01-07-2025
KKR launches financial advisory platform in Singapore
SINGAPORE - Private equity powerhouse KKR has launched a new Singapore-based platform that will acquire and support financial advisory firms.
The platform, called Ascend Asia and backed by funds managed by KKR, will provide member firms with capital, strategic support, and digital infrastructure for faster growth.
This will, in turn, enable the firms to grow sustainably and retain their branding and identity, while offering consumers more choice through an open platform .
Ascend Asia's first acquisition is finexis, one of Singapore's largest financial advisory firms with over 1,100 consultants.
KKR declined to disclose the investment amount.
The acquisition of finexis has received in-principle approval from the Monetary Authority of Singapore and is expected to close in the third quarter of 2025.
An Ascend Asia spokesperson told The Straits Times on July 1 that the platform is in 'active discussions' with other financial advisory firms to bring them onboard and looks forward to making an announcement in due course.
'While we want to grow our platform to achieve our vision of elevating the financial advisory industry, we are mindful of only onboarding like-minded member firms with values that are aligned with our vision,' he said.
'We aim to elevate the financial advisory industry and empower our member firms to grow and scale sustainably and responsibly, each at their own pace, whilst upholding high standards of integrity, ethical practices and professionalism.'
He added that Ascend Asia will focus on acquiring and supporting financial advisory firms in Singapore for now, as many companies see the Republic as a regional financial hub for wealth management. But the platform will also 'evaluate opportunities' in the Asia over time.
The spokesperson did not say how Ascend Asia will earn returns or whether member firms will pay a platform fee.
'We believe that it is in the best interest of consumers to know that there are financial advisory firms and financial consultants that can provide the benefit of choice and deliver the highest standards of care and service.'
Ascend Asia is led by Mr Tomas Urbanec, former chief executive of Prudential Singapore.
The leadership team also includes Ms Tan Siew Yen, who was previously chief risk officer at Aviva and Income Insurance and now serves as chief risk and compliance officer.
Mr Leonard Ong, who has held senior legal roles at AXA, Asia Capital Re and AIA, is general counsel, while Mr Patrick Teow, former chief executive of AIA Singapore, is senior adviser.
KKR said more senior appointments will be made in the coming months.
KKR's investment in Ascend Asia was made through its Asia Fund IV. Its other investments in Singapore include lifestyle group V3, packaging firm Goodpack, property portal PropertyGuru and data centre platform Nxera.
Join ST's Telegram channel and get the latest breaking news delivered to you.
