- The MAS has appointed the first batch of fund managers under the EQDP. The announcement came earlier than expected, and two of the three appointees are SWF-linked. This shows a whole of government commitment towards reform. These appointees also signal a focus on raising market liquidity, especially for small and mid-cap (SMID) stocks.
- - Read this at SGinvestors.io -
Proposals followed by action. POSITIVE.
- S$1.1bn has been allocated to JP Morgan Asset Management, Fullerton Fund Management, and Avanda Investment Management under Equity Market Development Programme (EQDP). The latter two are linked to or seeded by Singapore SWFs (Sovereign Wealth Funds). To us, this is a clear signal of the whole of government approach in delivering on the market reform agenda. We are pleasantly surprised by the strong interest in the program, with over 100 asset managers submitting proposals.
- - Read this at SGinvestors.io -
- In addition, we see a strong emphasis on small and mid-cap stocks. Non-STI stocks trade ~20% of market ADV (average daily value turnover). We believe these measures should deliver significant volumes boost.
Prioritising ecosystem development.
- Read more at SGinvestors.io.
