Endowus partners with Avanda Investment Management to broaden access to Singapore equity investment opportunities, in support of the Equity Market Development Programme

• Endowus partners with Avanda Investment Management (Avanda) to broaden access to Singapore-focused equity strategies, leveraging Avanda’s bench of experienced leaders and institutional expertise
• Avanda’s Singapore-focused strategy focuses on small and mid-cap (SMID) opportunities and is expected to unlock potential in under-researched, well-governed companies, further elevating Singapore’s growth potential
• Endowus’ partnership with Avanda reinforces efforts to support the Equity Market Development Programme (EQDP), to boost investor interest beyond the traditional household names found in the Straits Times Index

Singapore, 6 November 2025 - Endowus, Singapore’s leading independent wealth advisor and investment platform, today announced a partnership with Avanda Investment Management, a global asset management company founded by industry leaders who played a pivotal role in building and running one of the world’s foremost sovereign wealth funds — including former GIC Chief Investment Officer Ng Kok Song.

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The partnership brings together two Singapore homegrown firms with a shared purpose: to serve the investment needs of long-term asset owners in Asia. 

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Avanda was appointed as one of the first asset managers under the Monetary Authority of Singapore (MAS)’ Equity Market Development Programme (EQDP) initiative, a multi-faceted programme led by the MAS, designed to strengthen the depth and vibrancy of Singapore’s equity market. 

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Avanda’s mandate under the EQDP focuses on catalysing institutional and private-capital participation in Singapore-listed equities,  particularly in the small- and mid-cap segments, through disciplined, active investment grounded in fundamental research and robust governance standards.

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Ng Kok Song, Co-Founder and Chairman, Avanda Investment Management, said, “Avanda’s purpose has always been to serve long-term asset owners with integrity, discipline, and alignment, principles that align with Endowus. This partnership reflects our shared belief that investment should be rooted in stewardship and long-term value creation. “

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The Singapore equity market presents a rich landscape of opportunity. As of end-September 2025, the ST All-Share Index traded at a price-to-earnings ratio of 13.7×, representing roughly a 43 percent discount to the MSCI World Index,  the widest valuation gap in the past decade.

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Said Samuel Rhee, Chairman and Group Chief Investment Officer of Endowus, “There is a renewed and growing interest in Singapore’s equity market — one that is built on long-term performance, transparency, and strong governance. Avanda’s deep understanding of the local SMID opportunity and its disciplined investment approach align closely with our belief in effective capital deployment that benefits both investors and the broader market. Endowus is continuously exploring partnerships to help more investors access opportunities that reflect the stability, quality, and long-term potential of Singapore’s market.

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Industry efforts to boost Singapore’s equity ecosystem

More than half of Singapore-listed companies now trade below book value, particularly within the small- and mid-cap (SMID) segment where many remain significantly profitable, resilient, and under-researched.

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Avanda’s strategy aims to tap this SMID opportunity, unlocking the potential of quality mid-cap companies that form the backbone of Singapore’s economy. By directing capital efficiently toward well-governed, high-potential businesses, this approach supports the effective deployment of long-term capital into the real economy — contributing to a more vibrant and inclusive domestic equity market.

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The EQDP forms part of Singapore’s multi-pronged effort to revitalise its equity ecosystem, encourage new listings, and deepen institutional engagement. With the acceleration of market activity, it underscores the importance of rigorous bottom-up stock selection and governance standards — areas in which Avanda’s experienced investment team brings deep domain expertise and local insight.

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Avanda’s Singapore equities strategy focuses on a segment of the market poised for renewed growth and reform, complementing Endowus’s broader suite of global, regional, and thematic investment solutions. As part of the latter’s mission to provide clients with institutional access, the Endowus Investment Office continues to curate world-class opportunities across both public and private markets. The private markets and hedge funds vertical has been the platform’s fastest-growing segment over the past year, driven by growing demand from affluent investors seeking institutional-grade strategies with significantly lower minimums and fair, transparent fees.

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The partnership further reinforces Endowus’ commitment to advancing Singapore’s investment ecosystem, empowering more investors to participate in the nation’s growth story with alignment, transparency, and purpose. It builds on Endowus’ broader SG60 initiatives, including Endowus Gives Back (EGB) — a campaign with Community Chest and the National Volunteer & Philanthropy Centre (NVPC) that celebrates the spirit of collective progress and giving back to the community.

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