Singapore Begins Market Support with SGD 1.1B Injection

Singapore’s central bank will allocate SGD 1.1 billion to three asset managers—Avanda Investment Management, JP Morgan Asset Management, and Fullerton Fund Management—as part of its SGD 5 billion Equity Market Development Programme (EQDP) aimed at strengthening the local stock market. The move follows a broader review by the Monetary Authority of Singapore (MAS) and a market probe launched in August 2023 to improve market structure and functioning. MAS said the managers were selected based on factors such as the alignment of their strategies with EQDP goals and their commitment to building Singapore’s asset management capabilities. Fullerton is owned by state investor Temasek. More co-investments under the program will be announced later this year. MAS noted that over 100 asset managers—global, regional, and local—have expressed interest, and it plans to review applications in batches to accelerate both manager selection and capital deployment.