Heightened geopolitical tension brings asset diversification into the spotlight. In periods where risks feel closer, asset owners and managers must reassess their portfolio: where they are held, how they are held and if they are stable. For many seasoned professionals, diversification is a discipline, not a response to external threats. It is part of solidifying the foundation – the base of business – so that it is resilient by design and can withstand pressure.  

In this content series, Bolder Group experts shed light on the importance of asset diversification in the geographic, strategic and regulatory sense. 

Jeroen van Zanten, Bolder Group’s Global Head of Growth, has over 30 years of experience in international financial and business planning.  

According to the expert, “Asset diversification is not a crisis-driven reaction; it is a core discipline. In times of heightened geopolitical tension, concentration becomes a quiet risk that can break an otherwise solid business. True resilience is built by design: across geographies, strategies and regulatory frameworks. If your base is not diversified, it is not a foundation, it is a gamble.” 

The Lehman Brothers’ collapse is a classic illustration of the risks of not diversifying. By 2008, Lehman Brothers was heavily invested in mortgage-backed securities. Then came the subprime mortgage crisis. In a Harvard Business School case analysis, Erin Callan Montella (firm CFO in 2007) was quoted that she “came to understand how the mere existence of a concentrated portfolio of mortgage assets on our balance sheet was a big problem, regardless of any quality or hedging arguments that might be made.” 

A common misconception about diversification is that it’s about spreading assets across jurisdictions. Geography does play a role; however, sticking to this approach oversimplifies the structural challenge.  

Diversification is about structure, not location.  

So, then, what does good asset diversification look like? For van Zanten, “Good asset diversification is not just ticking jurisdiction boxes, it builds structure. Legal and regulatory environments each come with their own administrative demands, predictability levels and governance standards. Smart owners don’t just compare locations; they assess how these components interact with their asset goals. That alignment, not the map, is what protects your portfolio when external threats rise.”  

When diversifying assets, constant restructuring or complex redesigns are not required. Instead, the process involves deliberately choosing where the ownership is anchored, how governance is practiced, and how the different components of the structure interact. Importantly, how they remain resilient under a wide range of conditions, not only when geopolitical tensions arise.  

Getting it right 

Asset diversification is always unique, as it depends on the individual requirements and market conditions. But across classes and sectors, certain patterns tend to recur among long-term owners/managers.  

• Diversification is intentional, not reactive 

• Clearly distinguished ownership, control and operations 

• Governance frameworks function well across multiple jurisdictions 

• Constant restructuring is not necessary, but assets and strategy are adaptable 

Seen in this light, diversification is not an isolated strategy, but the first layer of a broader way of thinking about asset resilience. Once structure—not reaction—becomes the starting point, the question naturally evolves: how do sophisticated asset owners think across jurisdictions to reduce dependency on any one system? 

Follow along as Bolder Group experts share their insights on asset diversification and how to do it right.

About Bolder Group

Bolder Group is an independent global service provider of governance, corporate, funds, and family wealth solutions to asset managers, corporations, multinationals, and UHNWIs, with offices across the Americas, EMEA and Asia.