizes


The offshore markets are now ranking

in 2013 would be greater than they

rebounded in Q2 2013 after a weaker

• Hong Kong acquirers spent the

sixth globally in terms of cumulative

first quarter, and there were 426 deals

most money in Q2 2013, with an

deal value, only just behind South and

with a cumulative value of USD34bn,

aggregate deal value of USD13.7bn

up 11% in terms of volume and 29%

that represented 40% of total spending

by value.

by offshore acquirers.

Central America.The offshore market is more active than Oceania, Africa and the Middle East and, when we look at average deal size, here again we find a source of positive news; the offshore region ranks third globally, behind only North America and South and Central America in Q2 2013.”

Global Offshore Market: Q2 2013 The key themes emerging from the report show that in the second quarter of 2013: • There were 493 deals involving offshore targets completed with an aggregate value of USD31.6bn, putting the quarter slightly ahead of Q1 2013.

The numbers speak for themselves, but I am in no doubt that the Isle of Man market is in a more positive mood in line with our other offshore jurisdictions.

have been in at least five of the last

the minority stake transaction, of which

eight years.

there were 295 that contributed

• Acquisition activity led by incorporated


USD11.5bn to the cumulative deal value for the quarter.

• In Q2, there were only three

• By average deal size, the offshore

deals announced valued in excess of

region ranks 3rd globally, behind North


America and Central

Instead, the majority of

money was spent in the mid-market on transactions





between see

and South

America in Q2 2013. • Initial Public Offering activity is


looking increasingly bullish, with both

strengthening of the mid-market as a

the volume and value of IPOs up

crucial step towards recovery.

considerably in Q2 2013 with 17 deals

• Finance and insurance deals

and a cumulative value of USD2.4bn.

continued to drive the offshore M&A

• Q2 2013 was the best quarter

markets at 168 deals with a combined

since 2011 for IPOs and planned IPOs,

value of USD10bn. This is up quite

with 39 deals in total worth USD4.1bn.

considerably on Q1 2013, when there

“These numbers are encouraging,“

were 147 deals in the sector worth

says Nick Verardi, “the offshore market


is showing signs of stability and the

• The most popular deal type was

emergence of a new norm.“



Bank of England Inflation Report & Forward Guidance: It’s A Knockout! The BoE's forward guidance is more nuanced and qualified than expected – and therefore less dovish than expected. As predicted, the unemployment rate was adopted as the 'intermediate threshold', but the 7% rate and other conditionality - “knockouts” relating to Consumer Price Index (CPI) inflation and broader financial stability considerations - leave the overall impression of a less dovish policy signal than anticipated. In terms of time-scale, much will hinge on the outlook for the unemployment rate, where the Monetary Policy Committee’s (MPC) central projection is for a relatively slow-paced decline given the growth outlook being signaled by the business surveys. the unemployment rate has fallen

and given the growth rates being


to a threshold of 7%”.

implied by recent business surveys, the

tightening; rather it would “knockout”

Therefore, as expected, the MPC's

Rate, as opposed to setting out conditions which would solicit a Bank rate cut. The MPC retains the option of restarting QE purchases - though there was little discussion of this. The overall policy signal appears to be less dovish than expected. First, the

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

Bank has set the unemployment rate threshold at 7%, some way above City expectations (closer to 6%-6½%).The initial market reaction was more “dovish”, presumably taking its cue from the accompanying time guidance



the guidance linking Bank Rate to the

conditional monetary policy guidance is about refraining from raising Bank


unemployment rate.

There is clearly greater resistance within the MPC to Carneyesque dovish guidance and the “monetary activism” demanded by the Treasury.

In short, the initial market interpretation of a more “dovish” signal looks over-done. The Bank's signaling is only dovish to the extent that the MPC's unemployment projections materialise and the other 'knockouts' are not triggered. The Bank set out three “knockouts” which would break the link between Bank Rate and the unemployment threshold: If CPI inflation is 0.5 percentage points or more above target in 18-24 months time – “in the MPC's view, it is

The main headline take-away


from the BoE’s formal response



18 to 24 months ahead will be 0.5

to the Treasury's “Review of the

unemployment rate forecast shows the

percentage points or more above the

monetary policy framework”,

rate above 7% throughout the forecast

risks relative to the Bank's forecasts are

setting out the Bank's approach

period (to Q3 2016) on both the mode

that we reach this unemployment

to forward guidance including the

(central) and mean ('risk-weighted')

threshold much sooner than Q3 2016.

expectations rise – “'medium-term



projections, the more pertinent point is

The Report also acknowledged that

inflation expectations no longer remain

thresholds”, was as follows –

that the unemployment rate is

there are (inevitably) a range of views

sufficiently well anchored”.

