The Isle of Man, the UK tax haven, saw total net assets of investment funds rise by almost 20% in the year to June, according to a report by Fitzrovia International, the independent fund research firm.

Assets rose to $6.7bn (€7.6bn), while the number of authorised funds, or funds that are legally established or provide administration costs or custody services from the island, rose 42%, from 62 to 88.