SINGAPORE, The Monetary Authority of Singapore (MAS) has appointed Avanda Investment Management, Fullerton Fund Management, and JP Morgan Asset Management as the first three fund managers under its S$5 billion Equity Market Development Programme, aimed at revitalising the local stock market.
These managers will initially handle S$1.1 billion, with more appointments expected later this year. MAS received interest from over 100 global, regional, and local firms, and is reviewing applications in stages to speed up the rollout.
The programme, first announced in February, supports fund managers who invest actively in Singapore-listed companies — especially small and mid-cap stocks — to boost market liquidity and attract more investors.
The managers were chosen based on how well their investment strategies align with the programme’s goals, their ability to attract third-party capital, and their commitment to strengthening Singapore’s asset management and research scene.
“We picked the first three managers who were ready, and will continue appointing more as reviews progress,” said MAS Deputy Chairman Chee Hong Tat.
National Development Minister Chee Hong Tat, Deputy Chairman of The Monetary Authority of Singapore (MAS)
More Support for Equity Research
MAS is also setting aside S$50 million from its Financial Sector Development Fund to improve equity research quality under the Grant for Equity Market Singapore (GEMS) scheme.
Key enhancements:
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Maximum grant per research report raised from S$4,000 to S$6,000
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Extra support for research covering new listings, private companies, or small and mid-cap stocks
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New grants for distributing research via digital platforms
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Listing grants extended to cover Singapore and Foreign Depository Receipts, and Exchange-Traded Funds (ETFs)
For instance, issuers of:
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Depository receipts can get S$40,000
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Primary-listed ETFs can receive up to S$250,000
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Cross-listed or feeder ETFs can get S$180,000
Better Protection for Investors
MAS will also consult on ways to help retail investors seek compensation more easily in cases of market misconduct. Proposals include:
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Letting investors “ride on” existing court or regulatory actions
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Enabling investor representatives to launch lawsuits on behalf of groups
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A grant scheme to help cover legal costs in serious cases
“We want to strike a balance — make it easier for genuine claims, but avoid an overly litigious environment,” said Mr Chee.
The Equity Market Development Programme is part of broader efforts — led by a review group formed in 2024 — to revitalise Singapore’s stock market, which has faced issues like low trading volumes, limited new listings, and poor valuations.
Other ongoing ideas include improving investor engagement, refreshing the Catalist board for growth companies, and promoting cross-border listings with other exchanges.
Singapore’s benchmark Straits Times Index is up 11% year-to-date, showing signs of recovery. However, MAS and SGX believe more must be done to attract capital, broaden participation, and enhance long-term market vibrancy.
