Funds under administration in the Isle of Man have reached a new record total of $50.1 billion. The landmark figure, based on funds under administration on 30 June 2007, is the jurisdiction's largest ever total. Manx funds have tripled in value in the past three years. Local fund managers say the Manx funds sector has grown rapidly in the wake of the removal of VAT on funds vehicles, zero rating for corporation tax for fund managers and administrators and the ending of dual regulation of funds not domiciled in the island, all introduced in 2003. The Isle of Man is also attracting much larger funds from competitor jurisdictions including a growing number of closed-ended funds seeking listings on AIM. Growth is coming from additional investment in existing funds and incorporation of new funds on the island. Further, the government has recently started a strong promotional campaign to encourage business from hedge fund managers and other alternative investments, in line with recommendations outlined by the Smith Report, which was published in February of this year following a six month review of the Isle of Man’s funds industry. Alan Smith, chairman of the Isle of Man Fund Management Association, commented: “This is a significant milestone for the Isle of Man’s fund sector and brings us one step closer to our vision of having $100 billion of funds under administration and $50 billion of funds under management on the island, by 2010”.