Singapore assigns S$1.45bn equity mandates as Hong Kong rivalry intensifies

Singapore’s central bank has selected five international asset managers to manage S$1.45 billion in locally focused equity strategies as the city state seeks to strengthen its stock market amid competition from Hong Kong. The Monetary Authority of Singapore named Amundi, Franklin Templeton, HSBC Asset Management, M&G Investments and Natixis Investment Managers on Tuesday. The appointments are the third group of mandates awarded under the Equity Market Development Programme.

The programme was launched with S$5 billion in February 2025 and expanded to S$6.5 billion this February. Authorities say it is intended to attract private capital alongside public funds, increase liquidity and encourage trading beyond Singapore’s largest blue-chip companies. MAS also allocated an additional S$20 million to a grant scheme supporting market-making for about 80 small and mid-cap companies through the end of 2028.

HSBC Asset Management Singapore chief executive Pang Qi Lim said the firm wanted to contribute to the market’s development and internationalisation. Singapore’s daily average securities turnover reached S$1.8 billion in the year to June, its highest level in 18 years. However, Hong Kong remains substantially larger in several areas.

Its initial public offering market raised HK$210 billion in the first half of 2026, while average daily cash-market turnover reached a record HK$283 billion. The rivalry also extends to asset and wealth management. Singapore’s assets under management rose 10 per cent year on year to S$6.7 trillion in 2025, according to its annual survey.

Hong Kong’s broader asset and wealth management industry handled HK$42.2 trillion. The latest Global Financial Centres Index placed Hong Kong third worldwide and first in Asia, one position ahead of Singapore. Singapore led Hong Kong in professional services, while Hong Kong ranked strongly in fintech, investment management, insurance and finance.