Singapore's central bank will place S$1.1 billion ($856.36 million) with three asset managers as part of a S$5 billion programme to boost the stock market, it said on Monday, with more co-investments to be announced late this year.

The asset managers will initially manage S$1.1 billion (US$856 million), and MAS is still reviewing submissions from more than 100 global, regional and local firms.

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Singapore plans to allocate S$1.1 billion ($856 million) to three asset managers, including JPMorgan Asset Management, as part of a broader effort to enhance liquidity and expand investor participation in the local stock market.

First phase of US$3.9 billion plan to boost liquidity and participation ropes in three asset managers including JP Morgan.

Singapores central bank, the Monetary Authority of Singapore (MAS), will deploy S$1.1 billion (US$856 million) to three asset managers as part of its S$5 billion Equity Market Development Programme (EQDP),