The rapid expansion of the global hedge fund industry means that the Isle of Man is trying hard to capture a slice of the cake. As it has in a number of areas, the island is starting behind some of its competitors but is moving swiftly to try to catch up.

Last year, Paul Smith, formerly global head of HSBC’s Alternative Fund Services Division, began to chair a funds review group, established to take a long, hard look at what the island needed to do to win more business.