The global economic picture for 2025 was mixed to say the least, being largely dominated by the ever-changing situation in the US regarding tariffs on imported goods and a challenging geopolitical landscape. The sub header for the International Monetary Fund's 'World Economic Outlook' (published in October 2025) read 'Global Economy in Flux, Prospects Remain Dim' – arguably summing up a general sense of malaise.
On a positive note, the IMF report predicts that inflation will continue to decline globally. Yet on the other hand it also projects that global growth will slow from 3.3% in 2024 to 3.2% in 2025 and 3.1% in 2026, which presents a generally weak picture.
Perhaps of more concern, the IMF cites how 'prolonged uncertainty, more protectionism and labour supply shocks could reduce growth [while] fiscal vulnerabilities, potential financial market corrections and erosion of institutions could threaten stability'.
Such a backdrop presents challenges for international businesses and fund managers looking for new opportunities and to expand operations. Similarly, for high net worth families and individuals, investment and asset protection strategies are likely to be scrutinised far more intensely.
While, on the surface, this doesn't appear the most uplifting state of affairs, it's essential not to forget the maxim that 'with challenges come opportunities' – be that in looking to new and different markets, rationalising operations or turning to new areas of investment.
Here, our Heads of Corporate, Private Client and Funds examine the trends they see evolving or emerging as we move through 2026.
From left: Head of Corporate Daniel Hainsworth, Head of Private Client Services Darren Kelland and Head of Funds Services Simon Page
Corporate trends for 2026
Daniel Hainsworth, Head of Corporate
As Head of Hawksford's Corporate services division, I spend a lot of time working across teams that support internationally active clients who are navigating regulatory complexity, capital flows and cross-border expansion. Looking back, 2025 has been a year of rapid change across our markets and the pace shows no sign of slowing.
So here are three key trends I see shaping the year ahead – the developments that will matter most to clients, influence how they structure and operate internationally and which I believe will create new opportunities for providers who can combine technical strength with practical, commercially minded support.
Regulatory divergence is reshaping how clients structure internationally
Regulators aren't moving in sync anymore – and clients are feeling it. Instead of global regulatory convergence, we're seeing fragmentation. The EU is pushing ahead with stricter transparency and ESG disclosure regimes; the US remains more commercially flexible; and Asian jurisdictions are selectively tightening but prioritising speed and investment inflows. For clients with multi-jurisdictional footprints, this creates a structural imbalance. What works for their US holding vehicles doesn't automatically fit their European operating entities and risk appetite varies dramatically between regulators.
Against this backdrop, we're seeing:
- A growing appetite for multi-entity, multi-jurisdictional structures built to withstand divergent rules.
- A renewed focus on resilience, as boards challenge whether their structures can withstand sudden changes in reporting obligations or cross-border tax interpretations.
- Increased demand for advisers who understand these nuances and can translate regulatory shifts into practical actions, not theoretical advice.
The providers who win here are the ones who don't just 'file what's required', but act as strategic navigators, helping clients establish structures that remain compliant, flexible and commercially viable under varying regimes.
Private capital is reshaping demand – sophisticated SPV administration and cross-border structuring are surging
Private capital continues to be a major force in the global corporate services market, with an increasing gap in sophistication between traditional corporate work and private-capital-driven structures. Private credit, secondaries and alternatives are operating to their own unique rhythm; characterised by rapid decision-making, stringent governance expectations and an unwavering focus on certainty of closing.
A decade ago, special purpose vehicle (SPV) administration was often viewed as a commoditised service. Today, it has evolved significantly – investors and managers now demand smarter coordination, transparent audit trails, seamless onboarding and robust entity governance that can withstand the scrutiny of sophisticated LPs. They increasingly expect providers to operate almost as an extension of their deal teams – being proactive, technically rigorous and fully aligned with transaction timelines.
SPVs remain essential for private equity, real estate and structured finance, but they are becoming more complex. Regulatory burdens, multi-jurisdictional compliance and investor demands for transparency are pushing managers to outsource administration to specialists. The trend is clear – over 60% of GPs now rely on external providers for SPV governance, reporting and lifecycle management (SPV Global Outlook 2025 report). Technology also plays a role, with centralised SPV portals and automated reporting becoming the norm.
Mid-market companies are accelerating international expansion and choosing simpler, faster routes into new markets
While large multinationals dominate headlines, the most meaningful movement is happening in the mid-market. These are founder-led or PE-backed businesses hitting phase two of their growth curve and expanding internationally earlier, faster and with sharper objectives.
A few themes stand out:
- Companies want faster market entry without the bureaucracy of traditional models. Instead of slow, bespoke structuring exercises, they're opting for jurisdictions and service providers who offer speed, predictability and transparent cost – however, bespoke and personal servicing remains key.
- Mid-market clients are increasingly comfortable using tried-and-tested international jurisdictions – such as the Netherlands, Luxembourg, Jersey, Ireland and selected Asian hubs – to support investment, trading or capital-raising activities.
- There's strong demand for solutions that support cross-border cash movement, intellectual property ownership, supply-chain structuring and operational scaling.
- Many firms are expanding into multiple jurisdictions at once, which raises operational challenges such as onboarding staff, controlling entities and meeting filing obligations – all while keeping costs lean.
From our perspective, this creates an opportunity to deliver 'expansion-ready infrastructure' – compliant vehicles, governance frameworks and accounting and regulatory processes that let clients scale without dragging operational complexity behind them.
