In a July 21 note, Wickramasinghe says this shows a whole-of-government commitment towards reform. “These appointees also signal a focus on raising market liquidity, especially for small- and mid-caps.”
The Monetary Authority of Singapore (MAS) appointed on July 21 the first batch of fund managers under its $5 billion Equity Market Development Programme (EQDP): Avanda Investment Management, Fullerton Fund Management and JP Morgan Asset Management.
The announcement came earlier than expected, says Maybank Securities’ head of research Thilan Wickramasinghe, and two of the three appointees — Avanda and Fullerton — are linked to Singaporean state-owned investors GIC and Temasek.
