Foreign Direct Investment – A Force for Good
16 December 2016
In the first of a new series of guest blogs, Kelly Ashe, Sales and Marketing Manager at Pacific Fund Systems, shares her perspective on Foreign Direct Investment and its benefits for the Isle of Man's economy.
Foreign Direct Investment (FDI) is a significant force for good in the Isle of Man’s economy. An effectively delivered FDI strategy will lead to more jobs for Isle of Man workers, more opportunities for complementary businesses and support services and an increasingly buoyant economic outlook. The Government are no strangers to attracting FDI and they have a solid track record so far, with living, breathing examples of that success out there in the Island’s business community.
In 2016 Pacific Fund Systems (PFS) established their new European operational headquarters in the Isle of Man. PFS are a well-established and highly successful provider of specialist fund administration software to financial services businesses across the globe.
PFS is a great example of what an effective FDI strategy can achieve for an economy. PFS’ decision to establish its European operational headquarters on Island has already resulted in six jobs for Isle of Man residents, generating tax revenue and VAT revenue, all of which contribute to the public purse, funding the services Government provide. Additionally, and most importantly, the salaries paid provide income for those employed individuals living on the island, which in turn will be spent within the local economy supporting other services and businesses island-wide. Not only this, the Isle of Man also gains the expertise that PFS offers within this niche and complex industry, all of which further supports the Isle of Man’s reputation as one of the foremost international business centres.
I came on board early with PFS in the Isle of Man. My background of core fund industry knowledge and experience of software sales, vendor marketing and business development made for a perfect fit with the company’s ambitious plans for growth, with a distinct move from passive to active marketing. I am responsible for facilitating and enabling the efficient and successful delivery of PFS’ marketing and business development strategic plan, with a key focus on pursuing new business development targets, raising brand awareness, managing lead generation and on-boarding new clients.
Our clients are a global audience, and also include a number of local service providers on the island, who much like ourselves, take advantage of the Isle of Man’s history and credibility within the financial services sector. Furthermore, the Department of Economic Development has continued to provide opportunities including support and advice to both grow our presence on Island and participate as part of the wider Isle of Man financial services family when generating leads off-Island and raising our brand awareness.
The Isle of Man was an obvious place for PFS to establish its European headquarters as our Global COO, Paul Kneen, explains:
‘We have clients in more than 30 different countries across the world. I was initially employed to set up an office in the UK, but over the course of the first few months it became clear the Isle of Man would in fact offer considerable benefits as a place to establish the new office. The Isle of Man is a cost efficient jurisdiction with a high quality of life. We employed our first five staff in a short period of time, attracting local talented individuals and bringing in expertise from other PFS offices where needed.’
‘As evidenced by our current recruitment drive, we are continuing to grow. We were aided in the decision process of where to locate with assistance from the Isle of Man Government Department of Economic Development, which in turn enabled us to really hit the ground running. Our business is mobile and highly technical so it’s an ideal fit for the Island with excellent infrastructure and a growing labour pool of expert knowledge in the FinTech space. I would really like to see other businesses come to the Isle of Man and benefit from all that the Island has to offer.’
Find out more about Pacific Fund Systems.
Find out more about Financial and Professional Services in the Isle of Man.