The Monetary Authority of Singapore appointed five asset managers to receive S$1.45 billion under the Equity Market Development Programme to support the local equities market. The S$6.5 billion initiative, expanded from S$5 billion, aims to attract international capital.
The Bottom Line for Singapore Equities
- Capital Deployment: MAS allocates S$1.45 billion to Amundi, Franklin Templeton, HSBC Asset Management, M&G Investments, and Natixis Investment Managers.
- Program Scaling: Total EQDP allocation reaches S$5.4 billion across 14 asset managers within a larger S$6.5 billion framework.
- Liquidity Support: S$20 million committed to the Grant for Equity Market Singapore (GEMS) scheme targeting small- and mid-cap liquidity through 2028.
Expanding the Equity Market Development Programme
The Monetary Authority of Singapore announced the appointments during the SuperReturn Asia Conference, marking the third batch of participants under the Equity Market Development Programme. Launched in February 2025, the initiative originally held a S$5 billion capitalization before expanding to S$6.5 billion. MAS said the latest five firms will draw on global distribution networks to channel international capital into Singapore.
The program's cumulative deployment reaches S$5.4 billion across 14 total managers after distributing S$1.45 billion across Amundi, Franklin Templeton, HSBC Asset Management, M&G Investments, and Natixis Investment Managers.
Targeting Liquidity for Small- and Mid-Cap Stocks
Beyond institutional asset mandates, the central bank committed S$20 million from the Financial Sector Development Fund directly to the Grant for Equity Market Singapore (GEMS) scheme. This funding mechanism supports designated market makers providing trading liquidity for an initial group of approximately 80 eligible small- and mid-cap stocks, alongside newly listed securities, through December 31, 2028.
These initiatives are part of the Equities Market Review Group’s ongoing efforts to strengthen the competitiveness of the local equities market, said MAS.
Allocations and Future Regulatory Timeline
The appointed managers bring established regional track records and institutional distribution channels designed to broaden investor participation. According to official disclosures, MAS is currently reviewing proposals for a fourth batch of asset managers, with the evaluation process scheduled for completion in 2027.
| Program Metric | Previous Status | Current Status (Q3 2026) |
|---|---|---|
| Total EQDP Fund Size | S$5 billion (Launch) | S$6.5 Billion (Expanded) |
| Active Asset Managers | 9 Managers (Batches 1 & 2) | 14 Managers (Including Batch 3) |
| Cumulative Allocation | S$5.4 Billion | |
| GEMS Small/Mid-Cap Target | Initial Framework | ~80 Eligible Stocks (through Dec 2028) |
Disclaimer: The information provided in this article is for educational and informational purposes only and does not constitute financial advice.
