Latest news with #TomasUrbanec
Yahoo
01-07-2025
- Business
- Yahoo
KKR establishes new financial advisory platform in Singapore
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. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Straits Times
01-07-2025
- Business
- Straits Times
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.
Business Times
01-07-2025
- Business
- Business Times
KKR starts financial advisory platform to widen choices for Singapore consumers
[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. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up 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.
