The Global CIO Office hopes to extend the success of the Outsourced Chief Investment Officer model to Asia and beyond.
Companies in the wealth management industry in Asia and the Middle East will be able to build their investment offering by outsourcing their chief investment officer (CIO) functions to a team of experts through «The Global CIO Office», which was launched on Thursday.
The firm, which operates under the umbrella of Singapore-based Purple Asset Management (Purple AM), is led by industry veteran and Purple AM CEO Gary Dungan, who is supported by managing director Johan Jooste (pictured below).
(Johan Jooste, managing director, Purple Asset Management)
The growing scale of regulatory requirements and a low-yield environment is adding downward pressure to costs and revenues. As such, outsourcing operations allows single and multi-family offices, and wealth management businesses access to investment resources and specialist expertise in a flexible, cost-effective manner, The Global CIO Office said in the statement.
OCIO Industry Growth
«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 added.
The OCIO market has expanded by 860 percent in the past decade due to a lack of internal resources, additional fiduciary oversight, need it to increase returns, desire for partnership and better risk management, according to professional services firm Aon.
Fintech and Adviser
Purple AM was launched in October 2017 as a joint venture between Fry Group, a global financial adviser, and Independent Strategic Group (ISG) a fintech firm specializing in digital investment management solutions.
Dungan, a former regional Coutts CIO, joined Purple AM as its CEO in November 2018. Jooste joined Purple AM in July 2019 from the Bank of Singapore, where he spent one year as head of rates and two as chief investment officer. Previously, he held investment strategy roles with Azure Wealth, Julius Baer and Merrill Lynch.
