The Isle of Man Treasury has appointed the London-based research consultancy, Scorpio Partnership to review its banking sector. Finance minister Allan Bell announced at the time of his annual budget in March that the jurisdiction would be seeking an independent evaluation of the banking sector. Scorpio, which was founded by Sebastian Dovey and Catherine Tillotson – conducts research for private banks and investment houses worldwide. Scorpio is used by a large body of Swiss banks and specialises in research into ultra high net worth individuals and family offices. Representatives from the Isle of Man government are working in partnership with banks on the island to analyse the banking sector and in particular avenues for continued expansion. A committee group has been established with representatives from the banking industry and government to target opportunities for further growth within the industry. A strategic plan of how the island will take full advantage of the increasing globalisation of banking and wealth management will be published towards the end of 2007. Nick Boon, business development manager for Isle of Man Finance commented: "To obtain the advice and assistance of such a well-known and highly regarded firm as the Scorpio Partnership is a great coup for the island and for the banking sector. "The experience that Scorpio Partnership brings will assist us in creating the conditions for continued expansion of the banking and wealth management industry, and help us to capitalise on what is already an extremely well established and dynamic sector of the island’s economy." Sebastian Dovey, managing partner of Scorpio Partnership said: "We are delighted to support the Isle of Man in this assignment and look forward to advising the Island’s representatives on confirming its status as a globally recognised financial centre for offshore banking services."