“The MPC intends not to raise

projected to be very close to the 7%

on the unemployment outlook within

Bank Rate from its current level

threshold as soon as Q1 2015 (7.2%

the Committee.

of 0.5% at least until the Labour

on the central projection). With the

It should be emphasised that

judges that the stance of monetary

Force Survey headline measure of

unemployment rate currently at 7.8%,

reaching this 7% threshold would not

policy poses a significant threat to








more likely than not, that CPI inflation

2% target”. Medium-term


Financial stability is jeopardised – “the Financial Policy Committee (FPC)

financial stability that cannot be

months from now. Still, relative to prior


Martin Weale

guidance was fully compatible with the

contained by the substantial range of

market expectations, an 18-month

registering a (single) dissenting vote

Committee's commitment to meeting

mitigating policy actions available to

window would not be inconsistent with

against the framework and the text of

the 2% inflation target in the medium

the FPC, the Financial Conduct

expectations for the timing of the first

the Minutes noting that some members



rise in Bank Rate.




Regulation Authority in a way consistent with their objectives”. The CPI conditionality is clearly specific and quantified, whereas the

detail, with

“did not think that market interest rates

The other 'less dovish' surprise was

As for the Inflation Report, the

were obviously out of line with their

the absence of any support for

August Report forecasts are the first set

view of the outlook”. There is clearly

extending QE asset purchases – we

of projections under Mark Carney's

greater resistance within the MPC to

had expected David Miles to revert to


Carney-esque dovish guidance and the

voting for a £25bn increase in gilt

guidance linking monetary policy to

The MPC's CPI central projection

“monetary activism” demanded by the

purchases. The Minutes did note that

medium-term inflation expectations

was largely unchanged, with the mean

Treasury. The vote on changes to Base

“for other members [presumably

and wider financial stability concerns is

and mode projections at 1.96% at the

Rate and Quantitative Easing were

David Miles & Paul Fisher], the case for

more subjective. The subjectivity in the

two-year horizon (vs. 2.02% in the

both unanimous.

further monetary stimulus remained as

latter two knockouts tends to reinforce

May Report) and 1.93% at three-year

the “less dovish in the detail” theme.

horizon (vs. 1.92% in the May Report).

Martin Weale's vote against forward guidance




compelling as in July”. So, even for the


doves, policy stimulus is to be

On the MPC's CPI forecasts, 18

The MPC's Gross Domestic Product

unemployment threshold was based on

delivered by forward guidance rather

months from now CPI is at, or just

(GDP) growth projections were raised,

concerns about medium-term inflation

than active market intervention (e.g.,

below, the 2% target. On the basis that

with percentage year on year rates

expectations and the length of the 18-

a Bank rate cut or an increase in asset

this forecast materialises (or appears to

reaching 2.3% at end-2014 (vs. 2.1%

24 month timeframe relating to the

purchases). Given the ongoing rise in

be materialising) then the dovish policy

in May) and 2.5% at end-2015 (vs.

inflation knock-out. Dr Weale “saw a

market rates – and the less dovish

guidance could persist for some time.

2.2%) on the central (modal)

particularly compelling need to do

forward guidance framework, MPC

If, however, inflation proves more


more to manage the risk that forward

Minutes etc relative to market

The minutes of the MPC’s August

guidance could lead to an increase in

expectations – it is not clear that


meeting reinforced our conclusion of

medium-term inflation expectations, by

verbal guidance will be sufficient to

recovery, then the 2.5% “knockout”

the BoE’s forward guidance framework

setting an even shorter time horizon;


could be more easily in-play 18

as being nuanced and less dovish in

that would make clear that the forward


elevated on the back of a stronger domestic








Damaging the brand... Like a strong reputation, a positive brand image it can take years to build and seconds to destroy . . .

