Interim adviser appointment following reports of financial issues at MJ Hudson
The Isle of Man Government has terminated its contract with an investment advisory firm following reports of financial issues at the company.
MJ Hudson suspended its chief financial officer last month over growing concerns about its finances - its auditor also recently resigned.
Government says Treasury has been monitoring the situation in light of recent announcements and feels appointing a new investment adviser is the most appropriate course of action.
It adds that an interim adviser has been put in place to ensure continuity in the short term while a tender process to appoint investment managers is ongoing.
Treasury Minister Alex Allinson says the firm's role was as overseer to the five investment managers and had no bearing on the Manx reserves, currently standing at £1.7 billion pounds: