Singapore's MAS to allocate US$1.1bil to asset managers to boost equities market
SINGAPORE: Singapore will allocate S$1.45 billion (US$1.1 billion) to five asset managers to boost its equities market, Monetary Authority of Singapore Deputy Chairman Chee Hong Tat said on Tuesday.
Singapore's Monetary Authority announced on Tuesday that it will allocate US$1.1 billion to five asset managers, as part of the third installment under the S$6.5 billion Equity Market Development Programme. The primary objective of this initiative is to bolster Singapore's local asset management ecosystem and stimulate interest in the country's equities market.
The selected asset managers, each renowned for their strong track records in regional markets, are Amundi, Franklin Templeton, HSBC Asset Management, M&G Investments, and Natixis Investment Managers. Chee Hong Tat, Deputy Chairman of the Monetary Authority of Singapore, affirmed that these managers are committed to maintaining substantial allocations to Singapore as part of their investment strategies.
In addition to the asset managers, the Monetary Authority has also granted S$20 million to foster growth in small- and mid-cap stocks and new listings. Singapore has been striving to revitalize its equities market by implementing a 20% tax rebate for primary listings last year and establishing dual listings on the Singapore Exchange and the Nasdaq.
In a recent development, Singapore introduced tax and visa incentives for the fund sector in August, aiming to compete with Hong Kong.
Written by urgent.news from New Straits Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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