By John Marsom, Business Director, Manx Radio Recently, I was lucky enough to be on holiday on a fabulous 4 day

were high. Once on board we were told

example of how accountants had got

downgraded from previous voyages

cruise with a well known cruise line

to proceed to the aft deck pool area for

hold of a ‘brand’ and started to dilute its

with the same company. It’s a shame

calling at Guernsey and Bruges. I

a ‘departure party’.The last time I sailed

values over time.

when this happens as the company will

have been with the particular

on this ship that we all congregated on

The show at the 1,000 seat theatre

eventually lose clients and the brand

company I sailed with on a number

the port side of the ship as she set sail to

on board, which used to be revered as

values of the past will just become a

of occasions but not, it has to be

the sound of the Band of the Scots

one of the best afloat, was real ‘end of

logo on the side of the ship.

said, for some 14 years. In fact I

Guards playing on the quayside. Just like

pier’ stuff and not what we expected at

I filled in my emailed questionnaire

was one of the first to sail on this

in the old films, we were given streamers

all. The ship’s name was no longer

regarding my satisfaction levels with the

particular cruise ship way back in

to throw over the side of the ship and a

evident on the crockery and cutlery as it

holiday and expressed my surprise and

2000 on her maiden voyage.

glass of champagne to celebrate with.

had been in the past. Neither was the

concern at the reduction of the quality

Now this company has a long

But not this time. Oh well, maybe this

name applied to the dressing gowns and

of the experience. The next week I was

tradition of quality cruises on very

‘departure party’ was the result of health

towels in the bathroom of our cabin.

contacted by the ‘service agent’ for the

impressive ships, so I was really looking

and safety changes - God forbid a

Does that really matter? Yes it does! If

shipping line and I thought, well, at least

forward to revisiting

trumpet player became entangled in a

you have a brand that has taken a great

they have taken note of my concerns.

paper streamer at the quayside!

the whole

experience knowing what to expect.

deal of time and effort to establish as

But no - it was merely a call to see if I

Cruising is a wonderful experience that

Anyway not to worry as it was 14

one of the best, then this needs to be

would like to book another cruise. When

everyone should try at least once in their

years ago and maybe my mind was

protected. It is important to understand

I explained my feelings the caller said,

lifetime. It’s not as expensive as is often

playing tricks but, no. As the holiday

what a brand is - it’s not just a logo, it’s

“Oh yes we have had comments similar

thought, especially as most cruises are

proceeded, lots of tiny details seemed to

an expectation, a feeling, an emotion.

to yours quite a lot - now which cruise

all inclusive so there is not a lot on which

have changed or be missing from the

There are aspects of certain brands

spend your money once you’ve set sail.

voyage altogether. Now, if you were a

that you expect and which you miss

Look after your brand however big

So there we were in Southampton

first time cruiser, you probably would

immediately if you don’t receive them.

or small or you may find that a different

departure terminal with our ship moored

have thought the experience was still

This was the result of my experience on

sort of customer is walking through

serenely in the dock, glistening in the late

magnificent - which in many ways it

this cruise and, the more I looked, the

your door whilst your traditional ones

afternoon sunshine. Our expectations

was. But, for me, it was a rather sad

more I found to be missing or

move on elsewhere.


would you like to book for 2014?!”

John Ingham L U X U R Y




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Buzzwords . . . and how to avoid using them James Dodge is Ashgrove Marketing’s Senior Copywriter. This month he discusses the role of buzzwords in today’s marketing landscape. buy myself a long-board and a


of The


Tenenbaums and, without any sense of irony, go home safe in the knowledge that my article was epic, like seriously. All



wouldn’t be of any use to anyone – not least someone who was actually interested in writing for PR. Fashion in

By James Dodge, Senior Copywriter, Ashgrove Marketing







anything other than a good thing. Every so often us 13 monkeys splurge (see) out a few hundred new words in new

leaving us with one of the most

editors are highly experienced and

When approaching an article of

contexts and see what sticks. Some

intricate, graceful and malleable

highly trained researchers. They can

this sort, it was always going to

stay, some go, and new ones arrive,

languages ever conceived - so no

sniff-out half truths in a second, cut

be tempting to write yet another

problem there. Where the trouble starts

through any façade in a just a few

soaring admonishment of neo-

is when the use of buzzwords begins to

more, and just a cursory glance at an

compromise clarity of communication,

article or press release will tell them

the cornerstone of all good PR, and for

everything they need to know about its

two main reasons.

likelihood of being placed. Then comes

office speak in today’s PR industry via a sharp, witty and, let’s face it, utterly unoriginal parody of, say, an office email. In it, I would take a simple subject, Hawaiian shirt Fridays for example, and render




redundant corporate terminology like ‘triage’,



‘dynamic’, ‘phygital’ or ‘going forward’. Then I would pseudo-substantiate my rant, claiming that the use of such words is the adult equivalent of a 12 year old discovering and exhausting the words ‘well’, ‘dunno’, or ‘dipstick’, that it’s merely a reaction to the social pressures posed by an ‘in-crowd’ of jargonauts, and that it is all a bit silly. Then I would grow a pencil moustache,


It’s easy to underestimate how quickly you become acquainted with some quite technical terminology which, to the average reader, translates into nothing.

