Singapore's MAS allocates $5.1B across 14 managers in equity market push

What's the deal? The Monetary Authority of Singapore (MAS)Dealroom has a profile for this one. Try Dealroom → will allocate US$1.06B to five asset managers in the third batch of its Equity Market Development Programme (EQDP). The appointees are AmundiDealroom has a profile for this one. Try Dealroom →, Franklin TempletonDealroom has a profile for this one. Try Dealroom →, HSBC Asset ManagementDealroom has a profile for this one. Try Dealroom →, M&G InvestmentsDealroom has a profile for this one. Try Dealroom →, and Natixis Investment ManagersDealroom has a profile for this one. Try Dealroom →.

By the numbers: The move brings total allocations to US$3.96B, out of a US$4.77B programme spread across 14 managers.

Why now? The measures follow the Equities Market Review Group's final report in November 2025, part of Singapore's push to strengthen its equities market. MAS announced the batch at the SuperReturn Asia conference on September 29.

What's the endgame? MAS said the new managers will use their global distribution networks to draw international capital seeking exposure to Singapore and the region. The goal is to broaden investor participation in local equities.

MAS allocated US$806.7M to three managers in July 2025 and US$2.09B to six managers in November. The programme was expanded this year from US$3.67B to US$4.77B, with a fourth batch under review for completion in 2027.

Meanwhile: MAS committed US$14.7M from the Financial Sector Development Fund to a market making grant under the Grant for Equity Market Singapore (Gems) scheme. It will support liquidity in around 80 small- and mid-cap stocks, plus newly listed ones, until December 31, 2028.

Chee Hong Tat, minister for national development and deputy chairman of MAS, said the grant will target the "middle segment" of small- and mid-cap stocks with sufficient trading activity, aiming to tighten bid-ask spreads and strengthen price discovery.

The signal: Singapore's asset management industry now holds close to US$5.13T across more than 1,300 managers. With a new Investment Management Track under the ONE Pass arriving in January 2027 and fresh incentives on the table, the city-state is sharpening its bid for capital and talent amid rising competition from Hong Kong.

Read more: businesstimes.com.sg

Image credit: Visualvalhalla