MAS selects first asset managers for equity market dev't programme

MAS will place a combined initial sum of $1.1b with the three firms.

The Monetary Authority of Singapore (MAS) has appointed Avanda Investment Management, Fullerton Fund Management and JP Morgan Asset Management as the first batch of asset managers under the Equity Market Development Programme (EQDP).

MAS will place a combined initial sum of $1.1b on the three firms, out of $5b that has been set aside for the programme.

The three have also committed to contributing to the growth of the asset management and research capabilities in Singapore.

MAS has also announced a $50m commitment to enhance the Grant for Equity Market Singapore (GEMS) scheme, which has been extended from end-2026 to end-2028.

The grant will provide additional funding of $1,000 for each research report, with a further $1,000 for initiation reports and research on pre-initial public offering (IPO) firms and newly listed companies.

It aims to boost investor awareness and trading interest within under-researched segments, particularly in small- and mid-cap companies.

Applicants that produce 40 or more reports per year may progress to the Enhanced Tier, which provides higher funding of $4,000 per report from the 40th to 80th report.

To broaden investor outreach, especially amongst younger investors, a portion will be made available to research houses to defray costs of disseminating research via digital media.

By end-2025, MAS expects to announce a second batch of asset managers that will manage a portion of the remaining funds.