01:08 PM EDT, 07/21/2025 (MT Newswires) -- (Updates with JPMorgan Chase's ( JPM ) response in the sixth paragraph.)

JPMorgan Chase ( JPM ) unit JP Morgan Asset Management has been selected by the Monetary Authority of Singapore as one of the asset managers under the 5 billion Singapore dollar ($3.9 billion) equity market development program.

The first batch of three selected asset managers are JP Morgan Asset Management, Avanda Investment Management and Fullerton Fund Management.

An initial amount of SG$1.1 billion will be allocated with the asset managers to improve liquidity and participation in Singapore's equity markets, especially in the small and mid-cap segments, the Monetary Authority of Singapore said Monday.

MAS also committed SG$50 million to boost equity research and broaden investor participation.

MAS is reviewing other submissions and will appoint additional asset managers in Q4 to manage the remaining funds.

JPMorgan Chase ( JPM ) declined to comment when contacted by MT Newswires.

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