The first is media placement, or

time, the very reason why a cursory

more precisely the custodians of media

glance is all that’s needed and

placement - journalists and editors. As

available. Patience is not a luxury that

we have discussed in previous issues,

a journalist or editor can afford; most

PR placement is in many ways just as

juggle dozens of articles a week, are

important as the content itself, but it is

subject to very strict deadlines indeed,

the quality of the content that often,

and news can break at any point.

and conversely, dictates placement.

What’s more, a recent national survey

Regardless of how important you

found that the average journalist is

consider your company news to be, it

greeted by 300 emails in their inbox

is the editor or journalist that has the

every morning and writes for digital

final say, and so it is important to

and traditional media almost daily,

appeal to their sentiments. With this in

meaning time at the desk sifting

mind, there are a few things to

through third party submissions and


deciphering the latest in office parlance

To begin with, journalists and

is not exactly a priority.This isn’t to say





have your content accepted, the next



point more than once in a given piece.

appreciated, far from it in fact, only that

stage is your audience. Even if you’ve

incomprehensible to precisely those

All good PR gets your point across from

it is crucial to get your point across

only been working in a given industry

you are trying to reach. Of course, this

the outset, anything else risks diluting

quickly and clearly if you are to

for a few months, it’s easy to

dynamic changes somewhat when

the message or, worse still, points

distinguish your content from the chaff.

underestimate how quickly you

writing for industry publications, where

towards an unfocused and therefore

Then there’s the quality of your

become acquainted with some quite

it is safe to assume that your audience

disinterested writer. Whether your

submission itself. Perhaps the most

technical terminology which, to the

is at least conversant in the subtleties

reader is glancing at your headline on

important thing to remember about

average reader, translates into nothing.

of, say, the percussive surface benefits

a smartphone or studiously analysing

journalists is that they are, first and

Modes of communication, your choice

of polycrystalline diamond on mounted

your article by candlelight in a

foremost, very accomplished writers

of wording, context, even syntax, can

drill heads. But for the most part, the

monastery, just a few lazy buzzwords

with an enormous respect for the

quickly become warped by over-


purpose of writing for PR is to educate,

are enough to start the glazing-over

beauty of our language. Bad spelling,

enthuse and communicate with the

process, and by then you’ve already

atrocious grammar, mixed metaphors

uninitiated, which can rarely be

lost them as well as all the work put in

and buzzword heavy copy, or ‘shoulder

achieved by repeating the word

to creation and placement.

padding’, makes them angry. It’s simply unfair to expect a journalist to

As Nathaniel Hawthorne once wrote, “Easy reading is damn hard writing”


So there we have it. A quick treatise

One very useful tip for avoiding this

on the importance of clarity of

is to read aloud your content once

expression and the accessibility of

you’ve finished writing – perhaps in the

content. As Nathaniel Hawthorne once

other room. If you can’t imagine a real

wrote, “Easy reading is damn hard

person saying it out loud, or if you stop

writing”, and the same goes with

listening even to yourself, the chances

writing for PR. But between properly

are your reader will do the same. This

communicating with your audience,

also goes for filler. Although the History

and maybe saving a few relationships

But the challenge doesn’t stop at

Channel still seems ignorant of the fact,

with the media in the process, it’s

placement. If you are lucky enough to

it is rarely necessary to reiterate your

certainly all worthwhile.

take your news seriously if it is apparent that, through a complete lack of proper diligence, you aren’t doing the same for their publication - so bear this in mind next time ‘BigCorp Announces It’s New Manouver for the Milennium’.



The Manx Festival of Motorcycling: a celebration

festival through such a rebrand and restructure that we will also secure a stage on

By Mark Wilson, Managing Director, The Claremont Hotel

the Grand Prix regulars, but which now also considers the interests of that new breed

which they can hone their skills for the world’s biggest motorsports festival, the TT. Of course, it is a sense of enduring tradition that has always characterised the Manx Grand Prix, and in many ways this was considered the key driver in attracting fans of the classical racing. But as many a delighted visitor to the Island observed, this year’s festival managed to strike a delicate balance, one that continues to attract of visitor who will sustain the Island’s position as the global centre of motorcycle racing for decades more to come.This is great news to the Islands hospitality industry and we should congratulate al involved. We look forward to next year.


