Northern Trust has expanded its mandate with Singapore’s Avanda Investment Management, a move that plays into the implementation of the Equity Market Development Programme (EQDP) by the Monetary Authority of Singapore (MAS).
With the expansion of its mandate, Northern Trust will provide investment operations outsourcing, fund administration, as well as investment risk and analytical services to Avanda. This is in addition to the custody, foreign exchange, and securities lending services it already provides to Avanda’s full range of funds since the two firms began their partnership in 2015.
According to a press release from Northern Trust, Singapore’s EQDP is a S$5 billion (US$3.8 billion) initiative “aimed at strengthening Singapore’s asset management and research ecosystem and increasing investor interest in the local equities market”. Avanda claims to be one of the first asset managers selected under EQDP.
