The Isle of Man Financial Supervision Commission has issued best practice guidance on the operation of hedge funds. This is the first in a series of best practice guides to be issued by the FSC. It said: “The recent rapid growth of the alternative fund industry in the Isle of Man has been accompanied by a change in the nature of the funds themselves, with a move towards the use of closed-ended listed funds and increasing diversity in the range of alternative investment strategies employed. “In view of the clear marketing opportunities and the vision and enthusiasm of the industry, the fund sector is likely to continue to play a major role in the development of the financial services industry in the island in the short to medium term.”