The business model of the outsourced chief investment office takes a fresh turn in Singapore.

(Repeat of article originally published late on 27 September.)

Singapore-based outsourced chief investment officer business has launched under the umbrella name of Purple Asset Management, tapping into a trend for such services across Asia and the Middle East. 

The Global CIO Office provides customisable investment advisory services for single and multi-family offices, and wealth management businesses. It has been founded by Gary Dugan, a familiar face in the Asia and Middle East wealth management industry.

“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,” Dugan said in a statement. 

“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,” Dugan continued. 

The organisation will give clients a “hub” of experts which clients can call upon for any time period required.

Asian families, who are handling wealth transfer issues and rising compliance burdens, are looking at how to manage their affairs in a more institutional way, Dugan said. 

The outsourced CIO model is already relatively well established in countries such as the US. Firms in the space include Hirtle Callaghan, for example. 

The Global CIO Office has a team of investment experts including CIOs, strategists, economists, due diligence and asset class experts with cumulatively more than 150 years of experience.

“Our independent advice is a key differentiator that sets us apart from other investment advisory firms. We are fully independent from product providers. Our clients can be assured that they are receiving unbiased investment advice which is based on views gathered from our independent research and drawn from our vast experience,” Johan Jooste, managing director at Purple Asset Management, said.

Dugan relocated to Singapore from Dubai recently. Before this latest venture, he was chief investment officer for Namara Wealth Advisors from July 2017 to July 2018; prior to that, he was CIO for Emirates NDB in the UAE for about 18 months, and before that, was CIO at National Bank of Abu Dhabi, also for about 18 months. Well known to this publication and an occasional speaker at its events, Dugan was also a CIO for Asia and Middle East at Coutts. Jooste, meanwhile, joined the business in July.