The inaugural Manx Festival of Motorcycling was always going to be a complicated endeavour. Between the inevitable politics of a restructure, rebrand and rescheduling, many were understandably worried about the impact on a 90 year tradition of excellence in the classic motorcycling world. But just a few weeks on, the results of the project are beginning to come in; the Manx Festival of motorcycling was a monumental success, and its value to the Island at-large cannot be underestimated. Like all projects, particularly one of this scale, it is important to remember that

Grilled whole bream capers, lemon, and parsley

the Manx Festival of Motorcycling will be subject to a process of revision and refinement. However, in the immediate term, the benefits to the Island are clear. Many in the hospitality sector are already recording a 25% increase on last year’s visitor figures, and these statistics will undoubtedly improve year-on-year as footage and media from this year’s coverage makes its way around the world. Moreover, details such as a 1960s, classically themed paddock area behind the Grand Stand, regular live music throughout the Island, and an increased emphasis upon family entertainment and professional riders, are precisely those that will attract that more

Ingredients Serves 2 • 2 whole bream • 1 tsp. mini capers • 1 lemon • 1tbsp. chopped flat leaf parsley • 100ml extra virgin olive oil • Salt and pepper

This month, Head Chef at Coast Bar & Brassiere, Andy Colson, treats us to flavourful fish recipe from Coast’s lunch menu, using fresh ingredients - capers, lemon and fresh parsley. Method Score the bream diagonally across three times, season with salt and pepper and a tablespoon of olive oil. Place under a hot grill for 3 to 4 minutes or until the bream is crisp and has started to colour.Then transfer to a 180oc oven for 4 to 5 minutes until the bream is cooked.

diverse tourist demographic. In terms of professional riders it is, of course, vital that

While the bream is in the oven, mix the capers, remaining olive oil and parsley in a bowl, add the zest and juice of the lemon and mix together.

we protect the interests of our amateur racers and ensure that they aren’t

Serve as shown in picture. Enjoy!

overshadowed by the veterans, but it is only by securing the future interests of the



New premises for leading Manx hair and beauty salon Salon 3, a leading Isle of Man training hairdresser, is celebrating a move to new premises in the heart of Douglas, on Victoria Street. Salon Nails and Beauty, its dedicated beauty division, has also taken up residency there . . .

Laurence Skelly MHK officially opens the new Salon 3 on Victoria Street, Douglas, alongside Salon 3’s owners, Janet Lancaster and Yvonne Karran.



lines, lots of glass and monochrome,

representing the Department of

similar to the look and feel of a high-

Economic Development, officially

end London salon.





its prices following the move.

colouring courses are planned for the

The amount of money and time the

near future.

company’s Directors invest in training

Commenting on the launch of the


Situated over two floors, the

and developing their staff is highlighted

new Salon 3, Directors Janet Lancaster

premises at a reception to

basement has been converted in to a

by the significant success Salon 3 has

and Yvonne Karran, said: “Expanding

celebrate, which was attended by

series of specialist beauty rooms, home

achieved in recent years. As well as

Salon 3 and moving our business right

more than 60 guests.

to ‘Salon Nails and Beauty’ run by

having won a number of prestigious

in to the heart of Douglas town centre



awards including the Schwarzkopf

has been a long-term goal of ours. To

investment in, and expansion of, the

Lancaster. As well as offering all

‘Essential Looks Creative Competition’

finally have achieved this thanks to

business by its owners, Janet Lancaster

traditional beauty treatments including

prize and been an Isle of Man ‘Award

careful planning and the development

and Yvonne Karran. Since it launched

Shellac nails and fake tanning, it also

for Excellence’ finalist two years

of our staff over a long period of time

ten years ago, Salon 3 has steadily built

provides specialist facials, massages,

running, two of its stylists have been

to build our brand is a fantastic feeling!

up both its client base and reputation

microdermabrasion and bridal make-

listed in the Top 40 of the Schwarzkopf

We could not have reached such a

to cement its position as the Isle of

up. Further specialist beauty treatments

‘Young Artistic Team’ British Isles 2013.

milestone without the support of our

Man’s premier hairdresser and stylist

will be launched later this year.

