Latest news with #FullertonFundManagement
Business Wire
a day ago
- Business
- Business Wire
Airwallex Launches Yield in Singapore, Unlocking Smarter Returns After MAS Licence Approval
SINGAPORE--(BUSINESS WIRE)--Airwallex, a leading global fintech platform, today announced that its Singapore entity, Airwallex Capital (Singapore) Pte Ltd, has been granted a Capital Markets Services (CMS) licence by the Monetary Authority of Singapore (MAS). With this licence, Airwallex can now offer regulated investment solutions and custodial services to businesses in Singapore through its Airwallex Yield product. Airwallex Yield is an investment fund management service that allows businesses to earn competitive returns on surplus funds held within their business 1. Through Airwallex Yield, businesses can: Maximise returns on their multi-currency funds by investing in highly rated money market funds. Grow their foreign currency balances without opening additional accounts. Maintain liquidity, with no lock-up periods. Businesses can move funds between cash balances and Yield accounts as needed to meet their growth needs. Airwallex Capital is collaborating with Fullerton Fund Management to manage its Singapore Dollar (SGD) investment strategy, and Goldman Sachs Asset Management for its US Dollar (USD) solution – both bringing deep institutional expertise to support customers' needs. Celebrating the licence, Arnold Chan, General Manager, Asia Pacific, Airwallex, said, "Launching Airwallex Yield in Singapore is a significant milestone as we continue to innovate and empower businesses here to unlock new opportunities to thrive. This is a proud moment for us, and we're grateful to the MAS for their support and trust in our vision." 'Cash management is a crucial aspect of any business. With Airwallex Yield, we are giving businesses a simple and flexible way to grow their idle funds, empowering companies of all sizes to establish a more effective treasury function,' said Gary Harvey, Executive Director, Airwallex Capital (Singapore). 'We are delighted to be working alongside our trusted asset managers, Fullerton Fund Management and Goldman Sachs Asset Management, to deliver Airwallex Yield to businesses in Singapore.' Mark Yuen, Chief Business Development Officer, Fullerton Fund Management, said, 'Our partnership with Airwallex marks an exciting business channel for Fullerton, extending our institutional-grade investment expertise to a broader base of corporates in Singapore. In today's complex and high-cost environment, businesses should expect more from their surplus cash – access to stable, liquid SGD cash solutions that also work harder to generate yield. With over 15 years of Treasury Management experience and SGD13 billion 2 under management, Fullerton is well-positioned to support Airwallex Yield in delivering smarter cash solutions to meet evolving corporate needs.' 'An evolving market environment calls for effective liquidity management strategies. As one of the leading liquidity solutions providers in the world, we look forward to working with Airwallex in Singapore to help companies optimise returns on their cash balances while maintaining liquidity to meet business needs,' said Mike Siegel, Global Head of Liquidity Solutions and Co-head of the Client Solutions Group in Asia Pacific, Goldman Sachs Asset Management. The launch of Airwallex Yield in Singapore follows successful rollouts in Australia and Hong Kong, reinforcing Airwallex's strategy to shape the future of global finance, empowering companies to grow faster, smarter, and on their own terms. To learn more about Airwallex Yield in Singapore, visit: END About Airwallex Airwallex is a leading financial platform building the future of global banking for modern businesses. By combining proprietary infrastructure with software and AI, Airwallex is reimagining how businesses manage accounts, access capital, control spend, and embed financial services. Designed to replace fragmented, legacy systems, Airwallex offers a unified platform for global financial operations – providing everything from multi-currency business accounts to payments to spend management and embedded financial products. Founded in Melbourne and trusted by over 150,000 businesses worldwide – including TikTok, Rippling, Navan, Qantas, and SHEIN – Airwallex is powering a new era of global banking without borders. Learn more at About Fullerton Fund Management Fullerton Fund Management Company Ltd ('Fullerton') is an active investment specialist, focused on optimising investment outcomes and enhancing investor experience. We help clients, including government entities, sovereign wealth funds, pension plans, insurance companies, private wealth and retail, from the region and beyond, to achieve their investment objectives through our suite of solutions. Our expertise encompasses equities, fixed income, multi-asset, alternatives and treasury management, across public and private markets. As an active manager, we place strong emphasis on performance, risk management and investment insights. Incorporated in 2003, Fullerton is headquartered in Singapore, and has associated offices in Shanghai, Jakarta and Brunei. Fullerton is part of Seviora, an independent asset management group, owned by Temasek. Income Insurance, a leading Singapore insurer, is a minority shareholder of Fullerton. About Goldman Sachs Asset Management Goldman Sachs Asset Management is the primary investing area within Goldman Sachs (NYSE: GS), delivering investment and advisory services across public and private markets for the world's leading institutions, financial advisors and individuals. The business is driven by a focus on partnership and shared success with its clients, seeking to deliver long-term investment performance drawing on its global network and deep expertise across industries and markets. Goldman Sachs Asset Management is a leading investor across fixed income, liquidity, equity, alternatives, and multi-asset solutions. Goldman Sachs oversees $3.2 trillion in assets under supervision as of March 31, 2025. Follow us on LinkedIn.
