MAS appoints first 3 asset managers to inject initial S$1.1 billion into Singapore equities

[SINGAPORE] Temasek-backed Fullerton Fund Management will be among the first of three asset managers to tap a S$5 billion investment fund initiative announced by authorities earlier this year. The other two are global fund manager JP Morgan Asset Management and Avanda Investment Management, which is co-founded by former GIC chief investment officer and ex-presidential hopeful Ng Kok Song.

A combined initial sum of S$1.1 billion will be set aside for the three asset managers under the Equity Market Development Programme (EQDP), which was first announced in February by the equities market review group, whose task is to help revive Singapore’s equity market.

The Monetary Authority of Singapore (MAS), which leads the review group, said on Monday (Jul 21) that the three managers were selected based on a range of factors.