MAS awards $1.1b to first batch of asset managers under equity development scheme

The next phase of selection will be in Q4 2025.

The Monetary Authority of Singapore (MAS) announced today the appointment of the first batch of asset managers under the $5b Equity Market Development Programme (EQDP) initiative that aims to attract more investors.

The equity managers are Avanda Investment Management, Fullerton Fund Management, and JP Morgan Asset Management.

MAS and the Financial Sector Development Fund (FSDF) will place an initial amount of $1.1b from the $5b EQDP for management with these appointed managers.

Launched in February, the EQDP is an initiative launched by the central bank to boost investment in local stocks, particularly smaller companies. The programme will invest in funds managed by Singapore-based firms that focus on Singapore-listed shares.

Meanwhile, MAS is reviewing the remaining submissions to appoint additional asset managers to the remaining EQDP funds. The central bank expects the next phase of selection to be announced by Q4 2025.