Cult Wines Opens Singapore Office

24th October 2018 by Cult Wines
Posted in: Cult Wines Ltd News
Tagged: Cult Wines News Singapore Office South East Asia Expansion
Cult Wines Singapore Team
From left, Singapore Office Manager Sam Mudie, Senior Portfolio Managers Ivy Lim and Cris Lu, and South East Asia Associate Sales Director - Nicolas Laurent.

 

Cult Wines Opens Singapore Office

Cult Wines, the leading global fine wine investment advisor, has announced the opening of a new Singapore office as it continues to see increasing demand for investing in fine wine among local and regional-based clients.

  • Rapidly increasing demand for fine wine as portfolio diversifier amongst local and regional investors.
  • Expansion into Singapore and Southeast Asia part of strategy to accelerate growth in Asia.
  • Cult Wines sees revenues in Asia increase 84% YoY, reaching £20m / S$35.8m for the year ending 30th August and accounting for 38% of global sales.
  • Report highlights how fine wine outperforms equities and gold during periods of economic uncertainty.

Cult Wines’ Singapore opening further strengthens the firm’s growing presence across Asia, having established offices in Hong Kong and Shanghai in 2016 and 2017 respectively. The new office marks Cult Wines’ foray into the burgeoning Southeast Asian market, to meet the surge in demand for investment-grade fine wine among buyers based in Singapore, Thailand, Indonesia, Malaysia and the Philippines.

A network of partnerships with leading global and regional banks, private wealth managers and investment advisors has been key to Cult Wines’ growth. In Singapore, Cult Wines has established relationships with a large number of private banks and wealth managers over several years, which have proved to be very successful for the end clients of these institutions.

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.

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.”

Cult Wines Managing Director Tom Gearing at the Singapore Office Launch

Steve Knabl, COO and Managing Partner of Swiss-Asia Group added, “We have partnered with Cult Wines for a number of years in Hong Kong and more recently in Singapore. Increasingly, our clients are looking to diversify into alternative assets, and investment grade wine is becoming ever-more popular as an asset class. Cult Wines has impressed us with their high levels of customer care and analytical approach in view of maximising client returns.”

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.

Fine wines that are considered to be investment-grade are increasingly being seen as a stable, defensive asset class, and recent research by the company highlights how the asset has consistently outperformed equities and gold during periods of economic uncertainty. The report also reveals distinctive qualities that protect investors from some of the risks inherent in an equity-based portfolio.

Founded in 2007, Cult Wines has over 1,700 clients across over 70 countries and has managed assets of over GBP 90m (S$161m). In the year ending August 30th 2018, Cult wines achieved a turnover of £52m.

Achieving consistently strong investment performance has been central to Cult Wines’ growth. In the year ending 31st August the Cult Wines Index returned 6.35%, outperforming the Liv-ex recognised benchmark, which returned 2.37% over the same period.

The company has been awarded several prestigious awards including the Queens Award for Enterprise: International Trade in 2017.

Singapore Team
Sam Mudie
Sam Mudie
Singapore General Manager
Direct Phone: +65 6909 8171

Sam joined the Cult Wines team in the Summer of 2013, having previously been working as a Portfolio Manager for a competitor. He holds a BSc in Property Agency and Marketing and achieved a Distinction in an additional wine industry module. In October 2013, he was awarded the title of Ecuyer in the Confrerie des Compagnons Goustevin de Normandie and has more recently been asked to reform the London chapter that has been dormant for almost two decades. With over five years under his belt as Senior Portfolio Manager in the London HQ, the offer to move to Singapore in 2018 to set up and manage the new office was hard to pass on. Taking pride in being the only chap in the office with little interest in Football; he instead focuses his attention on “proper sports” such as Rugby, Shooting, and Skiing; and takes general well-being and fitness seriously. When it comes to wine, Sam’s finds it hard to pass on a good Brunello but as he spends much of his spare time in London and Singapore’s top restaurants and wine bars, he’s equally happy taking guidance from Sommeliers on their recent discoveries.

Nicolas Laurent
Nicolas Laurent
South East Asia Associate Sales Director
Direct Phone: +65 6909 8172

Having watched Cult Wines from a distance since 2015, at hearing news of our Singapore venture Nicolas seized the opportunity of joining us in September 2018 as South East Asia Associate Sales Director, moving away from his four-year posting as Le Club FICOFI Advisor in Singapore, looking after 40+ UHNW Members of the world’s most exclusive wine club, by invite only. There he developed an impressive and extensive knowledge of investment-grade wines through regular events held for clients, and in sourcing them the finest and rarest wines produced anywhere in the world. Prior to that, he spent a combined two years and a half at Wine Connection in Singapore, and Bureau Stephane Fouquet in Bordeaux, as a Wine Speaker and Wine Broker respectively. He holds a Master’s Degree in International Business from KEDGE Business School in Bordeaux, and in 2015 he achieved his WSET Level 3 with Merit. When he does not practice tennis, golf and running, his interests include contemporary art, (fine) dining, cigars, whisky, timepieces, vinyls, and travelling the world. When in Singapore, he likes to mingle with other members of Straits Clan and FrenchFounders. Coming back to wines, and aside from work, Nicolas is driven by his curiosity, and he loves to share bottles (ideally magnums!) from the Beaujolais, Jura and Loire Valley regions, as well as of the new wave of quaffable Californians and Australians.

Cris Lu
Cris Lu
Senior Portfolio Manager
Direct Phone: +65 6909 8174

Cris joins us as a Senior Portfolio Manager from Berry Bros. & Rudd. Having spent six years in their Singapore office since its inception in 2012, first as Fine Wine Sales Consultant and for the last two-and-a-half years as Singapore Manager. Being part of the initial team when BB&R first set up in Singapore will certainly add invaluable experience in getting Cult Wines to full speed as quickly as possible. Prior to joining Berry Bros. & Rudd in 2012, Cris has also spent time as an Account Manager specialising in the on-trade wine business. She was the first recipient within the wine trade to be presented the industrial NTUC May Day Partnership Award. Along the way, she has picked up the Torres Wine Scholarship - Award of Excellence; Western Australia Wine Scholarship – Wine Craft Marketing; Certified Specialist of Wine AND French Wine Scholar; WSET level 3 with distinctions in both theory and practical, amongst many other accolades. Cris is also an adrenaline junkie, who enjoys cycling and scuba diving, she trains and races competitively in outrigger canoeing and dragon boat racing locally and overseas.

Ivy Lim
Ivy Lim
Senior Portfolio Manager
Direct Phone: +65 6909 8173

Ivy Lim joins the pioneer Cult Wines Singapore team with already over a decade’s worth of experience in the wine industry, most recently spending 4 years as a Fine Wine Sales Consultant at Berry Bros. & Rudd in Singapore and Malaysia. She holds an Honours degree in Business Administration and WSET level 2, with plans to complete level 3 next year. Ivy considers herself a bit of an adventurer, spending as much of her spare time travelling as possible. When it comes to wine, she loves to try various styles depending on the food, mood, and especially company!

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Posted in: Cult Wines Ltd News
Tagged: Cult Wines News Singapore Office South East Asia Expansion