FX.co ★ Singapore Begins Market Support with SGD 1.1B Injection

Singapore's central bank has decided to allocate SGD 1.1 billion to three key asset managers—Avanda Investment Management, JP Morgan Asset Management, and Fullerton Fund Management. This allocation is part of the SGD 5 billion Equity Market Development Programme (EQDP), designed to bolster the country's stock market. This decision follows a comprehensive review conducted by the Monetary Authority of Singapore (MAS), along with a market investigation initiated in August 2023, aimed at enhancing market structure and functionality. According to MAS, the selected managers were chosen based on how their strategies align with the goals of the EQDP and their dedication to advancing Singapore's asset management capabilities. It is noteworthy that Fullerton is a subsidiary of the state investor, Temasek. Additional co-investments under the EQDP are expected to be revealed later this year. MAS has also disclosed that over 100 asset managers—from global, regional, to local players—have shown interest in participating, and it intends to evaluate applications in groups to expedite both the selection of managers and the deployment of capital.