The Monetary Authority of Singapore (MAS) has announced the appointment of the first batch of asset managers under its S$5b Equity Market Development Programme (EQDP). This initiative sees MAS and the Financial Sector Development Fund (FSDF) placing an initial S$1.1b with the selected managers. Additionally, MAS has committed S$50m to bolster local equity research and expand the ecosystem of listed products.
The three asset managers appointed are Avanda Investment Management, Fullerton Fund Management, and JP Morgan Asset Management. These managers were chosen based on their fund strategies’ alignment with EQDP objectives, their ability to attract third-party capital, and their commitment to enhancing asset management and research capabilities in Singapore. The focus is on improving liquidity and participation in Singapore equities, particularly small- and mid-cap stocks.
MAS’s commitment of S$50m aims to strengthen the Grant for Equity Market Singapore (GEMS) Scheme, enhancing the equity research ecosystem. The scheme will now offer increased funding for research reports, particularly those covering small- and mid-cap enterprises and pre-IPO companies. New funding will also support research dissemination via digital media and research on private companies with strong local presence.
Furthermore, MAS is exploring measures to enhance investor protection by improving avenues for civil recourse. This includes consulting on proposals to facilitate legal action and self-organisation among investors. These initiatives are part of a broader effort to increase investor interest and trading liquidity in Singapore’s equities market, with the Review Group expected to release its final report by the end of 2025.
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