Independent Singapore
7 days ago
- Business
- Independent Singapore
MAS primes Singapore equities, undervalued firms for major boost
Photo: Depositphotos/tang90246 SINGAPORE: The Monetary Authority of Singapore (MAS) plans to change the local equity market with its S$5 billion Equity Market Development Programme (EQDP), attracting optimism from local investors and analysts. This initiative focuses on small and mid-cap (SMID) stocks beyond the concentrated trading environment of the Straits Times Index. Launched in February 2025, the programme will initially invest S$1.1 billion through three asset managers: Fullerton Fund Management, JP Morgan, and Avanda Investment Management. They have a clear goal: find undervalued stocks and encourage more investors to participate. The MAS has chosen safe establishment names; all are asset managers with strong track records and institutional strength. Already, the Singapore market has seen a major rally and re-rating of SMID stocks on the Singapore market. The new liquidity pool investing in undervalued SMIDs will improve price discovery across the sector. Analysts have highlighted promising companies in various sectors. These include manufacturing leaders AEM and Nanofilm Technologies, fintech firms like iFAST, healthcare companies such as ParkwayLife REIT, transport stocks ComfortDelGro and SATS, and solid REITs including CapitaLand Ascendas and Mapletree Logistics Trust. Morgan Stanley predicts billions in annual capital inflows, which could raise valuations by 20% to match global market standards. The MSCI Singapore Index, already up 13% this year, shows early signs of momentum and investor confidence in this strategic approach. The EQDP aims to change Singapore's investment landscape by elevating market liquidity. It seeks to increase investor participation, focus on stocks with good governance, and create opportunities for new corporate leaders. Analysts believe SMID stocks could see liquidity increases up to 19 times, which would narrow the valuation gaps with larger companies. Tax exemptions and simplified listing processes will make the market more appealing globally. Success depends on how well fund managers perform and on stable global economic conditions. While immediate gains for the Straits Times Index (STI) might be modest, the programme offers long-term restructuring of Singapore's investment ecosystem. The EQDP represents a bold new vision for Singapore's equity and is set to impact the city-state's broader corporate landscape. The move aims to position Singapore as an energetic platform for innovative companies and savvy investors. By focusing on overlooked sectors and providing strategic capital, MAS is paving the way for Singapore's most promising companies to gain serious investment and global attention. () => { const trigger = if ('IntersectionObserver' in window && trigger) { const observer = new IntersectionObserver((entries, observer) => { => { if ( { lazyLoader(); // You should define lazyLoader() elsewhere or inline here // Run once } }); }, { rootMargin: '800px', threshold: 0.1 }); } else { // Fallback setTimeout(lazyLoader, 3000); } });
Business Times
7 days ago
- Business
- Business Times
Asian local-currency bond sales reach record on risks to US dollar
[CHICAGO] US President Donald Trump's unpredictable policy moves are driving investor demand for Asian local-currency bonds, spurring fresh interest in the region. Companies and non-sovereign issuers in Asia-Pacific have sold about US$1.5 trillion in bonds so far in 2025 in the region's currencies, a 6 per cent rise and a record for this period, according to data compiled by Bloomberg. Offerings in the three months from April to June were the highest for any quarter. 'We are definitely seeing more buyers of local-currency Asian bonds than in pre-April,' said Daniel Tan, a portfolio manager at Grasshopper Asset Management. 'There are large inflows from pension and sovereign wealth funds looking to diversify away from US dollar assets.' Momentum picked up after Apr 2, when Trump stunned markets by announcing higher tariffs on allies and rivals, only to roll them back days later after stocks slid and bond yields surged. While risk assets rebounded, credit investors have been hedging against tariff-related volatility and a weakening US dollar by shifting to less-exposed regions. The shift is reflected in performance: the Bloomberg Asia-Pacific Aggregate index, which tracks a wide range of bonds in local currencies, has gained 3.9 per cent this year, outpacing a 3.5 per cent return from its US counterpart. 'Diversification into broader Asian local currency markets is likely to accelerate,' said Angus Hui, deputy chief investment officer and head of fixed income at Fullerton Fund Management in Singapore. The de-dollarisation trend is putting the spotlight on local-currency credit, particularly in markets with AAA sovereign ratings such as Australia and Singapore, he said. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Once niche, Asia's bond markets are drawing investors thanks to stronger local economies. Indian companies raised a record 6.6 trillion rupees (S$98 billion) through local-currency notes in the first half of 2025, up 29 per cent from the year prior, according to data compiled by Bloomberg. In China, where over US$1 trillion in bonds have been issued in the local currency this year, declining borrowing costs have made financing more attractive to domestic firms. 