Capital without borders in a world defined by them

Operating across jurisdictions now demands more than strategy alone, with fund managers increasingly reliant on trusted partners to manage complexity and risk, writes Stephan Hartzenberg of PIM Capital Group

When global headlines are dominated by geopolitical tension – as they have been recently with the war in the Middle East – we are reminded of the simple but profound truth that capital is not defined by politics. A correlated truth that is especially relevant for us at PIM Capital Group is that while capital moves freely across borders, navigating the systems that enable this flow demands expertise and partnerships based on trust.

In today’s wealth creation landscape, relevant opportunities rarely sit neatly in one jurisdiction. Capital, investors and assets increasingly span continents. For fund managers and investors, the ability to operate confidently across borders depends not only on strategy, but on the strength of the partners who help to build and support the underpinning structures.

Investment flows are inherently agnostic. Regulation and risk management shape how capital moves, but ultimately it follows opportunity. Markets do not pause because geopolitics gets complicated. If they did, the global economy would grind to a halt every time headlines turned negative. Investors understand this instinctively.

While geopolitical events can create fear and volatility in the short term, the long-term pursuit of value continues uninterrupted. Capital simply adjusts its routes. That is why, in times of disruption, global expertise becomes critical.

The current moment underscores a broader paradigm: the future of wealth creation will increasingly depend on global, not national, thinking. Capital already moves through an intricate network of jurisdictions, regulatory regimes and investor bases. Fund managers may be based in London, raise capital from European pension funds, structure vehicles in Mauritius or Luxembourg, and invest across Africa, Asia or the U.S.

The architecture of modern investment is inherently cross-border. Yet navigating that architecture is becoming more complex, not less. Regulatory frameworks are always evolving. Investor expectations around governance, transparency and reporting continue to rise. New strategies and asset classes – from private credit to infrastructure and venture capital – place demands that are apparently contradictory on funds and structures: they must be both robust and flexible. At the same time, geopolitical uncertainty and macroeconomic shifts require managers to remain agile.

It is increasingly clear that expertise across jurisdictions is no longer a luxury but a necessity.

Expertise alone, however, is not enough.

For too long, the fund services industry has relied on a model that treats every client interaction as a transaction. Large institutions offer standardised solutions, billed by the hour, delivered through systems designed for scale rather than customisation. While that model may work for commoditised services, it often falls short when managers are building something new in a dynamic context.

Launching a fund, entering a new market, or structuring a complex cross-border vehicle is rarely a cookie-cutter exercise. It is a process of design. It requires creativity, insight and a deep understanding of the client’s strategic ambitions. This is where the role of a truly engaged partner becomes invaluable.

At PIM Capital, fund services are not about selling pre-packaged solutions. We believe in meeting challenges and solving problems together with clients. Every fund, every strategy and every investor base brings its own set of challenges. Our role is to understand those challenges intimately and help build structures that support long-term growth, for the client as well as ourselves.

That means working alongside managers from the early stages of a product’s development, often before the strategy is fully defined. It means asking the right questions about investor expectations, regulatory pathways and operational scalability. And it means bringing global experience to the table, while remaining deeply attuned to the unique context and local realities.

PIM Capital’s approach changes the nature of the relationship. Instead of acting as a service provider at the end of a process, we are a partner through it. When interests are aligned, service providers are not simply executing instructions, they anticipate obstacles as they help managers navigate unfamiliar regulatory landscapes.

True partnership becomes particularly powerful during periods of uncertainty. When markets are calm, most models will be good enough, but when disruption emerges – whether through geopolitical shocks, regulatory shifts or macroeconomic volatility – the strength of your ecosystem becomes clear. Managers who are supported by globally experienced partners with strong local networks can adapt far more quickly.

A paradox of today’s investment landscape is that while politics often emphasises borders, capital continues to transcend them.

Investors think globally because opportunity demands it. At PIM Capital, we see our role as helping to create a framework for capital that is as mobile and global as today’s investors – not through one-size-fits-all solutions, but through relationships built on trust, alignment and shared ambition.

In a world defined by borders, the most successful investment strategies will always belong to those who know how to move beyond them.

Stephan Hartzenberg is Group Director of PIM Capital. He has more than a decade’s experience in financial services and capital markets, working across jurisdictions including the Channel Islands, Botswana, Ireland, Mauritius and South Africa. A CFA Charterholder, he has managed investment portfolios exceeding $700 million and specialises in portfolio management and financial governance.

Further information
Produced with support from PIM Capital, a global fund services provider specialising in cross-jurisdictional structures and administration. The firm received three honours at The European Business Awards 2026, including Excellence in Cross Jurisdiction Fund Solutions, Client Centric Fund Solutions Partner of the Year and Outstanding Achievement in Regulatory Fund Services. To find out more about its structuring expertise and international fund administration services, visit www.pimcapitalgroup.com

READ MORE: ‘Building global-ready funds: how South African managers are scaling through offshore platforms‘. South Africa’s asset managers have the expertise to compete internationally, yet many need structures that meet the expectations of global investors. Mauritius and Guernsey now offer the stability, governance and scalability that enable African strategies to attract institutional capital and operate on a genuinely cross-border footing, writes Stephan Hartzenberg, Managing Director of PIM Capital.

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