Amova bets on ‘new Singapore’ sectors as MAS expands EQDP

[SINGAPORE] Renewable energy, innovation-driven healthcare, technology-led infrastructure and financial services are among the key sectors Amova Asset Management is targeting under the Singapore’s Equity Market Development Programme (EQDP).

The programme was expanded from S$5 billion to S$6.5 billion during Budget 2026. Amova was among the second batch of six asset managers appointed by the Monetary Authority of Singapore (MAS) under it.

The newly appointed fund manager is preparing to launch two new funds – the Singapore All Share Strategy and the Singapore Small Mid Cap Strategy – in the first quarter of this year.

Eleanor Seet, president and head of Asia ex-Japan at Amova Asset Management, said the firm is focused on what it calls “new Singapore sectors” or industries that represent the structural future of the country’s economy.

“These represent the innovative thrust of the economy, and play through a lot of the secular trends that are long-term in nature, like demographic and technological change,” she said in an exclusive interview with The Business Times.

Within renewable energy, Seet highlighted companies involved in the energy transition as clear beneficiaries. These include firms expanding into wind and solar energy.

Healthcare innovation is another area that stands out for Amova. Seet noted that Singapore is home to a growing ecosystem of advanced medical technology companies, including those developing artificial-intelligence-powered surgical solutions and products serving global niche markets.

At the same time, she sees financial services companies tied to market development and capital formation poised to benefit directly from EQDP. These include both established banking franchises and next-generation financial service providers.

The property development or real estate sector also stands to benefit from the initiative, with Singapore being home to many listed property developers, including several that have delivered strong gains and with market capitalisation above S$500 million. When asked if Amova is considering adding some of these counters to its new funds, Seet said they remain part of existing portfolios.

“EQDP could be a major catalyst for opportunities and parties involved in this vibrant fundraising community that we are trying to build here, [helping] to improve liquidity and broaden the institutional investor base,” she added.

The next batch of EQDP managers is expected to be appointed around mid-2026.

Formerly known as Nikko Asset Management, Amova has deep roots in Japan but has steadily expanded its regional footprint, particularly in Singapore. The firm, wholly owned by Sumitomo Mitsui Trust Group, rebranded globally last year for strategic reasons.

Amova’s first product, the Singapore All Share Strategy, will focus on SGX-listed companies of varying market-capitalisation sizes. It is targeted at investors seeking diversified, broad-based Singapore equity exposure.

Meanwhile, its second product, the Singapore Small Mid Cap Strategy, will focus solely on SGX-listed small and mid-cap stocks. It targets “alpha-seeking investors” focused on emerging opportunities in smaller companies.

Virtuous cycle in equities market

When asked what indicators she would be monitoring over the next 12 to 24 months to assess whether the reforms announced by the Equities Market Review Group are gaining traction, Seet pointed to several key measures.

A visible pickup in turnover within the small and mid-cap segment would be an important signal of stronger investor engagement. While valuations can be influenced by short-term factors, she believes a sustained re-rating across under-researched segments of the market would suggest growing recognition of a deeper structural shift and confidence in the credibility of the programme.

Another key indicator is the quality, number and size of new listings, as well as follow-on equity fundraising activity. A robust pipeline of initial public offerings would reinforce the Singapore Exchange’s position as an attractive venue for capital raising, which is one of the EQDP’s explicit objectives.

“The combination of these indicators will help give that confirmation of this virtuous cycle and also the effectiveness of these reforms,” added Seet. This would be reflected in improved liquidity, stronger valuations and broader institutional participation.

Her perspective is shaped by more than a decade of experience navigating Singapore’s asset management landscape.

Seet is a veteran in the fund management industry, having worked at Amova since 2011. At the time, the fund manager was primarily managing Asian equities for Japanese clients.

Her arrival coincided with Nikko Asset Management’s acquisition of DBS Asset Management, which led to the creation of one of the largest Asia-based asset managers.

“We think of ourselves as born in Tokyo, shaped in Asia and powered by global insights,” said Seet.

Looking ahead, she sees both opportunities and challenges for Singapore’s equities markets over the next five to 10 years.

While global supply chains continue to shift, Singapore and the broader Asean region are expected to remain net beneficiaries. Its world-class infrastructure, strong governance, and innovation-friendly policies reinforce its role as a regional hub.

“Singapore still continues to be a very compelling destination to consider for both growth and income,” Seet said.