'The importance of thinking about the US dollar in your portfolio grows the further you are from the US and the further your liabilities are from US dollars,' said Navin Saigal, head of fundamental fixed income for Asia-Pacific at BlackRock. Saigal said tariff policies have widened the gap between the region and the US, a divergence also reflected in fiscal conditions. Australia is a prime example. It holds AAA ratings from S&P Global Ratings, Fitch Ratings, and Moody's Ratings. In contrast, the US has lost the top credit score from all three agencies, due to rising debt-servicing costs. 'No one in the world is talking about the fiscal viability of Australia,' said Oliver Holt, head of debt syndicate and IG origination for Asia ex-Japan at Nomura Holdings, one of the biggest managers of Aussie-denominated bond sales by foreign issuers. It probably makes sense for investors to put some money into other places if there's an assumption that the US dollar is going to weaken, he said. Meanwhile, US dollar bond issuance from Asia is recovering from a slump caused by record defaults from Chinese property developers. Fuelled in part by M&A activity, Japanese companies have led this year, with US dollar bond sales from the Apac region up about a third to more than US$215 billion so far this year, according to data compiled by Bloomberg. That is still well off the highs seen in past years. But unexpectedly, Apac borrowers are tapping Europe's debt market at an unprecedented pace in 2025. Euro bond issuance is running at more than 49 billion euros (S$74 billion) year to date and has already topped last year's full-year total, according to data compiled by Bloomberg. 'It's not that everyone's now selling US investment-grade or Apac US dollar investment-grade bonds,' said Owen Gallimore, Apac head of credit analysis at Deutsche Bank. But 'Asian-based investors want their issuers to come to market more often in euros, offshore yuan, or other currencies', he added. BLOOMBERG
Business Times
7 days ago
- Business
- Business Times
MAS' S$5 billion investment fund set to lift undervalued, small-cap stocks: analysts
[SINGAPORE] Market reaction to the appointment of the first three asset managers to tap Singapore's S$5 billion Equity Market Development Programme (EQDP) on Monday (Jul 21) has been largely optimistic. But analysts caution that the initiative's success in spurring the equities market will depend on how these managers execute the mandate and utilise resources for long-term market growth. The Monetary Authority of Singapore (MAS) will inject a combined initial sum of S$1.1 billion to the three asset managers – Fullerton Fund Management, JP Morgan Asset Management and Avanda Investment Management. Each is likely to take a different approach. Fullerton Fund Management and Avanda Investment Management on Monday announced that they will launch new funds focused on Singapore equities. Fullerton Fund Management's Singapore equities unit trust will be invested in stocks listed on the Singapore Exchange (SGX), with exposure to stocks across all market capitalisations. Meanwhile, the Avanda Singapore Discovery Fund will focus on small and mid-cap stocks across the themes of 'value-up, local champions and turnaround'. Key factor Divya Doshi, managing director of sales for Asia and the Middle East at global investor services group IQ-EQ, told The Business Times that while MAS chose asset managers with institutional strength, the success of the EQDP will come down to 'how these managers execute on the mandate and contribute to long-term market development'. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Luke Lim, managing director at brokerage Phillip Securities, believes it is important that the managers fulfil MAS' objectives using its valuable resources. These include improving liquidity with significant allocation to SGX-listed small and mid-cap stocks. He said: 'Even before the deployment of EQDP, we have seen a major rally and re-rating of SGX-listed small to mid-cap stocks. There is now a pool of liquidity that will invest in undervalued small to mid-cap stocks, thereby improv(ing) the price discovery of the entire sector.' Jason Saw, group head of investment banking at brokerage CGS International, thinks the positive momentum will continue for small and mid-cap stocks. He noted that the market has already begun reacting positively to the MAS announcement, with many undervalued stocks seeing improved valuations. 'It is all about the marginal buying, and we think it will move the market,' he added. Doshi anticipates that the newly appointed managers will likely focus on small and mid-cap equities, growth-stage companies, and sectors that align with Singapore's strategic priorities, including sustainability, fintech and digital infrastructure. These areas are expected to play a central role, given the EQDP's goals to deepen liquidity, improve price discovery and broaden investor participation. The three managers have 'proven track records in managing Singapore equities, particularly in the small and mid-cap segments', noted Doshi. However, each may possibly approach the mandate in its own way. 'Some managers may initially allocate conservatively, to build performance credibility before venturing into less-liquid or higher-risk segments,' he added. 'Promising start' Doshi noted that MAS' selection 'reflects a deliberate and strategic choice' – one that is likely to instil confidence due to the managers' strong reputations and well-aligned strategies, particularly in addressing under-researched market segments. 