By Megan Cheah
Singapore's central bank has appointed three asset managers, including J.P. Morgan Asset Management, as part of its efforts to improve liquidity and trading activity in Southeast Asia's biggest financial center.
The asset managers will have access to funds worth 1.1 billion Singapore dollars, equivalent to US$855.8 million, and will focus on forming strategies to broaden investor participation in the Singapore equities market and increase allocation to small- and mid-cap stocks, the Monetary Authority of Singapore said Monday.
The other two managers are Temasek-owned Fullerton Fund Management and Avanda Investment Management, a Singapore-based firm.
Earlier this year, the MAS had set aside S$5.0 billion under its equity market development program to boost the local stock market, which had seen a severe slowdown in the number of listings and reduced investors' interest.
The appointment of the asset managers comes at a time when the country's stock market is showing signs of some revival, with the FTSE Straits Times Index reaching record highs in recent sessions.
The Singapore Exchange hosted its largest listing in over a decade with the NTT DC REIT's US$773 million initial public offering earlier this month.
Write to Megan Cheah at megan.cheah@wsj.com
(END) Dow Jones Newswires
July 21, 2025 01:07 ET (05:07 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.