Singapore's Monetary Authority Designates Initial Group of Asset Managers to Oversee £5 Billion in Assets
Singapore Boosts Equity Market with S$5 Billion Development Programme
The Monetary Authority of Singapore (MAS) has launched the S$5 billion Equity Market Development Programme (EQDP) to bolster Singapore's equities market and foster its growth.
The EQDP, unveiled earlier this year, is part of a broader review by MAS and a panel established last August, aimed at enhancing market functions. The programme aims to invest in asset managers with strong track records to boost liquidity, investor interest, and the overall ecosystem supporting Singapore-listed equities.
Key Objectives and Details
MAS, together with the Financial Sector Development Fund (FSDF), has initially allocated S$1.1 billion of the S$5 billion under EQDP to a first batch of appointed asset managers who will manage funds invested in Singapore equities. Additionally, an extra S$50 million has been committed to enhance support for local equity research and grow a more vibrant ecosystem of listed products such as exchange-traded funds (ETFs) to strengthen market depth and breadth.
The programme targets broadening investor participation beyond large-cap stocks, with asset managers selected for their expertise in Singapore equities and ability to deepen liquidity and foster interest across various investor segments, including mid-cap companies.
Strategic Goals
The EQDP complements the broader efforts by the MAS Equities Market Review Group formed in 2024. These efforts aim to increase investor interest, improve the attractiveness for quality listings, adopt a pro-enterprise regulatory stance, and enhance investor confidence in the equities market.
Asset Manager Selection Process
Over 70 proposals were received from global, regional, and local managers, emphasizing fee competitiveness and investment strategies. MAS has interviewed shortlisted asset managers and announced the first batch by July 2025, with the next selection phase expected by Q4 2025.
Regulatory Enhancements
MAS is concurrently consulting on simplifying prospectus requirements and broadening outreach channels for initial public offerings, as part of enhancements to support the equity market ecosystem. The Review Group expects to finalize its recommendations by the end of 2025.
In summary, the EQDP's main objectives are to: - Boost liquidity and trading interest in Singapore equities - Develop a stronger asset management and research ecosystem - Broaden investor participation, especially beyond large-cap stocks - Support a richer product ecosystem for listed equities - Enhance regulatory frameworks to encourage more quality listings and investor confidence.
This forms a central part of MAS’s strategy to position Singapore as a more vibrant and attractive equities market regionally and globally. The MAS aims to deploy capital into promising investment avenues in a timely manner following the appointment of the selected managers. An additional S$50 million is allocated by MAS for the advancement of local equity research. The S$5 billion fund supports investment strategies developed by Singapore-based asset managers.
The Equity Market Development Programme (EQDP), a S$5 billion initiative by the Monetary Authority of Singapore (MAS), aims to invest in asset managers with strong track records to bolster liquidity, investor interest, and the overall ecosystem supporting Singapore-listed equities. MAS, together with the Financial Sector Development Fund (FSDF), has allocated S$1.1 billion of the S$5 billion under EQDP to a first batch of appointed asset managers who will manage funds invested in Singapore equities.
