KKR, a global investment firm, launched Ascend Asia Financial Services Group, a newly established financial advisory platform in Singapore. Concurrently, Ascend Asia, through funds managed by KKR, has entered into definitive agreements to acquire finexis advisory and its affiliates, marking finexis as the platform’s inaugural member firm.
Ascend Asia is led by a seasoned leadership team with deep global and local industry experience. Led by CEO Tomas Urbanec, former CEO of Prudential Singapore, the leadership team includes chief risk and 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. Ascend Asia intends to further strengthen its senior bench in the coming months.
“In today’s increasingly complex macro environment, the value of trusted, high-quality financial advice becomes ever more crucial,” Prashant Kumar, partner and head of Southeast Asia private equity at KKR, said. “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.”
“Ascend Asia aims to strengthen Singapore’s financial advisory ecosystem by supporting high governance standards and fostering sustainable growth,” Tomas Urbanec, CEO of Ascend Asia, said. “We believe that access to an open architecture and multiple providers uniquely position our member firms to offer consumers greater choice and flexibility. As an important first step, we are delighted to welcome finexis as Ascend Asia’s inaugural member. finexis has established itself as one of Singapore’s leading financial advisory firms over the past two decades. We look forward to collaborating with more like-minded firms to elevate Singapore’s financial advisory industry.”
As a member firm of Ascend Asia, finexis will continue to operate under its own brand, with no changes to existing client relationships or agreements. Clients will continue to be served by the same financial consultants.
“finexis is a people-centric financial advisory firm that empowers clients with innovative, bespoke financial solutions for every stage of life,” Warren Lim, CEO and chief talent officer of finexis, said. “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.”
