Robert Parker's wine journal moves to Singapore

The Wine Advocate founder Robert Parker, whose 100-point rating system has served as an industry benchmark for decades, will step down as editor-in-chief of the newsletter after taking on three investors from Singapore.

Mr Parker, 65, will remain chief executive officer and chairman of the Wine Advocate's board, he said in a note to subscribers on Monday, Bloomberg reported.

Singapore-based Asia correspondent, Lisa Perrotti-Brown will take over as editor and a new office will be opened in the country, Mr Parker said.

Speaking to the Wall Street Journal, he described the investors as "young visionaries" in financial services and information technology based in Singapore and who presented him with a plan he could not refuse. "They love wine, but they also saw a great business opportunity," he said.