KKR starts financial advisory platform to widen choices for Singapore consumers

Business Times

a day ago

[SINGAPORE] Global asset manager KKR has started a platform for financial advisory (FA) firms that will give customer more choices.
Launched on Tuesday (Jul 1), Ascend Asia brings together independent FA firms under one roof while allowing each to retain its individual strengths and culture.
With KKR as a strategic shareholder and long-term investor, the platform will help member firms scale their businesses. This includes strategic direction, resources, and expertise in areas such as professional development, technology enhancements, customer relationship management and regulatory compliance.
Ascend Asia sees itself as a holding company for FA firms and its 'open architecture' model gives customers access to products from a wide range of providers.
This lets financial consultants assess and recommend solutions best suited to each client's specific needs, said Ascend Asia CEO Tomas Urbanec in an interview with The Business Times.
He pointed out that Singapore's FA industry is still largely dominated by exclusive models such as tied agents, tied advisory firms, and bancassurance arrangements.
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However, consumer needs are shifting.
'More choice in terms of insurance providers, investments, and general insurance creates greater value,' said Urbanec, who was formerly CEO of Prudential Singapore.
Inaugural member firm
The first to join Ascend Asia is Singapore-based financial advisory firm finexis, which KKR is taking over, including its asset management and Hong Kong businesses. The transaction is expected to close in the third quarter of 2025, with finexis continuing to operate under its own brand and maintaining its client relationships.
'What this means for existing clients is an enhanced user experience, broader solutions and even greater value – all delivered by the same financial consultants who have been serving them,' said Warren Lim, CEO and chief talent officer at finexis.
Ascend Asia is in talks with more FA firms to join the platform. Urbanec said the focus is not on the number of firms but on finding the right ones. 'It's a combination of experience, an ethical way of operating and a focus on professionalism.' Financial advisory is a 'people business' where culture and relationships are key to success, he said.
Noting that the industry can sometimes be 'reckless,' he stressed the importance of working with firms that share Ascend Asia's values of putting customers first while fostering transparency and trust.
Urbanec is supported by seasoned insurance veterans, namely chief risk and compliance officer Tan Siew Yen, formerly chief risk officer at Aviva and Income Insurance, as well as general counsel Leonard Ong, who has led legal functions at AXA, Asia Capital Re and AIA.
Patrick Teow, former CEO of AIA Singapore, is also lending his expertise as senior adviser with further additions to the senior leadership team expected in the near future.
'Compelling opportunity'
To support the platform's growth and build up Singapore's FA industry, KKR will leverage its global network, expertise and insurance knowledge.
'We have seen in other markets how open-architecture models can broaden consumer choice and raise industry standards, and see a compelling opportunity to bring that to Singapore's maturing financial advisory landscape,' Prashant Kumar, KKR partner and head of Southeast Asia private equity, told BT.
KKR's investment in Ascend Asia marks its latest in Singapore and the global insurance sector, with funding drawn from its private equity vehicle, Asia Fund IV. As is typical with many of its investments, financial details have not been disclosed.
KKR's insurance experience spans its own business, Global Atlantic, alongside insurance brokers USI Insurance Services, APRIL, and Soderberg & Partners, based in the US, France, and the Nordic region, respectively.
About US$80 billion of the firm's total assets are invested across the Asia-Pacific. Its Singapore office, established in 2012, manages about US$10 billion and serves as the investment hub for South-east Asia.
Of that, US$4.3 billion is deployed in Singapore, in companies such as V3 Group, which owns Osim and TWG Tea, supply chain solutions provider Goodpack, and ST Telemedia Global Data Centres.
Poised for growth
While some may worry that the platform could reduce individual market share, Lim stressed that it's not a zero-sum game and the goal is to make the overall pie bigger.
Urbanec noted that Singapore's insurance market is poised for growth, driven by factors such as increasing offshore wealth flowing into the country. This, in turn, creates strong demand for ongoing financial planning and consulting services.
To support this growth, Ascend Asia is exploring the use of artificial intelligence (AI) to assist advisors with product recommendations and ensure greater consistency.
Urbanec also sees AI providing operational support at the back end to reduce complexities and costs, speeding up the sales process from submitting quotations to the expedited issuance of insurance policies.