MAS appoints first 3 asset managers to inject initial S$1.1 billion into Singapore equities
[SINGAPORE] Temasek-backed Fullerton Fund Management will be among the first of three asset managers to tap a S$5 billion investment fund initiative announced by authorities earlier this year. The other two are JPMorgan Asset Management and Avanda Investment Management.
A combined initial sum of S$1.1 billion will be set aside for the three asset managers under the Equity Market Development Programme, which was first announced by the equities market review group in February.
The Monetary Authority of Singapore (MAS), which leads the review group, said on Monday (Jul 21) that the three managers were selected based on a range of factors.
These include the alignment of their proposed fund strategies with the programme’s objectives, the strength of the proposals to attract third-party capital such as foreign funds, as well as their commitment to contribute to the growth of asset management and research capabilities in Singapore.
The fund strategies also have a clear focus on improving liquidity and broadening participation in Singapore equities, with significant allocation to small and mid-cap stocks, said MAS.
More than 100 global, regional and local asset managers had indicated their interest in the programme, which is open to local and international managers as well as new and existing funds.
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The regulator said it is currently reviewing the remaining submissions from asset managers and will announce the names of those who are selected in the fourth quarter of 2025.
More funding for research
Separately, MAS will also set aside S$50 million until 2028 for the Grant for Equity Market Singapore (Gems) Scheme to strengthen research on equities.
Based on the Research Development Grant under Gems, each research report will receive an additional S$1,000. A further S$1,000 will be provided if the report is an initiation of research coverage or covers pre-initial public offering stage and newly listed companies.
The listing grant under Gems, which defrays listing costs for issuers, will be expanded to cover Singapore Depository Receipts and foreign Depository Receipts with underlying Singapore stocks. Under the new funding sleeve, each Depository Receipt issuance will receive S$40,000.
The overall funding per primarily listed exchange-traded fund (ETF) will go up from S$100,000 to S$250,000. A new funding sleeve will also support cross-listed and feeder ETFs at S$180,000 for each listing.
