KKR Launches Singapore-Based Ascend Asia Financial Advisory Platform

Ascend Asia is led by Tomas Urbanec, former CEO of Prudential Singapore

finexis joins as first member of platform

SINGAPORE–(BUSINESS WIRE)–
KKR, a preeminent global investment firm, has officially launched Ascend Asia Financial Services Group (“Ascend Asia”), a brand-new financial advisory platform based in Singapore. In a simultaneous move, Ascend Asia, backed by funds managed by KKR, has inked definitive agreements to acquire finexis advisory and its related entities. This strategic acquisition establishes finexis as the platform’s inaugural member firm.

Ascend Asia makes its debut as Singapore’s first dedicated platform for financial advisory firms, designed to empower its members to deliver unparalleled client service and champion the evolution of best practices within the nation’s financial advisory sector. The platform will furnish member firms with critical strategic insights, deep industry expertise, and robust resources.

The leadership of Ascend Asia is spearheaded by a distinguished team boasting extensive global and local industry acumen. Chaired by CEO Tomas Urbanec, formerly the CEO of Prudential Singapore, the executive team also includes Chief Risk & Compliance Officer Tan Siew Yen, who previously held the CRO role at Aviva and Income Insurance, and General Counsel Leonard Ong, who has curated legal functions for industry giants like AXA, Asia Capital Re, and AIA. Patrick Teow, the former CEO of AIA Singapore, will serve as a Senior Advisor. Ascend Asia is poised to further enhance its senior leadership roster in the coming months.

Ascend Asia aims to catalyze the growth of its member firms by bolstering their capabilities to serve clients more effectively. This includes investing in professional development, upgrading technology infrastructure, strengthening customer relationship management, and upholding stringent regulatory standards, all while meticulously preserving the unique strengths and distinct cultures of each member firm.

“In today’s increasingly intricate macro environment, the value of trusted, high-caliber financial advice is more critical than ever,” stated Prashant Kumar, Partner and Head of Southeast Asia Private Equity at KKR. “Financial consultants play an indispensable role in guiding consumers through their options and facilitating informed decision-making. We are thrilled to partner with Tomas and the accomplished Ascend Asia team to help member firms scale, innovate, and deliver enhanced value to their clientele. Leveraging KKR’s global network, operational expertise, and profound insurance knowledge, we are enthusiastic about supporting Ascend Asia’s growth trajectory and contributing to the advancement of Singapore’s financial advisory industry.”

Tomas Urbanec, CEO of Ascend Asia, commented, “Ascend Asia’s mission is to fortify Singapore’s financial advisory ecosystem by promoting elevated governance standards and cultivating sustainable growth initiatives. We firmly believe that access to an open-architecture model and a diverse range of providers uniquely equips our member firms to offer consumers greater choice and flexibility. As a pivotal first step, we are delighted to welcome finexis as Ascend Asia’s inaugural member. finexis has, over the past two decades, solidified its reputation as one of Singapore’s premier financial advisory organizations. We eagerly anticipate collaborating with more like-minded firms to elevate the entire financial advisory landscape in Singapore.”

As an integral member firm of Ascend Asia, finexis will continue to operate under its established brand, with no impact on existing client relationships or agreements. Clients will continue to receive personalized service from their dedicated financial consultants.

“At finexis, we are intentionally people-centric, empowering our clients with innovative, tailored financial solutions that cater to every life stage,” said Warren Lim, CEO and Chief Talent Officer at finexis. “Joining Ascend Asia represents an exciting leap forward, providing us with amplified access to growth capital, resources, cutting-edge technology, and operational expertise necessary for responsible and sustainable scaling. For our existing clients, this translates into an enhanced user experience, a broader spectrum of solutions, and even greater value, all delivered by the same trusted financial consultants. This is a momentous milestone for finexis as we embark on our next chapter of growth and continue to make a meaningful impact on lives beyond the realm of finance.”

KKR’s investment originates from its Asia Fund IV. This strategic commitment underscores KKR’s ongoing dedication to Singapore and its significant involvement in the global insurance sector. KKR’s investments in Singapore span diverse industries, including lifestyle and wellness (V3 Group, with brands like OSIM, LAC, TWG Tea, and Bacha Coffee), sustainable packaging solutions (Goodpack), PropTech (PropertyGuru), and digital infrastructure (Nxera, Singtel’s regional data centre platform, and ST Telemedia Global Data Centres). This transaction further builds upon KKR’s substantial global insurance expertise, including its foundational insurance business, Global Atlantic; premier North American insurance brokerage and consulting firm, USI Insurance Services; leading French wholesale insurance broker, APRIL; and distinguished Nordic pension advisor, wealth manager, and insurance broker, Söderberg & Partners.

The acquisition of finexis has received in-principle approval from the Monetary Authority of Singapore. The transaction is projected to conclude in the third quarter of 2025, contingent upon the fulfillment of customary approvals.

About Ascend Asia Financial Services Group

Established in 2024, Ascend Asia is dedicated to elevating the standard of financial advisory services within Singapore and the broader region. As a strategic holding company, Ascend Asia facilitates the sustainable expansion of its member firms through targeted investments, industry-leading expertise, and technological innovation. Our open-architecture platform empowers member firms and their consultants with a comprehensive suite of solutions and sophisticated tools, enabling them to deliver personalized financial advice and guide clients toward informed decisions that optimally align with their individual needs.

Discover more at http://www.ascendasiagroup.com.

About KKR

KKR is a distinguished global investment firm offering a comprehensive range of alternative asset management, capital markets, and insurance solutions. KKR is committed to generating compelling investment returns through a patient, disciplined approach, powered by world-class talent and a focus on fostering growth within its portfolio companies and the communities they serve. KKR manages investment funds focused on private equity, credit, and real assets, alongside strategic partners overseeing hedge funds. KKR’s insurance subsidiaries, operating under Global Atlantic Financial Group, provide retirement, life, and reinsurance products. References to KKR’s investment activities may encompass the operations of its sponsored funds and insurance subsidiaries. For further information on KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. To learn more about Global Atlantic Financial Group, please visit www.globalatlantic.com.

About finexis

Founded in 2005 with a core mission to positively impact lives beyond financial transactions, finexis stands as one of Singapore’s leading financial advisory firms. Operating on a multi-product, open-architecture platform, our extensive team of over 1,100 financial consultants and support staff is passionately committed to delivering bespoke financial advice and customized solutions, always prioritizing our clients’ best interests.

For more details, please visit https://www.finexis.com.sg.

KKR Launches Singapore-Based Ascend Asia Financial Advisory Platform