THE island has a new director of financial services.
John Spellman has been a special advisor for the government for a number of years. His new role, with the Department of Economic Development, will focus on the development of the finance sector.
Mr Spellman worked in various positions in the financial sector in the island culminating in managing director of Clerical Medical International. With more than $2 billion funds under management he was familiar with working with governments, regulators and big business.
In 2002 he transferred to the UK as chief operating officer for Clerical Medical UK. After five years in the UK, he rose to managing director of HBOS Financial Services (an operating division of Halifax Bank of Scotland). He was responsible for the highest selling life insurance entity in the UK (employing some 3,000 people with about £40bn under management).
Colin Kniveton, chief executive of the DED, said: ‘John has worked with the Department for a number of years in a special advisor role and going forward he will work with an increased focus on the Finance Sector to drive its development. He has wide experience across many financial services sub sectors and disciplines and latterly has worked with the Isle of Man Government on generating strategic opportunity for the industry.’
Mr Spellman has led several large financial services organisations in the UK and more recently has developed a number of successful businesses offshore. He is a qualified banker and accountant and has managed a leading UK life company. He also formerly held the position of Head of Isle of Man Finance in the Treasury where he was responsible for promotion and development of the financial services sector.
John Spellman said: ‘My ambition is to meet the future head on by focusing on promotional opportunities, helping to shape a competitive regulative and legislative environment, and working across Government and Regulators to create the right business opportunities for the Isle of Man. The Department will nurture the inherent entrepreneurial spirit and assist in creating the new business needed in a post-Euro crisis world.’
Mr Spellman will tell next week’s Isle of Man Examiner more about his new role.