Basically financial sector developments refer to developments in three pillars, namely financial institutions, markets and supporting infrastructure. I shall focus on how I see the evolution of each pillar over the next few years, starting with financial institutions. Financial institutions The financial system in Mauritius, as in most developing economies, is still dominated by banks.
However, given the complexities of transitioning between custodians, the cycle would be longer than for external fund managers or securities lenders. Page 7 of 13  The selection of fund managers  I would now like to take a moment to touch on the process we follow when selecting our fund managers.