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Independent Singapore
a day ago
- Business
- Independent Singapore
Singapore central bank roped in JP Morgan, two others to manage stock market boost
SINGAPORE: Singapore is taking a new tack to revive its stock market, announcing a strategic S$5 billion initiative to attract investors and boost market participation. The Monetary Authority of Singapore (MAS) has chosen three asset managers: Fullerton Fund Management, JP Morgan Asset Management, and Avanda Investment Management. These firms will lead an effort to refresh the local equity landscape. Fullerton Fund Management is part of Seviora, a multi-asset management company owned by Temasek Holdings, Singapore's state investment fund. Incorporated in 2003, it has offices in Shanghai, Jakarta, and Brunei. JP Morgan Asset Management is headquartered in New York City and has offices in Tokyo, Hong Kong, and Singapore. Currently, it manages US$162 billion (S$218.7 billion) in the Asia Pacific. Avanda Investment Management was founded in 2014 in Singapore by former GIC executives Ng Kok Song, Quah Wee Ghee, and Sung Cheng Chih. Temasek backs it significantly—it invested US$3 billion in Avanda's Global Multi-Asset Fund. It has also secured funds from sovereign fund GIC and the Singapore Labour Foundation. Recent reports indicate it manages US$10 billion as of March 2025. They will receive S$1.1 billion to develop investment strategies aimed at increasing market liquidity and drawing in a wider range of investors. The programme targets especially small and mid-sized companies that have struggled to gain investor attention. In an interaction with the media, Chee Hong Tat, the Minister for National Development and Second Minister for Finance, commented: 'We want to see more participation from retail investors. This isn't about short-term trading, but about helping people build long-term investment portfolios.' This move comes amid growing concerns about Singapore's stock market, which has diminished compared to regional competitors. Over 100 global and local asset managers expressed interest in the programme, demonstrating strong enthusiasm within the industry. Key features of the programme include: Dedicated funds focusing on Singapore-listed stocks Daily investment liquidity Chances for retail and institutional investors Strategies emphasising smaller, emerging companies In addition to the investment programme, MAS is launching a S$50 million research support scheme. This funding will: Increase grants for equity research Support digital research distribution Develop research on private companies with strong Singapore ties See also How much could the CEO of Temasek Holdings be earning? The goal goes beyond just injecting money into the market. Minister Chee highlighted the aim of creating a more robust, transparent, and accessible investment environment. Fullerton Fund Management plans to launch a dedicated Singapore equities unit trust that covers stocks from various market capitalisations. Avanda Investment Management aims to create a 'Singapore Discovery Fund' focused on small and mid-cap stocks with growth potential. JP Morgan Asset Management has not disclosed any details, but according to its ASEAN equities team head, Pauline Ng, it will leverage its investment capabilities and local expertise to unlock opportunities in Singapore's equities market. This initiative adopts a deliberate approach to market development. By selecting specific asset managers and providing targeted support, Singapore aims to transform its equity market from a quiet exchange into a more vibrant investment hub. Future plans include selecting additional asset managers in late 2025 and 2026 after this first phase. To the investing public, the establishment is making it clear that it is creating more ways to access stock market wealth. See also Temasek Holdings and GIC on worldwide buying spree The programme shows MAS's commitment to keeping the financial centre competitive by addressing market challenges and creating new paths for investment growth.
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Nikkei Asia
2 days ago
- Business
- Nikkei Asia
Singapore taps JP Morgan, two other asset managers to boost stocks
Markets An initial SG$1.1bn will go toward improving liquidity and expanding investment The Monetary Authority of Singapore has appointed three asset managers to its plan to boost the local stock market. © Reuters DYLAN LOH SINGAPORE -- The Monetary Authority of Singapore said on Monday it has appointed three companies, including JP Morgan Asset Management, to jumpstart a program worth 5 billion Singapore dollars ($3.9 billion) to encourage more investment in local stocks. The financial regulator said the other two are Fullerton Fund Management and Avanda Investment Management. They will manage a starting sum of SG$1.1 billion aimed at "improving liquidity and broadening participation in Singapore equities" as part of the national program announced in February.
South China Morning Post
3 days ago
- Business
- South China Morning Post
Singapore to allocate US$856 million in kick-off of plan to boost stock market
Singapore plans to allocate about US$856 million to three asset managers, including JP Morgan Asset Management, as part of a broader effort to enhance liquidity and expand investor participation in the local stock market. The other asset managers named for the initial phase of Singapore's S$5 billion (US$3.9 billion) Equity Market Development Programme – which was first announced in February – were Avanda Investment Management and Fullerton Fund Management, according to a statement on Monday by the Monetary Authority of Singapore. The city state's central bank said it received more than 100 applications for the programme. The MAS said it would appoint additional asset managers in the fourth quarter to manage remaining funds. The central bank would also set aside S$50 million to strengthen local equity research and grow 'a more vibrant listed product ecosystem', the statement said. The details mark the first progress update in months from a government-led task force that was formed to address the local equities market's lagging performance in new listings and trading volumes compared with major regional peers. 'When we invited asset managers to put forth the proposals, we made clear to everybody that this is not just about injecting funds into Singapore's equities market,' said Chee Hong Tat, minister for national development. 'But we're really looking at also how to develop our fund-management industry.' In February, the equity market review group announced a raft of measures aimed at boosting the market. Other initiatives include requiring some family offices to deploy a portion of their assets into domestic equities and streamlining listing rules for companies seeking to go public on the stock exchange.
Business Times
3 days ago
- Business
- Business Times
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 JPMorgan Asset Management and Avanda Investment Management. A combined initial sum of S$1.1 billion will be set aside for the three asset managers under the Equity Market Development Programme, which was first announced by the equities market review group in February. 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. These include the alignment of their proposed fund strategies with the programme's objectives, the strength of the proposals to attract third-party capital such as foreign funds, as well as their commitment to contribute to the growth of asset management and research capabilities in Singapore. The fund strategies also have a clear focus on improving liquidity and broadening participation in Singapore equities, with significant allocation to small and mid-cap stocks, said MAS. More than 100 global, regional and local asset managers had indicated their interest in the programme, which is open to local and international managers as well as new and existing funds. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up The regulator said it is currently reviewing the remaining submissions from asset managers and will announce the names of those who are selected in the fourth quarter of 2025. More funding for research Separately, MAS will also set aside S$50 million until 2028 for the Grant for Equity Market Singapore (Gems) Scheme to strengthen research on equities. Based on the Research Development Grant under Gems, each research report will receive an additional S$1,000. A further S$1,000 will be provided if the report is an initiation of research coverage or covers pre-initial public offering stage and newly listed companies. The listing grant under Gems, which defrays listing costs for issuers, will be expanded to cover Singapore Depository Receipts and foreign Depository Receipts with underlying Singapore stocks. Under the new funding sleeve, each Depository Receipt issuance will receive S$40,000. The overall funding per primarily listed exchange-traded fund (ETF) will go up from S$100,000 to S$250,000. A new funding sleeve will also support cross-listed and feeder ETFs at S$180,000 for each listing.
CNBC
5 days ago
- Business
- CNBC
No recession expected over next 12 months, says JPMorgan's Jordan Jackson
CNBC's "Closing Bell" discusses what may be next for markets amid earnings season with Jordan Jackson, global market strategist with JPMorgan Asset Management.
