Global investment firm KKR has unveiled Ascend Asia Financial Services Group (Ascend Asia), a new financial advisory platform in Singapore.

In tandem with the launch, Ascend Asia, through KKR-managed funds, has signed agreements to acquire finexis advisory and its affiliates, collectively referred to as “finexis”, which will serve as the platform’s first member firm.

The finexis deal has secured in-principle approval from the Monetary Authority of Singapore and is slated for completion in the third quarter of 2025, contingent on regulatory clearances.

KKR Southeast Asia Private Equity head and partner Prashant Kumar said: “We look forward to drawing on KKR’s global network, operational expertise, and deep insurance knowledge to support Ascend Asia’s growth and build up Singapore’s financial advisory industry.”

Ascend Asia is said to be Singapore’s inaugural platform for financial advisory firms, designed to bolster member firms’ ability to deliver client services and foster the advancement of industry best practices.

The platform will provide its members with “strategic” expertise, industry know-how, and operational resources.

The leadership team at Ascend Asia comprises professionals with significant local and international expertise.

CEO Tomas Urbanec, previously CEO of Prudential Singapore, heads the team, which also includes chief risk and compliance officer Tan Siew Yen, formerly chief risk officer at Aviva and Income Insurance, and general counsel Leonard Ong, who held legal roles at AXA, Asia Capital Re, and AIA.

Patrick Teow, former CEO of AIA Singapore, joins as senior advisor.

Ascend Asia plans to further expand its senior leadership in the coming months.

The platform aims to enhance its member firms’ capabilities by investing in professional development, upgrading technology, improving customer relationship management, and maintaining high regulatory standards, all while preserving each firm’s unique strengths and culture.

As part of Ascend Asia, finexis will retain its brand identity, with existing client relationships or agreements remaining unchanged. Clients will continue to receive services from their current financial consultants.

Ascend Asia CEO Tomas Urbanec said: “Ascend Asia aims to strengthen Singapore’s financial advisory ecosystem by supporting high governance standards and fostering sustainable growth.”

"KKR establishes new financial advisory platform in Singapore" was originally created and published by Private Banker International, a GlobalData owned brand.

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