KKR Launches Ascend Asia: A New Financial Advisory Platform in Singapore

KKR has launched Ascend Asia, a financial advisory platform in Singapore. The first member is finexis, a leading financial advisory firm. The transaction has received preliminary approval from the Monetary Authority of Singapore and is expected to close by Q3 2025. Ascend Asia aims to enhance financial advisory services in Singapore, empowering member firms with strategic expertise, technological resources, and industry insights.

KKR, a leading global investment firm, has announced the launch of Ascend Asia Financial Services Group, a new financial advisory platform in Singapore. Concurrently, Ascend Asia has entered into definitive agreements to acquire finexis advisory and its affiliates, marking finexis as the platform's inaugural member firm [1].

Ascend Asia aims to strengthen Singapore's financial advisory ecosystem by supporting high governance standards and fostering sustainable growth. The platform is designed to empower member firms with strategic expertise, in-depth industry knowledge, and resources. It will focus on enhancing professional development, technology, customer relationship management, and regulatory standards while retaining the individual strengths and culture of member firms [1].

Ascend Asia is led by a seasoned leadership team with deep global and local industry experience. Tomas Urbanec, former CEO of Prudential Singapore, serves as CEO. The team also includes Chief Risk & Compliance Officer Tan Siew Yen, former Chief Risk Officer at Aviva and Income Insurance, and General Counsel Leonard Ong, who has led legal functions at AXA, Asia Capital Re, and AIA. Patrick Teow, former CEO of AIA Singapore, serves as Senior Advisor [1].

Prashant Kumar, Partner and Head of Southeast Asia Private Equity at KKR, stated, "In today’s increasingly complex macro environment, the value of trusted, high-quality financial advice becomes ever more crucial. Financial consultants play a critical role in helping consumers understand their options and make informed decisions. We are pleased to work with Tomas and the experienced Ascend Asia team to help member firms scale, innovate, and deliver greater value to their clients. 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" [1].

The acquisition of finexis has received in-principle approval from the Monetary Authority of Singapore. The transaction is expected to close in the third quarter of 2025, subject to customary approvals [1].

Warren Lim, CEO and Chief Talent Officer at finexis, expressed excitement about joining Ascend Asia, stating, "finexis is a people-centric financial advisory firm that empowers clients with innovative, bespoke financial solutions for every stage of life. Joining Ascend Asia marks an exciting step forward, giving us greater access to growth capital, resources, technology, and operational expertise to scale responsibly and sustainably. 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. This is a major milestone for finexis as we embark on our next chapter of growth and continue to impact lives beyond finance" [1].

Ascend Asia is KKR’s latest investment in Singapore and the insurance sector globally. This investment follows KKR's acquisitions of V3 Group, a lifestyle and wellness company; Goodpack, a provider of sustainable packaging solutions; PropertyGuru, a PropTech company; Nxera, Singtel’s regional data centre platform; and ST Telemedia Global Data Centres [1].

References:
[1] https://www.hubbis.com/news/kkr-launches-financial-advisory-platform-ascend-asia-in-singapore
[2] https://theedgemalaysia.com/node/760984
[3] https://www.newsbreak.com/the-associated-press-510077/4083276236024-kkr-launches-financial-advisory-platform-ascend-asia-in-singapore