Three of the six newly appointed asset managers that will launch fund strategies under the Monetary Authority of Singapore’s (MAS) Equity Market Development Programme (EQDP) have revealed more details about their upcoming products.
Amova Asset Management Asia, formerly known as Nikko Asset Management Asia, will launch two new Singapore equity funds in 1Q2026. These will complement its existing Amova Singapore Equity Fund and Amova Singapore Dividend Equity Fund.
Meanwhile, Manulife Investment Management’s “Singapore All-Cap Equity strategy” will allocate 40% of funds to Singapore-listed small- and mid-cap stocks.
“At the same time, we will maintain significant exposure to large-caps to ensure a balanced portfolio and broaden alpha opportunities, and also consider liquidity and higher potential to scale assets under management with an all-cap fund,” says Singapore CEO Koh Huijian to The Edge Singapore.
Lion Global Investors says its existing LionGlobal Singapore Trust Fund was among the selected fund strategies. Launched in March 1989, a spokesperson says the fund allocates on average 20% to small- and mid-caps, but this figure is currently “around 40%”.
The portfolio manager is Erica Lau and the alternate portfolio manager is Kenneth Ong. Benchmarked against the MSCI Singapore Index (SGD), the fund has no specific tilt and is invested in stocks of all sizes “based on fundamental research”.
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As at Sept 30, the fund’s top holdings are DBS Group Holdings (12.91%), Sea Limited (12.10%) and Singapore Telecommunications (5.46%). The Singapore dollar share class has posted returns of 7.47% since inception and 44.26% in the year till Sept 30, excluding the initial charge of up to 5%.
Separately, BlackRock, one of the selected asset managers, did not share more details about its coming funds.
Instead, Deborah Ho, BlackRock’s Singapore country head and regional head of Southeast Asia, says: “The partnership under EQDP reflects our shared commitment to strengthening Singapore’s capital markets and driving long-term growth. Together, we aim to build a more dynamic investment ecosystem—connecting global investors to regional opportunities, enhancing liquidity, and fostering broader interest in Singapore-listed equities.”
See also: MAS places $2.85 bil with six asset managers; launches $30 mil 'Value Unlock' programme
The Edge Singapore is in touch with Eastspring Investments for more information.
AR Capital, an independent specialist investment management firm founded in 2005 by Leong Wah Kheong, Schroders' former CIO for Asia ex-Japan equities, did not respond at press time.
MAS announced on Nov 19 that it will place $2.85 billion with the six firms, whose proposed fund strategies are aligned with the EQDP’s objectives to strengthen the local asset management and research ecosystem and increase investor interest in Singapore’s equities market, particularly small- and mid-caps.
Including the first batch of EQDP appointments that placed $1.1 billion with three asset managers in July, MAS has allocated a total of $3.95 billion with nine asset managers. The remaining EQDP submissions will be reviewed and the next phase of appointments is slated to be released in 2Q2026.
The equities market review group’s final report, released Nov 19, notes that while Singapore has grown significantly in recent years as an asset management hub, the number of Singapore-focused funds “remains small”.
“Some industry estimates indicate that only approximately $20 billion are invested through Singapore-focused funds. The lack of Singapore-focused funds limits the development of a strong institutional shareholder base for listed companies,” reads a line from the 39-page report.
According to the review group, the EQDP aims to incentivise fund managers to bring in greater retail and institutional investor interest which will deepen trading liquidity, improve price discovery, facilitate fair valuations post-IPO and broaden investor participation beyond index stocks.
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— With additional reporting by Samantha Chiew
Read more about the latest updates from the equities market review group:
- MAS places $2.85 bil with six asset managers; launches $30 mil 'Value Unlock' programme
- SGX to reduce board lot sizes to 10 units for securities above $10
- SGX and Nasdaq to simplify dual listings by streamlining regulations and fundraising
- Smaller board lots: The race to $10 starts at 10
Read more about the equities market review group and the Equity Market Development Programme:
- MAS consults on measures to enhance investor recourse for losses from market misconduct (October)
- More details on ‘Value Unlock’ programme for listcos to be unveiled in November: Chee Hong Tat (October)
- Fullerton launches first retail fund under EQDP to ‘value up’ SGX stocks (October)
- From America to Asia, ‘timing is right’ for SGX measures: Ng Kok Song (July)
- JPMAM’s EQDP-appointed fund strategy to focus on Asian equities with ‘majority’ allocated to Singapore stocks (July)
- MAS picks Avanda, Fullerton, JP Morgan under $5 bil Equity Market Development Programme (July)
- Equities market review group targeting ‘mid-sized but good-sized’ companies to list in Singapore (February)
- Proposing equity market changes a ‘balancing act’ that comes with ‘trade-offs’: Chee Hong Tat (February)
