MAS Taps Fullerton to Power Singapore’s Equity Market Push
The Monetary Authority of Singapore has appointed three financial institutions to manage a Singapore equities portfolio under the flagship Equity Market Development Programme, EQDP. This strategic mandate signals Singapore’s intensified focus on deepening its equity markets and attracting global investor interest.
The EQDP, initiated by the Monetary Authority of Singapore (MAS), aims to invigorate the local asset management and research ecosystem while drawing more investors into the Singapore equities space.
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 managers are global fund giant J.P. Morgan Asset Management and Avanda Investment Management, co-founded by former GIC Chief Investment Officer and one-time presidential candidate Ng Kok Song.
Boosting Mid-Cap Market Participation
The appointment of Fullerton Fund Management – a home-grown investment firm with over two decades of experience – underlines MAS’ commitment to boosting mid-cap market participation and diversifying beyond large-cap stocks, the firm noted in a media release on Monday.
Fullerton will launch a dedicated Singapore equities unit trust to crowd-in investor assets from both local and international markets. The initiative is not only expected to drive investor flows into Singapore-listed equities but also to catalyse greater liquidity and research in segments that have traditionally been underrepresented.
Strategic Validation
Jenny Sofian, CEO of Fullerton Fund Management, welcomed the appointment, describing it as a «strong validation» of Fullerton’s long-standing commitment to Singapore’s capital markets. «We are confident and look forward to playing a key role in building a more vibrant investment ecosystem,» she added.
Sofian highlighted Fullerton’s aim to link buy-side and sell-side communities and support broader investor participation, particularly in the mid-cap space.
The EQDP selection process prioritised asset managers with strong investment capabilities, proven performance, and a deep commitment to the development of Singapore’s equity markets.
Assets Poised to Attract Amid Global Volatility
Mark Yuen, Chief Business Development Officer at Fullerton, emphasized that the new fund would meet growing investor appetite for SGD-denominated assets amid global market volatility.
«We see demand from across investor segments here in Singapore and abroad,» he noted. Yuen cited the weakening US dollar and shifts in global interest rates as key drivers of renewed interest in Singapore-based equities.
By launching a Singapore-focused equities solution, Fullerton is not only fulfilling its EQDP mandate. It is also enhancing Singapore’s value proposition as a safe, attractive investment destination in uncertain times.
Boost for Singapore’s Global Asset Management Ambitions
The move reflects a broader strategy by MAS to strengthen Singapore’s asset management industry as a key pillar of its financial ecosystem. By empowering credible local firms like Fullerton with mandates that encourage equity research, liquidity, and market engagement, MAS is laying the groundwork for a more resilient and diversified financial centre.
As Singapore continues to position itself as Asia’s leading asset management hub, initiatives like the EQDP and partnerships with firms like Fullerton are vital levers in shaping a more dynamic and globally competitive market.