The common thread is practicality. These businesses and investors don't want complexity for its own sake, they want a structure that works, stays compliant and doesn't slow down commercial momentum. Providers who bring clarity, execution speed and cross-border experience are becoming essential partners in their growth.
Private Client trends for 2026
Darren Kelland, Head of Private Client Services
With 2025 being a turbulent year for stock markets and the wider global economy, its perhaps unsurprising that our teams around the world have seen how clients are increasingly willing to diversify across asset classes and regions in order to protect and grow their wealth. This is just one of a number of trends and themes we have identified for the year ahead…
Private investors will continue to look for opportunities away from public markets
This doesn't mean that traditional investments will be completely abandoned, but there will be a larger focus on private equity, private assets and private credit as investment classes making up greater proportions of ultra-high net worth portfolios.
Flows of capital away from the US
Unless there is a fundamental change in US economic policy, it will become a less attractive market for international and domestic investors.
The free movement of capital out of the US may become more challenging under the Trump administration’s 'America First' philosophy. While that may benefit patient capital, those who wish for more certainty over shorter time horizons may look for other opportunities.
Equally, US-based investors may become a little twitchy about the immediate economic fortunes of domestic investment. There are muted signs of an inflationary response to tariffs, but the concept of US-based manufacturing replacing overseas trade will inevitably equate to increased costs for consumers.
While this may be balanced with greater GDP, it's difficult to see how this won't end up in a wage-price spiral. US-based clients may look overseas for calmer investment waters.
Younger generations will look to emerging markets
While this is really just an extension of what has been happening for many years, it may become more pronounced as the world becomes a more certain place from a wealth perspective.
There may be a consolidation in certain markets (particularly Asia) and investment opportunities will arise. Capital is attracted to megatrends and quality and while the next trend is hard to predict, it's easy to see that Asia will innovate more quickly than Europe or the US.
As a result, young investors will be better placed to seize the initiative and to take advantage of the resultant capital profit potential.
A redefinition of AI in investment
Maybe one for the longer term, but it's hard to see how the use of AI in investment doesn't start to cool. There is already something of a backlash in the creative industries as consumers shun 'artificial' in favour of 'personal' and while AI will continue to evolve as an important part of the investment world, its rise will inevitably plateau.
There's no doubting its importance, but that is against the framework of being another useful tool rather than as a panacea. Huge swathes of land are being used to build data centres and while this may represent a short-term directional investment focus, there will be a continued need for old-fashioned opinion based on empirical experience and instinct borne from observation.
Funds trends for 2026
Simon Page, Head of Fund Services
The past three years have seen a slowdown in alternative investment fundraising, with a limited number of investments being realised during this time. This has led to a lot of dry powder in the market waiting to for quality deployment opportunities. Combine this with decreasing interest rates and an appetite for higher returns and there should be promising ground to nurture future fund set-up in 2026. Here are some of the key trends our funds teams have identified for the year ahead…
Private capital surge and the strategic role of IFCs
The surge in private capital shows no signs of slowing as the appeal of public markets continues to weaken. Private markets are increasingly viewed not as an 'alternative' but as a core component of diversified portfolios – essential for delivering both growth and liquidity. This trend is amplified by structural pressures – a shrinking pool of public companies, slower IPO activity and ongoing macroeconomic volatility.
With capital becoming more guarded and selective, we're seeing international finance centres (IFCs) – such as Jersey, Luxembourg and the Cayman Islands – play an increasingly significant role. These offer robust cross-jurisdictional fund structuring, compliance and investor servicing capabilities – attributes that make them trusted, neutral and transparent centres of excellence.
Retailisation and the rise of semi-liquid funds
Private investors looking for opportunities outside public markets are spurring new fund structures and changing the ways capital is raised, used and made available. One of the most notable developments is the rise of semi-liquid, investor-friendly private market products, moving away from the traditional closed-ended private equity model.
Notable here are fund forms such as the European long-term investment fund (ELTIF), many of which invest in infrastructure, private equity and private debt. These are marketed across multiple European countries, offering a broader set of investors access to a diversified range of long-term alternative assets with potentially increased yields, while benefitting from some investor protection due to liquidity requirements.
With this diversification – both in investor profiles (retail, wealth, global) and asset types (infrastructure, energy, real assets, credit, secondaries) – comes greater regulatory and compliance complexity, particularly across jurisdictions. This heightened scrutiny underscores the need for cross-jurisdictional expertise and robust governance frameworks from providers who can ensure that structures are managed and operated in line with evolving regulatory requirements and investor expectations.
The AI boom is driving infrastructure and hybrid fund structures
The exponential growth in AI is creating unprecedented demand for computing power, storage capacity, fibre networks and energy infrastructure. This, coupled with high barriers to entry and long-term contracted cashflows, is fuelling interest in complex infrastructure-type structures, SPVs and capital-intensive projects involving multi-jurisdictional financing.
This AI boom is also driving a convergence between infrastructure and technology funds, resulting in hybrid structures that blend characteristics of both asset classes. As these models evolve, specialist support becomes critical – particularly as valuation methodologies grow increasingly complex and require sophisticated governance and compliance frameworks.
The rise of continuation funds
Our global funds teams have noticed how a general slowing down in the market has resulted in funds nearing their term having difficulties exiting portfolios at reasonable/expected valuations. As a consequence, continuation funds are increasingly being discussed and set-up.
This allows investors wishing to do so to leave the remaining portfolio at a certain value while allowing other investors to extend the lifetime of their investing with the outlook to exit the portfolio once the markets recover. This flexibility may well prove attractive for some time yet.
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