The move marks a serious

training academy.


The company has recently begun

loyal clients, and we would like to take

Salon 3 will also be offering

running a series of courses designed to

this opportunity to thank them for that.

The new salon sees the business

services for men for the first time,

train fellow industry colleagues on the

Salon 3 has lot of exciting new

relocate from its former home in the

including hair cutting and some beauty



opportunities to capitalise upon,

Peter Luis Building on Duke Street, and

treatments. Stylist, Adam Gilman, will

development, which is often hindered

including offering male grooming

has undergone a major refurbishment

be offering a special launch promotion

by the prohibitive cost of having to

services and a full range of beauty

programme. Designed by Manx

on Mondays to celebrate this new line

travel to the UK to study. Having

treatments. We look forward to

company ‘Interior Rehab’, the salon

of business for the company.

recently run a successful dressing hair

welcoming our existing clients, as well

and Bridal course, further cutting and

as meeting new ones.”

combines wood flooring with clean

The company will not be increasing






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

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

Boothmans, Millennium House, Victoria Road, Douglas. Tel. +44 1624 611926

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

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

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

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:

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

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

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

Evolution Accounting Ltd., West Suite, Ragnall House, 18 Peel Road, Douglas. Tel: +44 1624 611160

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

Finnie & Co, 6, Goldie Terrace, Douglas. Tel. +44 1624 621523

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

Crowe Morgan, 8, St George’s Street, Douglas. Tel. +44 1624 665100

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

Galloway Smith & Co, 9, Hope Street, Douglas. Tel. +44 1624 661800

Grant Thornton, 3rd Floor, Exchange House 54/58 Athol Street Douglas Tel: 44+ 1624 639494

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

Greystone LLC, 18 Athol Street, Douglas. Tel +44 1624 620711

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

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

J. H. Maddrell ACA, 1, Meadowfield, Port Erin. Tel. +44 1624 833535

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

Noble & Co, Abacus House, Mona Street, Douglas. Tel. +44 1624 624633

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 Matthew Edwards & Co, Clinch’s House, Lord Street, Douglas Tel. +44 1624 663166 PricewaterhouseCoopers LLC, Sixty Circular Road, Douglas. Tel. +44 1624 689689

PurpleAccounts, Salisbury House, Victoria Street, Douglas. Tel: +44 1624 618002

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

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

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

T. P. Winnell & Co,, 7, Hill Street, Douglas. Tel. +44 1624 670022

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


In association with

ADVOCATES Advocates Smith Taubitz Unsworth Limited, Barrule Chambers, 36 Finch Road, Douglas. Tel +44 1624 677888

Appleby, 33-37 Athol Street, Douglas. Tel. +44 1624 647647

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

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

Cains, Fort Anne, Douglas. Tel. +44 1624 638300

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

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

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

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

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

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

Dougherty Quinn, The Chambers, 5 Mount Pleasant, Douglas. Tel. +44 1624 626999

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

Hannan Law 5 Hill Street Douglas Tel: +44 1624 628900

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

Laurence Keenan, Victoria Chambers, 47, Victoria Street, Douglas. Tel. +44 1624 611933

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

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

MannBenham Advocates Ltd, 49 Victoria Street, Douglas. Tel. +44 1624 639350

Old Court Chambers, Eight Finch Road, Douglas. Tel: +44 1624 641580

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

Quinnlegal, 30 Ridgeway Street, Douglas. Tel. +44 1624 665522

Simcocks, Ridgeway House, Ridgeway Street, Douglas. Tel. +44 1624 690300

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

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

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

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

Barclays Bank PLC, Eagle Court, Circular Rd, Douglas. Tel. +44 1624 684444

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

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

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

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

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

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

Santander UK PLC PO Box 123 19/21 Prospect Hill, Douglas Tel 01624 641888

Standard Bank (IOM) Ltd, Standard Bank House, One Circular Road, Douglas. Tel. +44 1624 643643

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

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



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

Caledonian Fund Services (Europe) Ltd, PO Box 172, 4th Floor One Circular Road, Douglas 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

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

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

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

GAM Administration Ltd, 11 Athol Street, Douglas. Tel. +44 1624 632632

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

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

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

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 645150

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

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

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

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

Canada Life International Ltd., Canada Life House, Alexandra Road, Castletown. Tel. +44 1624 820200

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

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

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.





