The Singapore office will be the firm's third operation based in Asia.

Cult Wines, the global fine wine investment advisor, is opening a new office in Singapore due to the increasing demand for investment-grade fine wine among buyers based in Singapore, Thailand, Indonesia, Malaysia and the Philippines.

The Singapore office is the third Asia operation for the firm, having established offices in Hong Kong and Shanghai in 2016 and 2017 respectively, it said in a statement.

The firm is hoping to keep the clients and contacts it has established in Singapore, including a large number of private banks and wealth managers.

Sam Mudie has been appointed general manager of the new office and will be relocating from Cult Wines’ London headquarters, where he has spent six years as senior portfolio manager.

“The launch of a new office in Singapore underlines the success we have had in building an investor base here and the tremendous growth potential we’re seeing throughout the wider region,” said Tom Gearing, managing director of Cult Wines. “With proven expertise of the fine wine market and in portfolio construction, Sam and his team are well-positioned to ensure the business goes from strength to strength, providing local and regional investors with access to fine wine investment opportunities. With its low correlation to asset classes such as equities and bonds and track record of capital appreciation, investment grade fine wine is not just a passion asset but a proven portfolio diversifier.”

Founded in 2007, Cult Wines has over 1,700 clients in more than 70 countries and has managed assets of over £90 million ($116 million) for the financial year ending 30 August. During this period Asia was Cult Wines’ fastest growing region, with revenues rising by 84 per cent to £20 million, with the South East Asia sub-region growing by 100 per cent with double and treble figure increases across Singapore, Thailand, Indonesia, Malaysia and Philippines.