Kuala lumpur: Northern Trust has expanded its fund services relationship with Avanda Investment Management, supporting its implementation of the mandate granted by the Monetary Authority of Singapore (MAS) as part of the Equity Market Development Programme (EQDP).

According to BERNAMA News Agency, Northern Trust will provide investment operations outsourcing, fund administration, and Investment Risk and Analytical Services, building on a relationship with Avanda that began in 2015.

The EQDP is a SG$5 billion (approximately US$3.8 billion) initiative aimed at strengthening Singapore’s asset management and research ecosystem and increasing investor interest in the local equities market. (US$1=RM4.17)

Selected as one of the first asset managers under EQDP, Avanda’s strategy under its EQDP mandate aims to enhance investor access to Singapore-listed equities and contribute to the development of the local capital market.

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.

Founded in Chicago in 1889, Northern Trust is a provider of wealth management, asset servicing, asset management, and banking services to corporations, institutions, affluent families, and individuals.