Global investment major KKR has launched Ascend Asia Financial Services Group, a new financial advisory platform based in Singapore, according to an announcement.
It also simultaneously announced the acquisition of Singapore advisory firm finexis and its affiliates.
The acquisition, made through funds managed by KKR, marks finexis as the inaugural member firm of Ascend Asia and underscores KKR’s commitment to developing the region’s financial advisory sector.
Ascend Asia aims to serve as a platform for independent financial advisory firms, offering strategic guidance, industry expertise, and operational resources while supporting sustainable growth and high governance standards, per the announcement.
Led by former Prudential Singapore CEO Tomas Urbanec, Ascend Asia’s leadership team includes seasoned industry veterans: Tan Siew Yen, ex-Chief Risk Officer at Aviva and Income Insurance, joins as Chief Risk & Compliance Officer, and Leonard Ong, who previously led legal functions at AIA and AXA, takes the role of General Counsel.
Former AIA Singapore CEO Patrick Teow will serve as Senior Advisor.
“Our objective is to empower financial advisory firms to scale and innovate while preserving their identity and values,” Urbanec said. “We are delighted to welcome finexis as our founding member.”
Founded in 2005, finexis has grown into one of Singapore’s largest financial advisory firms with over 1,100 consultants and staff.
Under Ascend Asia, it will continue to operate under its own brand and maintain existing client relationships. CEO Warren Lim said the partnership with Ascend Asia brings enhanced access to capital, technology, and professional development.
KKR’s investment is made from its Asia Fund IV and adds to its growing portfolio in Singapore, which includes stakes in V3 Group, Goodpack, PropertyGuru, and data center platforms such as Nxera and ST Telemedia Global Data Centres.
The move also reflects KKR’s expanding global footprint in the insurance and advisory sector. Its portfolio includes Global Atlantic, USI Insurance Services, France’s APRIL Group, and Nordic-based Söderberg & Partners.
“The value of trusted, high-quality financial advice has never been more important,” said Prashant Kumar, KKR Partner and Head of Southeast Asia Private Equity. “We look forward to supporting Ascend Asia in strengthening Singapore’s financial advisory ecosystem.”
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, subject to regulatory approvals.