Control is not something you add afterwards

01. Mandate

Agree what the capital is for

A mandate states the objective, the permitted holdings, the concentration and liquidity limits, the reporting cycle and who may authorise what. It is short, it is written, and it is signed before capital moves.

Most disputes we are asked to untangle come back to a mandate that was implied rather than stated. Two people agreed on the objective and assumed the same limits. They did not have the same limits.

02. Structure

Build the vehicle around the mandate

Entity, ownership, financing, custody, banking and tax position are designed together, against the jurisdictions actually involved. Where a holding crosses borders, we work with local counsel and licensed advisers in each one rather than assuming a structure travels.

Cross-border work is where structure earns its keep. The correct answer in Sydney is often the wrong one in Singapore, and the cost of finding that out late is paid in tax, delay and, occasionally, in a position you cannot exit cleanly.

03. Custody and control

Know where the asset is and who can move it

Assets sit with regulated banks, licensed custodians or, where the asset class requires it, in arrangements built for that class with documented key control, authorisation steps and recovery procedures.

Digital assets made this visible to everyone at once. The principle did not change. It has always been true that an asset you cannot independently verify and independently move is an asset you do not fully hold.

04. Reporting and review

Report against the mandate, not around it

Holdings are reconciled to the custodian, valued on a stated basis, and reported on a fixed cycle against the limits the mandate set. Where a limit is approached or breached, you hear it from us in that cycle, with the options attached.

Reporting that only shows performance is marketing. Reporting that shows position, basis, exposure and limits is a control.