The Monetary Authority of Singapore (MAS) has appointed a third batch of five asset managers under its S$6.5b Equity Market Development Programme (EQDP), allocating S$1.45b to these managers. This announcement, made at the SuperReturn Asia Conference by Minister for National Development and Deputy Chairman of MAS, Chee Hong Tat, also included a commitment of S$20m from the Financial Sector Development Fund to enhance equities market making activities in Singapore.
The newly appointed asset managers—Amundi, Franklin Templeton, HSBC Asset Management, M&G Investments, and Natixis Investment Managers—will leverage their global networks to attract international capital to Singapore’s equities market. This initiative aims to broaden investor participation and follows previous EQDP appointments, bringing the total allocation to S$5.4b across 14 managers.
Additionally, the S$20m commitment will fund the GEMS Market Making Grant, supporting market making activities for SGX-listed stocks until 31 December 2028. This grant targets around 80 small- and mid-cap stocks, as well as newly-listed stocks, to improve trading liquidity and price discovery. The initiative is expected to facilitate tighter bid-ask spreads and reduce execution costs, ultimately enhancing market quality and attracting more investors.
MAS is also reviewing proposals for a fourth batch of asset managers, with a decision anticipated in 2027. These efforts are part of ongoing measures to strengthen Singapore’s equities market, as outlined by the Equities Market Review Group.
