Singapore's MAS to allocate $1.1 billion to asset managers to boost equity market

By Rae Wee SINGAPORE, Sept 29 (Reuters) — Singapore will allocate S$1.45 billion ($1.1 billion) to five asset managers to boost its equities market, Monetary Authority of Singapore Deputy Chairman Chee Hong Tat said on Tuesday. It is the third batch of funding to asset managers under the S$6.5 billion Equity Market Development Programme. The aim of the programme is to strengthen the local asset management ecosystem and increase interest in Singapore’s equities market. The managers receiving the funds are Amundi, Franklin Templeton, HSBC Asset Management, M&G Investments, and Natixis Investment Managers. "The managers have strong track records in regional markets, and they are committed to continue making significant allocation to Singapore as an integral part of their investment strategies," said Chee. Chee also announced a S$20 million grant to benefit small- and mid-cap stocks and new listings. Singapore has been trying to rejuvenate its equities market, introducing a 20% tax rebate for primary listings last year and creating dual listings on the Singapore Exchange and the Nasdaq. In August, Singapore introduced tax and visa incentives for the fund sector to compete with Hong Kong. ($1 = 1.2777 Singapore dollars) (Reporting by Rae Wee and Xinghui Kok; Editing by John Mair) ((rae.wee@thomsonreuters.com)