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New outsourced CIO service for Asia, Middle East wealth managers

New outsourced CIO service for Asia, Middle East wealth managers

A new CIO office has been launched in Singapore for wealth managers looking to outsource their investment advisory services.

The Global CIO Office, which is operated under Purple Asset Management, caters to family offices and wealth management businesses in Asia and the Middle East.

It is comprised of a team of investment experts including CIOs, strategists, economists, due diligence and asset class specialists - providing services like asset allocation, fund selection, ESG portfolio management and product portfolio management.

All the advisors have private banking experience, Gary Dugan, founder of The Global CIO Office and CEO of Purple told Citywire Asia.

‘The outsourced chief investment officer model is highly suitable for the Asian wealth management industry as it provides access to investment resources and specialist expertise in a flexible, cost effective manner,’ he said.

In Asia, the imminent transfer of inherited wealth and increasing regulatory scrutiny has led to many families looking to institutionalise the administration and management of their assets.

The outsourced CIO model is gaining traction in the US and Europe among smaller family offices. The Middle East too has a vibrant family office sector that continues to grow.

'In the past, Middle East families used to tie up much of their wealth in their businesses, the real estate market or local equities,' Dungan said.

'However, many have diversified into a much broader set of assets over recent years and hence their needs have deepened,' he added. 

Launched in November 2017, Purple is the discretionary investment arm of The Fry Group, an international financial adviser. 

Dungan joined the firm last November to build on the company’s business across Asia and the Middle East. He has more than 35 years of experience in senior investment roles having worked for JP Morgan, Merrill Lynch, Barclays and Coutts previously.