The Monetary Authority of Singapore (MAS) appointed the first batch of asset managers under its SGD 5 billion Equity Market Development Programme (EQDP), with MAS and the Financial Sector Development Fund (FSDF) placing an initial SGD 1.1 billion for management. MAS also committed SGD 50 million to enhance the Grant for Equity Market Singapore (GEMS) Scheme to strengthen local equity research and support a broader listed product ecosystem, and outlined proposals to improve investors’ ability to seek civil recourse for losses arising from market misconduct. Avanda Investment Management, Fullerton Fund Management and JP Morgan Asset Management were selected for the initial EQDP allocation, with strategies expected to improve liquidity and broaden participation in Singapore equities, including significant allocation to small- and mid-cap stocks. Under the enhanced GEMS Scheme, extended to 31 December 2028, maximum funding per research report rises from SGD 4,000 to SGD 6,000 through additional SGD 1,000 per report plus a further SGD 1,000 for initiation reports and coverage of pre-IPO stage and newly-listed companies; new grant support is also introduced for digital dissemination of research and for research on private companies with a strong local presence. On the listings side, GEMS adds SGD 40,000 per issuance for Singapore Depository Receipts and foreign Depository Receipts with underlying Singapore stocks, increases funding per primary listed exchange-traded fund from SGD 100,000 to SGD 250,000, and introduces SGD 180,000 support per cross-listed and feeder ETF. MAS is reviewing remaining EQDP submissions in further batches, with the next phase of manager selection expected by 4Q 2025. Consultations planned for later this year will cover (i) enhancing provisions that allow investors to rely on court actions or civil penalties to seek compensation, (ii) allowing representatives to organise legal action on behalf of investors subject to criteria, and (iii) establishing a grant scheme to defray costs of organising investors and pursuing legal action; the Equities Market Review Group targets a final report by end-2025.
Monetary Authority of Singapore 2025-07-21
Monetary Authority of Singapore appoints first EQDP asset managers with SGD 1.1 billion mandate and expands equity research and listings grants while preparing investor recourse consultation
The Monetary Authority of Singapore appointed Avanda Investment Management, Fullerton Fund Management, and JP Morgan Asset Management under its SGD 5 billion Equity Market Development Programme, with an initial SGD 1.1 billion allocation. MAS also committed SGD 50 million to enhance the Grant for Equity Market Singapore Scheme, increasing funding for equity research and supporting a broader listed product ecosystem. Consultations will address investor compensation mechanisms and legal action facilitation, with a final report expected by end-2025.