Singapore MAS Chairman Gan Kim Yong on Performance Indicators for Fund Managers in MAS S$5 Billion Equity Market Development Program: Asset Managers Will be Assessed Regularly for at Least 3 Years on 1) Capital from Other Commercial Investors, 2) Investment Returns & 3) Expanding Teams
27th September | Hong Kong
Singapore Deputy Prime Minister & Monetary Authority of Singapore (MAS) Chairman Gan Kim Yong reply to Singapore Parliamentary question (26/9/25) on performance indicators for fund managers in MAS S$5 billion Equity Market Development Program: Asset managers will be assessed regularly for at least 3 years on 1) Capital from other commercial investors, 2) Investment returns & 3) Expanding teams. Gan Kim Yong (26/9/25): “The S$5 billion Equity Market Development Programme (EQDP) aims to strengthen the local fund management ecosystem and raise investor interest in Singapore public equities beyond large-cap stocks. EQDP is designed to support the long-term development of our asset management and local equities market. Asset managers appointed under the EQDP have put forward investment strategies that have a strong focus in Singapore public equities, and can help broaden investor participation in quality small and mid-cap stocks. The appointed asset managers will be assessed regularly for at least three years against how well they have met commitments in three areas: (a) Ability to mobilise capital from other commercial investors into these strategies. This helps amplify the programme’s impact, by bringing in a larger pool of commercial capital into our equities market. (b) Ability to deliver investment returns. The investment performance of the selected strategies will be evaluated and compared against relevant equity market benchmarks periodically over different time horizons. (c) Ability to meet developmental commitments to deepen their presence in Singapore and contribute to the development of the equity market ecosystem. These include expanding their teams in Singapore and deepening research and investment capabilities, while actively participating in equity market initiatives. Managers are also expected to support talent development and capability building, which contributes to the growth and vibrancy of Singapore’s equities market.” See below for more info:
“ Singapore MAS Chairman Gan Kim Yong on Performance Indicators for Fund Managers in MAS S$5 Billion Equity Market Development Program: Asset Managers Will be Assessed Regularly for at Least 3 Years on 1) Capital from Other Commercial Investors, 2) Investment Returns & 3) Expanding Teams “
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Singapore MAS Chairman Gan Kim Yong on Performance Indicators for Fund Managers in MAS S$5 Billion Equity Market Development Program: Asset Managers Will be Assessed Regularly for at Least 3 Years on 1) Capital from Other Commercial Investors, 2) Investment Returns & 3) Expanding Teams
Date: For Parliament Sitting on 26 September 2025
Name and Constituency of Member of Parliament
Mr Chua Kheng Wee Louis, Sengkang GRC
Question
To ask the Prime Minister and Minister for Finance (a) what are the key performance indicators set for fund managers under MAS’s Equity Market Development Programme; (b) whether they include returns performance and the level of third-party capital that will be crowded in; and (c) what is the timeline over which their performance will be evaluated.
Answer by Mr Gan Kim Yong, Deputy Prime Minister and Minister for Trade and Industry, and Chairman of MAS:
1. The S$5 billion Equity Market Development Programme (EQDP) aims to strengthen the local fund management ecosystem and raise investor interest in Singapore public equities beyond large-cap stocks. EQDP is designed to support the long-term development of our asset management and local equities market.
2. Asset managers appointed under the EQDP have put forward investment strategies that have a strong focus in Singapore public equities, and can help broaden investor participation in quality small and mid-cap stocks. The appointed asset managers will be assessed regularly for at least three years against how well they have met commitments in three areas: (a) Ability to mobilise capital from other commercial investors into these strategies. This helps amplify the programme’s impact, by bringing in a larger pool of commercial capital into our equities market. (b) Ability to deliver investment returns. The investment performance of the selected strategies will be evaluated and compared against relevant equity market benchmarks periodically over different time horizons. (c) Ability to meet developmental commitments to deepen their presence in Singapore and contribute to the development of the equity market ecosystem. These include expanding their teams in Singapore and deepening research and investment capabilities, while actively participating in equity market initiatives. Managers are also expected to support talent development and capability building, which contributes to the growth and vibrancy of Singapore’s equities market.
4 The first three EQDP asset managers were appointed in July. MAS is on track to announce the second batch by the end of the year. Collectively, these managers bring different investment capabilities and strengths, and have proposed various commitments to contribute to developing our equities market. This will help broaden and deepen the ecosystem of market players and investors, and support sustained growth and liquidity in our equities market.
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