'Importantly, their credibility and performance history could help attract third-party capital, including from international investors, amplifying the impact of MAS' initial S$5 billion commitment,' he said. However, whether it moves the needle immediately remains to be seen, he added. 'Without visibility into fund size, deployment timelines or specific mandates, the announcement may be seen as a promising start rather than a transformative shift.' Doshi believes the real impact will depend on how these managers engage with under-researched stocks, support initial public offering pipelines, and drive liquidity in segments that have historically been overlooked. Meanwhile, Saw expressed confidence that a significant portion will be deployed to the Singapore market, calling it a positive development for all stakeholders and market participants across the institutional, high-net-worth and retail segments. He noted that the fund managers will 'have a duty to generate returns within a broader mission of enhancing liquidity on the Singapore Exchange'. As a result, well-run, undervalued companies with strong governance are likely to see better valuations soon, he added. Similarly, Maybank Securities believes that small and mid-cap companies with stronger corporate governance credentials are likely to attract a disproportionate share of investments from the investment boost. These include semiconductor manufacturer AEM, Nanofilm Technologies International and air cargo handler Sats. Additional reporting by Navene Elangovan
Independent Singapore
22-07-2025
- Business
- Independent Singapore
Singapore central bank roped in JP Morgan, two others to manage stock market boost
SINGAPORE: Singapore is taking a new tack to revive its stock market, announcing a strategic S$5 billion initiative to attract investors and boost market participation. The Monetary Authority of Singapore (MAS) has chosen three asset managers: Fullerton Fund Management, JP Morgan Asset Management, and Avanda Investment Management. These firms will lead an effort to refresh the local equity landscape. Fullerton Fund Management is part of Seviora, a multi-asset management company owned by Temasek Holdings, Singapore's state investment fund. Incorporated in 2003, it has offices in Shanghai, Jakarta, and Brunei. JP Morgan Asset Management is headquartered in New York City and has offices in Tokyo, Hong Kong, and Singapore. Currently, it manages US$162 billion (S$218.7 billion) in the Asia Pacific. Avanda Investment Management was founded in 2014 in Singapore by former GIC executives Ng Kok Song, Quah Wee Ghee, and Sung Cheng Chih. Temasek backs it significantly—it invested US$3 billion in Avanda's Global Multi-Asset Fund. It has also secured funds from sovereign fund GIC and the Singapore Labour Foundation. Recent reports indicate it manages US$10 billion as of March 2025. They will receive S$1.1 billion to develop investment strategies aimed at increasing market liquidity and drawing in a wider range of investors. The programme targets especially small and mid-sized companies that have struggled to gain investor attention. In an interaction with the media, Chee Hong Tat, the Minister for National Development and Second Minister for Finance, commented: 'We want to see more participation from retail investors. This isn't about short-term trading, but about helping people build long-term investment portfolios.' This move comes amid growing concerns about Singapore's stock market, which has diminished compared to regional competitors. Over 100 global and local asset managers expressed interest in the programme, demonstrating strong enthusiasm within the industry. Key features of the programme include: Dedicated funds focusing on Singapore-listed stocks Daily investment liquidity Chances for retail and institutional investors Strategies emphasising smaller, emerging companies In addition to the investment programme, MAS is launching a S$50 million research support scheme. This funding will: Increase grants for equity research Support digital research distribution Develop research on private companies with strong Singapore ties See also How much could the CEO of Temasek Holdings be earning? The goal goes beyond just injecting money into the market. Minister Chee highlighted the aim of creating a more robust, transparent, and accessible investment environment. Fullerton Fund Management plans to launch a dedicated Singapore equities unit trust that covers stocks from various market capitalisations. Avanda Investment Management aims to create a 'Singapore Discovery Fund' focused on small and mid-cap stocks with growth potential. JP Morgan Asset Management has not disclosed any details, but according to its ASEAN equities team head, Pauline Ng, it will leverage its investment capabilities and local expertise to unlock opportunities in Singapore's equities market. This initiative adopts a deliberate approach to market development. By selecting specific asset managers and providing targeted support, Singapore aims to transform its equity market from a quiet exchange into a more vibrant investment hub. Future plans include selecting additional asset managers in late 2025 and 2026 after this first phase. To the investing public, the establishment is making it clear that it is creating more ways to access stock market wealth. See also Temasek Holdings and GIC on worldwide buying spree The programme shows MAS's commitment to keeping the financial centre competitive by addressing market challenges and creating new paths for investment growth.
