Speaking at JPMAM’s 3Q2025 outlook briefing on July 29, Ng says she will manage the fund alongside Ong Chang Qi, JPMAM’s executive director, emerging markets and Asia Pacific equities.
While the JPMAM executives declined to reveal the name of the fund, Ng says it will have a large allocation to Singapore equities alongside other Asian markets, such as Australia, China and India.
“The reason that we are confident in [these markets] is because we want to have a diverse income,” says Ng, emphasising that the stocks will have high dividend yields.
“When we designed this product, we were conscious of ensuring that the income comes from a diverse pool,” she adds, broadly mentioning sectors like REITs, telecommunications, consumer and financial services — though she stopped short of confirming any sector tilt.
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“That is how we ensure that the income is stable through both up and down markets. With that in mind, we will also tap on the expertise we have in JP Morgan, allowing us to look across multiple markets in our high-income offering,” says Ng.
Like fellow chosen asset managers Avanda Investment Management and Fullerton Fund Management, JPMAM declined to reveal how MAS’s $1.1 billion placement will be divided among them.
Outside of the placement, Ng says JPMAM aims to “raise as much as possible” by targeting both high-net-worth investors and retail investors in Singapore.
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Ng hopes JPMAM’s fund will “meet the twin objectives of EQDP” to increase investor interest in Singapore’s equities market — particularly small- and mid-caps — and address the income needs of local investors.
“Stay tuned,” Ng teases. “There will be more details as we work out internally with regards to some specifics, but we are very excited.”
Three chosen fund strategies, JPMAM and Fullerton, have been relatively tight-lipped about their chosen fund strategies since MAS named its three picks on July 21.
JPMAM side-stepped questions about its fund strategy then, telling The Edge Singapore then that its Asean equities team comprises “five senior portfolio managers with an average of 20 years of investment experience”. “The team is well-equipped with extensive expertise in researching and investing in Singapore equities, a commitment that spans over four decades.”
Meanwhile, Fullerton announced on July 21 that it will launch a “dedicated Singapore equities unit trust” here to “crowd in investor assets from various investor segments locally and abroad”.
In response to The Edge Singapore, Fullerton said the unit trust will be invested in stocks listed on the Singapore Exchange (SGX) with exposure “across all market capitalisation”. “It will offer daily liquidity and be made available to everyone, including retail, accredited and institutional investors. More details will be provided in due course.”
However, details “are still being worked out” and discussions are “still in the preliminary stages”, said Fullerton.
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This marks the first time MAS is deploying funds from the $5 billion EQDP, which aims to strengthen the local asset management and research ecosystem and increase investor interest in Singapore’s equities market, particularly small- and mid-caps.
MAS says the three firms’ proposed fund strategies are aligned with the EQDP’s objectives and will crowd in third-party capital alongside MAS’s funding.
The three asset managers have also committed to expanding or contributing to the growth of the asset management and research capabilities in Singapore, adds MAS.
Over 100 global, regional and local asset managers have indicated interest in the EQDP since it was announced in February. MAS is reviewing the submissions in batches to speed up the appointment and deployment process.
By end-2025, MAS expects to announce a second batch of asset managers that will manage a portion of the remaining funds under the EQDP.
