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BANK NEWS
Fairbairn gets green light
to offer services in the UK
Offshore bank Fairbairn is
to offer its services directly
to UK customers after gaining
a banking and investment
licence from the
Financial Services Authority
(FSA).
The private bank, which
has offices in Jersey, the
Isle of Man and South
Africa, claims to be the first
offshore bank to diversify
by offering onshore services
to UK residents.
The main difference
for a UK resident using
Horton: ‘innovative offering’
Commodity Horizons
The Uncertain Future
2 years > Horizon
6months-2yearsHorizon
1-6monthsHorizon
< 1 month Horizon
The Known Present CFP Funds
Trading Decisions
Fairbairn’s new UK service
is that interest will be paid
net of UK tax, rather than
gross with its Jersey and
Isle of Man operations.
The bank’s full range of
services and accounts will
be available from the new
venture, including its
investment proposition and
multi-currency services.
Greg Horton, Fairbairn
Private Bank’s managing
director, said: “We believe
our innovative international
offering will be attractive
to the growing number
of UK-based high net
worth individuals and
allow us to succeed in
what is a highly competitive
market.”
He added that the move
into the UK would lead to
a “substantial” increase in
staff, more than half of
whom would be based in
offshore locations.
Banking deposits leap 10%
as IoM eyes 2010 targets
BY DANIEL JUDGE
Isle of Man banking deposits
grew by nearly 10% in
the year to the end of
June to reach nearly
£54bn, up from £48.9m a
year earlier.
There was also an
increase of 15.1% in
funds domiciled on the
island, with the total reaching
$57.7bn.
John Spellman, director
of the Financial Services
Division for the Isle of Man
Treasury, said: “These figures
highlight the significant
achievement for our banking
and funds industry and
are a further step towards
our targets for 2010.”
He added that the
island’s strong regulatory
environment, coupled with
the willingness of the
COMMODITY HORIZONS
Understanding the future
How and why the CFP Funds make profits
Commodity
Markets
Long Term
Global Trends
Shorter Term
Market Fundamentals
Mapping of
Market Influences
Deployment
of Market
Management
Strategies
Wild Card
Events &
Market Shocks
Isle of Man deposit growth
60
50
30
$bn 40
20
10
0
Jun Sep Dec Mar Jun Sep Dec
’05
’06
Source: Isle of Man Funds
authorities to work in
partnership with business,
had helped generate the
growth in funds and
bank deposits.
He added that the
growth was particularly
impressive given the conditions
in global markets,
Mar
’07
Jun Sep Dec
with investment returns
negative for the year across
many asset classes and
investors cashing in their
investments in response to
this and the credit crunch.
The island has set itself
a goal of reaching $150bn
of funds business by 2010.
Mar
’08
Jun
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