Singapore Allocates S$1.45 Billion to Five Asset Managers to Boost Equities Market

Singapore will allocate S$1.45 billion (about $1.1 billion) to five asset managers as part of its push to strengthen the local equities market, Monetary Authority of Singapore Deputy Chairman Chee Hong Tat said on Tuesday.

The funding marks the third batch of allocations under the S$6.5 billion Equity Market Development Programme, which is aimed at deepening the local asset management ecosystem and drawing greater interest to Singapore-listed stocks.

The five managers receiving the funds are Amundi, Franklin Templeton, HSBC Asset Management, M&G Investments, and Natixis Investment Managers.

"The managers have strong track records in regional markets, and they are committed to continue making significant allocation to Singapore as an integral part of their investment strategies," Chee said.

Separately, Chee announced a S$20 million grant intended to support small- and mid-cap stocks as well as new listings.

The move is the latest in a series of measures Singapore has rolled out to revive its equities market. Last year, the city-state introduced a 20% tax rebate for primary listings and created a framework for dual listings on the Singapore Exchange and the Nasdaq.

In August, Singapore also unveiled tax and visa incentives for the fund sector, part of efforts to compete with Hong Kong as a regional financial hub.

The Singapore dollar was quoted at 1.2777 per U.S. dollar.