Northern Trust Expands Partnership with Avanda Investment Management to Support MAS Equity Market Development Programme
Northern Trust (Nasdaq: NTRS) has announced a significant expansion of its long-standing relationship with Avanda Investment Management, reinforcing its commitment to Singapore’s growing capital markets. The collaboration will support Avanda’s execution of a mandate awarded by the Monetary Authority of Singapore (MAS) under the Equity Market Development Programme (EQDP)—a landmark initiative aimed at boosting investor participation and enhancing the vibrancy of Singapore’s equity ecosystem.
The expanded partnership positions Northern Trust as a key service provider for Avanda’s EQDP-related investment activities, with an enhanced role encompassing investment operations outsourcing, fund administration, and Investment Risk and Analytical Services. These services will complement Northern Trust’s existing support for Avanda’s funds, which already includes custody, foreign exchange, and securities lending solutions.
Strengthening Singapore’s Capital Market Through Collaboration
Launched by MAS, the Equity Market Development Programme represents a pivotal S$5 billion (approximately US$3.8 billion) commitment to advance the local equity market’s competitiveness. The initiative seeks to encourage more robust research coverage, increase liquidity, and attract institutional as well as retail investor participation in Singapore-listed equities.
Avanda Investment Management was selected as one of the first asset managers under this high-profile programme. The firm’s mandate focuses on broadening investor access to Singapore’s equity market while supporting the long-term goal of building a more dynamic and resilient capital market ecosystem.
Under the EQDP, MAS works in collaboration with the Financial Sector Development Fund (FSDF) to channel resources toward asset managers who demonstrate both innovation and deep local market expertise. These managers are expected not only to deploy capital but also to contribute thought leadership and operational best practices that can strengthen Singapore’s position as a premier financial hub in Asia.
A Partnership Built on Trust and Shared Vision
For Northern Trust, the expansion of its mandate with Avanda underscores nearly a decade of collaboration grounded in operational excellence and shared strategic goals. The relationship began in 2015, when Avanda first partnered with Northern Trust to access its global fund servicing capabilities and risk analytics. Since then, the partnership has grown steadily in scale and sophistication, mirroring both firms’ commitment to transparency, efficiency, and innovation.
Yen Leng Ong, Northern Trust’s Country Executive for Southeast Asia, highlighted the significance of the development:
We are proud to support Avanda in this milestone under the EQDP initiative. This expansion reflects our commitment to delivering scalable, high-quality solutions that help asset managers grow and adapt in dynamic markets like Singapore.
Ong emphasized that Northern Trust’s global capabilities, paired with its deep local presence, make it a natural fit for asset managers like Avanda who are navigating both domestic and cross-border investment opportunities.
For Avanda, the decision to deepen its collaboration with Northern Trust reflects confidence in the firm’s ability to deliver the operational robustness needed to support complex mandates. Michael Teo, Co-Chief Executive Officer and Chief Operating Officer at Avanda, noted:
We are pleased to work with Northern Trust on the implementation of our mandate as part of the EQDP initiative, which reflects our commitment to contributing to the development of Singapore’s capital markets. Northern Trust has become a valuable extension of our team through its consistent delivery, deep understanding of our operational needs, and ability to scale, which has been instrumental in supporting our growth.
Supporting Innovation in Asset Management Operations
As global capital markets become increasingly interconnected and data-driven, the need for efficient, technology-enabled fund servicing solutions has never been greater. Northern Trust’s Global Fund Services platform provides a comprehensive suite of asset servicing solutions, covering fund administration, global custody, investment operations outsourcing, and data management.
Through advanced analytics and automation, Northern Trust helps asset managers like Avanda streamline workflows, manage operational risks, and gain real-time insights into portfolio performance. The addition of Investment Risk and Analytical Services under the expanded mandate will provide Avanda with greater transparency into portfolio exposures, liquidity profiles, and performance attribution—tools that are crucial for informed decision-making and regulatory compliance.
The firm’s investment operations outsourcing capabilities also allow clients to focus on core investment functions while leveraging Northern Trust’s infrastructure for middle- and back-office processes. This combination of scalability and flexibility is particularly valuable in fast-evolving markets such as Singapore, where asset managers are continually adapting to new investment strategies and regulatory expectations.
Advancing Singapore’s Position as a Global Financial Hub
The collaboration between Northern Trust and Avanda comes at a time when Singapore is accelerating efforts to reinforce its position as one of the world’s leading financial centers. Through initiatives like the EQDP, MAS is fostering a more diversified and globally competitive investment landscape, encouraging innovation in both traditional and alternative asset classes.
The EQDP’s emphasis on research and investor education also aims to cultivate a more informed investor base, improving market efficiency and long-term sustainability. By enhancing access to Singapore-listed equities and encouraging deeper engagement from both domestic and international investors, the programme is expected to drive liquidity and valuation efficiency across the local stock market.
Northern Trust’s involvement adds a critical layer of operational strength to these ambitions. As one of the world’s leading asset servicing providers—with operations spanning over 100 markets and more than US$15 trillion in assets under custody—Northern Trust brings a wealth of global expertise to Singapore’s evolving financial ecosystem. Its continued investment in regional capabilities demonstrates a clear commitment to supporting the growth of Asia’s asset management industry.
A Testament to Long-Term Collaboration and Growth
The strengthened mandate between Northern Trust and Avanda highlights the value of long-term partnerships in achieving strategic financial objectives. By combining Northern Trust’s global infrastructure and risk management expertise with Avanda’s local market insight and investment acumen, the collaboration exemplifies how aligned institutions can drive market development while delivering value to investors.
Both firms share a focus on innovation, sustainability, and client-centric solutions—principles that are increasingly shaping the future of asset management. As Singapore continues to promote responsible investing and ESG integration across its financial sector, partnerships like this one play a key role in embedding best practices and advancing transparency standards.
The expansion of Northern Trust’s role with Avanda Investment Management under the EQDP represents more than just an operational partnership—it signals a shared commitment to advancing Singapore’s equity market and supporting the broader financial ecosystem.
With MAS and the FSDF leading this multi-billion-dollar initiative, the collaboration is set to have a lasting impact, helping to position Singapore as an even more attractive destination for global capital. As both firms continue to evolve and innovate, their combined efforts are likely to serve as a model for how public-private partnerships can accelerate financial market development in the Asia-Pacific region and beyond.
About Northern Trust
Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of wealth management, asset servicing, asset management, and banking services to corporations, institutions, families, and individuals worldwide. Founded in 1889, Northern Trust operates in over 20 countries and has established a reputation for integrity, service excellence, and innovation.
About Avanda Investment Management
Avanda Investment Management is a Singapore-based asset management firm that partners with institutional investors globally. The firm focuses on long-term, fundamental investment strategies and is committed to supporting the growth and sophistication of Singapore’s financial markets.
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