The Monetary Authority of Singapore (MAS) has selected five asset managers for the third round of appointments under its S$6.5bn ($5.09bn) Equity Market Development Programme (EQDP). 

The latest group comprises Amundi, Franklin Templeton, HSBC Asset Management, M&G Investments, and Natixis Investment Managers.  

MAS will allocate S$1.45bn among them, taking the programme’s total commitments to S$5.4bn across 14 managers. 

The appointments follow two earlier rounds announced in July and November 2025. MAS allocated S$1.1bn to three managers in the first round and S$2.85bn to six managers in the second. 

The managers are expected to use their international distribution networks to attract overseas investment into Singapore and the wider region. 

MAS is assessing proposals for a fourth group of asset managers and expects to finish the review in 2027. 

Separately, MAS has set aside S$20m from the Financial Sector Development Fund for a new GEMS Market Making Grant.  

The scheme will support market-making activity in SGX-listed shares until 31 December 2028. 

The initial scope will cover around 80 eligible small- and mid-cap stocks, along with newly listed companies.  

The grant is intended to support narrower bid-ask spreads, lower execution costs, and improved price discovery. 

MAS will periodically review the list of eligible stocks and may add further companies that could benefit from market-making support. 

The measures form part of the recommendations from the Equities Market Review Group, whose final report was published in November 2025.