Douglas Port Erin Castletown

THE ISLE OF MAN . . . Capital




Land Area

572 sq km - 227 sq miles

Population density

133 people/sq km (336/sq mile)


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

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


APPOINTMENTS In association with

Barry Isle of Man Business Park, Douglas

Call 618080

Commission, where she spent eight years as a Manager in the Funds and


Investment Services Team. Prior to that she was with the UK Financial Conduct Authority involved in the authorisation of Collective Investment Schemes.

Jayne Corlett

Mark Denton, Managing Director of SMP Partners said: “I am delighted to welcome Jayne to our Group’s Compliance Team. Her deep understanding of funds and investment vehicle regulation and compliance will be vitally important to us as we continue to build our fund administration business. “Indeed, with the recent acquisition of the Chamberlain fund business and new fund clients on the horizon, her introduction to our team could not have been more timely. I also see her extensive regulatory experience being invaluable to our wider Group as we take the necessary steps to respond to the recently introduced international reporting regimes.” Jayne added: “I am delighted to have joined SMP Partners at this exciting time in the Group’s development. I have known the business from a regulatory perspective for many years and the opportunity to join such a highly respected and well managed Group had great appeal and excitement. “I am looking forward to working with Mark and my new colleagues to support the development of the compliance function and to contribute to the Group’s future

SMP Partners has announced that Jayne Corlett has joined the company as a Manager within the Compliance Team. Jayne has more than 13 years working within the financial regulation environment and joins SMP Partners from the Isle of Man Financial Supervision

Employing over 160 people, SMP Partners is one of the Island’s leading providers of corporate and trust services, fund administration and accounting and tax. extensive industry experience, Kerry is a Business Studies graduate and qualified


as a Chartered Secretary in 2004. Such experience has given her an invaluable Boston Limited, a leading local

insight into compliance, regulation and corporate governance, areas that she will

fiduciary, family office, and

continue to focus on within Boston.

professional services group, has

Kerry will also fulfil a Company Secretary role and is responsible for leading

announced the appointment of

projects on tax compliance and reporting, monitoring risk, and delivering FATCA

Kerry Smith as Senior Manager –

compliant services and solutions.

Projects Analyst.

Commenting on Kerry’s appointment, Phil Knop, Tax Director at Boston stated:

The newly created role is designed

“Kerry’s appointment is further evidence of Boston’s commitment to recruiting the

to allow Boston to expand upon its

very best people in our industry. This is a newly created role in recognition of the

analytical capacities, and positions the

changing face of business and the many challenges we now face from, for example,

firm well in order to respond to tax and

the UK, US and the EU. The demands placed on our industry from the likes of FATCA

regulatory issues likely to affect its

are ever increasing and to recruit an individual of Kerry’s calibre and experience to

international portfolio of clients

tackle the associated tax and compliance risks is a real coup for Boston.”

managed from offices in both the Isle

Kerry Smith


of Man and Malta.

On her appointment, Kerry commented that she is “enthused and excited by the opportunity to join Boston Limited at a time when it continues to expand and

Kerry started her career in 2001 as a Regulator with the Financial Supervision

develop. With important regulatory changes on the horizon I am pleased to be part

Commission. In 2007 Kerry joined IOMA Group where she spent 6 years putting

of a forward thinking team. This role gives me the perfect opportunity to capitalise

her technical knowledge into commercial practise as Compliance Manager for the

upon what I have learned over the years as well as apply new ideas to help shape

fiduciary business, and later as Group Company Secretary. Coupled with her

Boston’s future.”





FEDELTA TRUST Donald Edwards, Administrator for Fedelta Trust Limited, has been promoted to Senior Administrator. The promotion is in recognition of the increase in his responsibilities and his ability to effectively manage his portfolio of client structures. Michael Shimmin, Fedelta Group Chairman said “Donald has shown that he is both capable and willing to increase his responsibilities and we are delighted to recognise this by promoting him to Senior Administrator.” Donald said “I have worked with Fedelta for over five years and I have learnt so much during that time, I am therefore very pleased to achieve the Senior Administrator position and look forward to many more years at Fedelta.” Fedelta Trust Limited is part of the privately owned Fedelta Group. Fedelta Group services include trust and corporate services, pension services, fund administration and investment services, effective and proactive management of

Donald Edwards

client structures remains at the heart of Fedelta’s success.


build on the strong position created by Steve and lead Intelligence into its next phase. We have an amazingly talented and enthusiastic team and a set of unique

