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Purple Asset Management launches OCIO services for Asia family offices, wealth managers
SEEING "incredible" opportunities for outsourced chief investment officer (OCIO) services in Asia, Purple Asset Management on Thursday launched in Singapore its OCIO services provider for the region.
Under the brand The Global CIO Office, it provides a suite of customisable investment advisory services, including inputs relating to strategic and tactical asset allocation, multi-asset and single-asset class portfolios, fund selection, private debt, commercial and residential real estate, environmental, social and governance (ESG) portfolio management and product portfolio management.
It targets wealth management businesses, endowment funds and single- and multi-family offices across Asia and the Middle East, by helping to build and manage their investment offering on the basis of being an outsourced function.
In Asia, the imminent transfer of inherited wealth and increasing regulatory scrutiny have led to many families looking to institutionalise the administration and management of their assets. For instance, outsourcing operations are becoming a preferred option for Asia-Pacific's asset managers as developing regulatory requirements and a low-yield environment add downward pressure to costs and revenues.
Gary Dugan, founder of The Global CIO Office and chief executive of Purple Asset Management, said: "We see incredible growth opportunities for such services outside of the United States and aim to extend the success of the OCIO industry initially into Asia, Middle East, and eventually to the rest of the world. The OCIO 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."
The Global CIO Office is made up of a team of experienced investment professionals, including CIOs, strategists, economists, due diligence and asset class experts.
Mr Dugan explained that the unique grouping of experts functions as an extension of the clients' investment team offering tailored services to fit their needs and objectives.
"The company will provide the benefit of having a hub of experts which our clients can easily call upon for any time period required. The company will thereby enhance flexibility, significantly reducing the cost of a CIO function," he said.