Northern Trust Extends Partnership with Avanda Investment Management for MAS Equity Programme

11/02/2025 – 08:00 PM

SINGAPORE – Northern Trust (Nasdaq: NTRS) is deepening its collaboration with Avanda Investment Management, extending its fund services to Avanda in support of a mandate granted by the Monetary Authority of Singapore (MAS) as part of the Equity Market Development Programme (EQDP), CNBC has learned.

Northern Trust will now provide investment operations outsourcing, fund administration, and Investment Risk and Analytical Services, building on a relationship with Avanda that began a decade ago, in 2015. Already, Northern Trust supports Avanda’s full range of funds with services including custody, foreign exchange, and securities lending. This expanded partnership underscores Northern Trust’s commitment to the burgeoning Southeast Asian financial market and its strategic focus on providing comprehensive solutions to asset managers.

The EQDP, a S$5 billion (approximately US$3.8 billion) initiative, is a strategic move by Singapore to fortify its asset management and research ecosystem. It also aims to increase investor interest in the local equities market, effectively positioning Singapore as a key financial hub in the region. The program reflects Singapore’s proactive approach to attracting and retaining top-tier asset managers.

Avanda’s strategy under its EQDP mandate is designed to facilitate greater investor access to Singapore-listed equities, with the goal of contributing to the overall development of the local capital market. Avanda was selected as one of the initial asset managers under the EQDP, which is jointly managed by MAS and the Financial Sector Development Fund. This selection highlights Avanda’s capabilities and its strategic role in advancing Singapore’s financial agenda.

“We are proud to support Avanda in this milestone under the EQDP initiative,” said Yen Leng Ong, Northern Trust country executive for Southeast Asia. “This expansion reflects our commitment to delivering scalable, high-quality solutions that help asset managers grow and adapt in dynamic markets like Singapore.” Ong’s comments emphasize Northern Trust’s focus on providing adaptable and robust solutions, essential for firms navigating complex market dynamics.

Michael Teo, co-chief executive officer and chief operating officer of Avanda Investment Management, commented, “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.” Teo’s statement highlights the value of a strong service provider in achieving company goals and participating in national initiatives.

Northern Trust’s Global Fund Services provides a complete suite of Asset Servicing solutions including fund administration, global custody, investment operations outsourcing and data solutions – supporting a range of complex investment strategies across the full spectrum of asset classes. This comprehensive suite of services positions Northern Trust as a one-stop solution for asset managers navigating increasingly complex global markets.

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, affluent families and individuals. Founded in Chicago in 1889, Northern Trust has a global presence with offices in 24 U.S. states and Washington, D.C., and across 22 locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of September 30, 2025, Northern Trust had assets under custody/administration of US$18.2 trillion, and assets under management of US$1.8 trillion. For more than 135 years, Northern Trust has earned distinction as an industry leader for exceptional service, financial expertise, integrity and innovation. Visit us on northerntrust.com. Follow us on Instagram @northerntrustcompany or Northern Trust on LinkedIn.

Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A., incorporated with limited liability in the U.S.