Thought Leadership
Expert Analysis and perspectives on critical GRC topics and trends.
Designing effective Risk Management Frameworks for Digital Assets
07 April 2025
As institutional investors increasingly eye the digital asset space, I’ve observed a concerning trend: many are attempting to apply traditional risk frameworks to a market that plays by fundamentally different rules. As someone who has advised asset managers on their digital assets risk management strategies, I can tell you firsthand that this approach is like bringing a knife to a gunfight.
How does Proportionality apply for New and Simple Firms?
17 March 2025
Firms going through the regulatory authorisation process often struggle to assess the extent to which standard rules and regulations apply to them and what best practice is, especially when designing their governance and compliance framework and drafting regulatory documents, policies and procedures.
Identifying Market Manipulation in Digital Assets
28 April 2025
“We ran it through our market surveillance tools, but nothing was flagged as suspicious.” I’ve heard this from a manager tipping their toes in the digital asset space using legacy detection systems. I am not surprised to say the least, considering some of the manipulation techniques in the crypto markets are entirely new without parallels in traditional finance. Market manipulation in digital assets can be from familiar patterns with new twists to entirely new exploitation techniques enabled by blockchain.
Optimal fund structures for Private Debt strategies.
15 May 2025
The architecture of a private debt fund can fundamentally impact its operational efficiency, capital deployment capabilities, and investor appeal. While investment strategy rightly dominates the discussion of private debt opportunities, fund structure selection is an equally important decision that determines long-term success. The appropriate structure can maximise capital efficiency and investor alignment, while suboptimal structures can create friction even with sound investment execution.
Selecting fund domiciles for Private Debt funds
06 June 2025
The selection of fund domicile is a strategic decision for private debt managers, influencing everything from investor accessibility to operational efficiency. Yes, investment strategy usually drives the preliminary discussions, but jurisdictional selection impacts a fund’s regulatory profile, tax efficiency, and institutional appeal. Luxembourg and the Cayman Islands remain the predominant jurisdictions, with 59% of private debt managers establishing vehicles in these locations, followed by the US, Ireland and UK as secondary preferences.
Understanding On-chain Governance
14 April 2025
“Should we participate in this protocol’s governance vote?” Just a simple question like this can open the pandora’s box for in-house teams that lack the technical know-how. As blockchain protocols increasingly shift decision-making power to token holders, institutional investors should balance their fiduciary duties with their responsibilities of on-chain governance.
Understanding the Private Debt Market
22 May 2025
It’s amazing how private debt has transformed from a niche alternative investment category in just over a decade. Before the 2008 financial crisis, when I had just started out, private credit funds played what I can describe as a “complementary” role, often providing the final slice of financing and assuming the highest credit risk in traditional capital structures. When banks suddenly retreated from middle-market lending post-crisis due to heightened regulatory pressures, private debt managers seized the opportunity, evolving from the gap fillers to primary capital providers.
Simplifying the Regulatory Capital framework for Investment Firms
01 May 2025
How should we balance thoroughness and accessibility in regulatory capital rules?
Navigating G-SII Designation: A Practical Guide for Global Banking Institutions
24 July 2025
Large banking institutions operating across multiple jurisdictions often struggle to assess their exposure to Global Systemically Important Institution (G-SII) designation and understand the practical implications of enhanced capital requirements. This complexity is particularly acute when institutions are approaching the threshold metrics or undergoing significant structural changes.