Cult Wines already has offices in Hong Kong and Shanghai in Asia and the new site aims to meet the surge in demand for investment-grade wine among buyers based in Singapore, Thailand, Indonesia, Malaysia and the Philippines.
A network of partnerships with global and regional banks, private wealth managers and investment advisors has been key to Cult Wines’ growth and Sam Mudie has been appointed general manager of the new office in Singapore.
Tom Gearing, managing director of Cult Wines said: “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.
“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.”
For the financial year ending 30th August, Asia was Cult Wines’ fastest growing region, with revenues rising by 84% to £20m / S$35.8m. Within this, the South East Asia sub-region grew by 100% with double and treble figure increases across Singapore, Thailand, Indonesia, Malaysia and Philippines.