John Webster, the Chairman of Intelligence, has announced the

offerings which customer reaction tells us are directly relevant to these challenging

appointment of Chris Davies as CEO saying that, “Chris has worked

economic times. Our strategy is to build on our Cloud offerings, project

with Intelligence since its earliest days in 2003, and has brought

management and unique experience designing software for e-gaming and bio-

superb technical skills and experience combined with an understanding

technology companies on the Isle of Man. Intelligence is particularly keen to assist

and empathy which is appreciated by both staff and clients.”

those companies wishing to initiate or expand their genuine economic activities

The appointment reflects the continuing development of the locally owned IT Company and winner of the 2012 Cable & Wireless Award for Excellence in the

on the Island, being firmly committed to developing the Isle of Man as an International Business Centre.”

Use of Technology. Steve Woodford, outgoing CEO, confirmed the appointment as a positive and important step forward for the company saying “after 11 years building the company from its formation to its current position as an industry leader I am keen to see Intelligence take this important and natural next step in its on-going development. I am delighted that, as a board, we are able to recognise Chris’ exceptional abilities, experience and long service with this promotion.” John expressed his thanks and appreciation to Steve Woodford for his leadership and the development of Intelligence thus far. John added “I fully understand Steve’s wish to pursue a wider range of interests but welcome the fact he remains actively involved and committed to our development both as a co-owner and active executive member of the board.” Steve sent his best wishes to Chris adding "Chris's knowledge of the business, its values, staff, customers and priorities made him the natural choice to take over the role. I know the team and the customers will embrace this change and work with Chris to take the Company on through the next stages of development. I am excited at the prospect of working alongside Chris in his new role." Chris commented, “I am delighted to be given the opportunity to


Steve Woodford, John Webster, Chris Davies

% 618080

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Arthur will lead a team of seven industry professionals and be responsible for managing the company’s private client portfolios after Creechurch Capital added £150m of private client assets in the last 12 months. John Greenwood, CEO at Creechurch Capital, said: “Arthur is an extremely valued member of the team and has shown unwavering commitment, dedication and motivation since he joined us in 2010. “It was a clear progression for him and has helped us to develop our private wealth offering. Arthur has an extensive knowledge of investment strategy and has delivered a consistently outstanding level of service to our private wealth clients – something we value highly at Creechurch. Arthur added: “Creechurch recognises the importance of having a team that shares the same values and dedication – because in a team of this size, each person’s contribution really matters. “Starting as a senior member of the private wealth team three years ago, I have been able to build on my previous experience in investment analysis to deliver the best results for our clients.

Arthur Molloy

“I am looking forward to heading-up our talented portfolio management team and helping the company build on its already sterling reputation.”

Boutique discretionary fund manager, Creechurch Capital, has promoted Arthur Molloy to Head of Private Wealth after the company’s continued success led to the rapid growth of its portfolio management team.


Creechurch Capital is a premier discretionary fund manager and has been recognised with a number of leading industry accolades. The company’s success is underpinned by a commitment to outstanding service and an ability to deliver highly responsive approach to asset management. Sure has appointed a new Chief Technical and Information Officer as part of a restructure that will strengthen performance in network operations. Cyrille Joffre, who has 15 years’ experience in the telecommunications industry worldwide, will head up a newly merged division which will incorporate planning, operations and maintenance. He will also sit on Sure’s executive committee. “It is more important than ever that we focus on making some major investments in network infrastructure to deliver the next generation of high speed voice, data and video services to meet the future needs of our customers on the Isle of Man,” said Andy Bridson, Chief Executive of Sure in the Isle of Man. He continued, “Sure has been looking to streamline its business for the benefit of its customers and through the use of convergent technologies, it is a natural move to put combine these departments into one division. Cyrille brings with him a wealth of experience, having held senior positions in the telecommunications business both in Europe and the Far East. I am confident that Cyrille’s appointment and the restructure and will give us a joined up approach internally and help us to deliver exceptional service to our customers.” Mr Joffre’s career has seen him work across the world including time in France, Hong Kong, Monaco, Netherlands, Singapore and Tokyo. “It is a true pleasure to join Sure and support the team on its journey of transformation. I hope that my experience of working in countries across the world will allow me

Cyrille Joffre


to identify ways in which Sure can continue to deliver the highest level of service to our customers,” said Mr Joffre.

IOM Portfolio Issue 135  

Isle of Man Financial magazine

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