New head for Isle of Man Finance
John Spellman has been appointed as director and head of Isle of Man Finance on a two-year contract with a brief to review the strategy and operations of the organisation. Isle of Man Finance is a division of the island's treasury department responsible for promoting and developing financial services.
A qualified accountant and banker, Spellman built his international experience in banking, fund management and accountancy in the first 15 years of his finance career, specialising in various areas of the offshore industry.
He has wide experience in liaising with UK and overseas regulators. A former managing director of HBOS Financial Services, a division of Halifax Bank of Scotland, Spellman is returning to the Isle of Man after five years in the UK.
'I am delighted to have this opportunity to work within the Isle of Man government at what is an exciting time for the island as it consolidates its position as one of the world's leading international finance centres,' Spellman says. 'A key focus is to ensure that we have the right strategy and structures to continue to take our place at the forefront of the international finance arena.'
Adds treasury minister Allan Bell: 'John's international background, as well as his breadth of financial and regulatory expertise, puts him in an excellent position to undertake this important role. I am confident that under John's directorship, Isle of Man Finance will go from strength to strength.'
Later this week Paul Smith, the former global head of HSBC's Alternative Fund Services division and author of a report commissioned by Isle of Man Finance on the future of the island's fund industry, is expected to announce new initiatives designed to enable the island to meet its growth targets and enable the industry to compete robustly with its competitors for alternative fund business.
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