Ascend Asia is led by Tomas Urbanec, former CEO of Prudential Singapore
finexis joins as first member of platform
KKR, a leading global investment firm, today announced the launch of Ascend Asia Financial Services Group ("Ascend Asia"), 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 (together, "finexis"), marking finexis as the platform's inaugural member firm.
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Ascend Asia is the first platform in Singapore for financial advisory firms, which is established to empower member firms to provide their best to their clients and to support the continuing development of best practices in Singapore's financial advisory industry. Specifically, Ascend Asia will provide member firms with strategic expertise, in-depth industry knowledge, and resources.
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 & 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.
Ascend Asia will look to support its member firms' growth by augmenting their capabilities to serve their clients – including to invest in professional development, enhance technology, strengthen customer relationship management, and uphold regulatory standards – while retaining their individual strengths and culture.
Prashant Kumar, Partner and Head of Southeast Asia Private Equity, KKR, said, "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."
Tomas Urbanec, CEO, Ascend Asia, said, "Ascend Asia aims to strengthen Singapore's financial advisory ecosystem by supporting high governance standards and fostering sustainable growth. 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.
Warren Lim, CEO and Chief Talent Officer, finexis, said, "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."
KKR makes its investment from its Asia Fund IV. This marks KKR's latest investment in Singapore and the insurance sector globally. Investments in Singapore include V3 Group, a lifestyle and wellness company whose brands include OSIM, LAC, TWG Tea, and Bacha Coffee; Goodpack, a provider of sustainable packaging solutions; PropertyGuru, a PropTech company; Nxera, Singtel's regional data centre platform; and ST Telemedia Global Data Centres. This transaction also builds on KKR's deep insurance experience globally, including Global Atlantic, KKR's insurance business; USI Insurance Services, one of the largest insurance brokerage and consulting firms in the United States; APRIL, the largest wholesale insurance broker in France; and Söderberg & Partners, a leading pension advisor, wealth manager, and insurance broker in the Nordic region.
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.
About Ascend Asia Financial Services Group
Founded in 2024, Ascend Asia is committed to elevating the quality of financial advisory services in Singapore and beyond. As a holding company, Ascend Asia supports its member firms in scaling sustainably through strategic investment, industry expertise, and technology. Through an open-architecture platform, member firms and their consultants are empowered with a comprehensive range of solutions and tools to deliver personalised financial advice – enabling clients to make informed decisions that best meet their needs.
Find out more at http://www.ascendasiagroup.com.
About KKR
KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR's insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR's investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE:KKR), please visit KKR's website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group's website at www.globalatlantic.com.
About finexis
Established in 2005 with a mission to impact lives beyond finance, finexis is one of Singapore's leading financial advisory firms. With a multi-product, open-architecture platform, our team of over 1,100 financial consultants and staff is dedicated to delivering personalised financial advice and bespoke solutions – placing our clients' best interests at the heart of what we do.
For more information, please visit https://www.finexis.com.sg.
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Media Contacts
For KKR
Wei Jun Ong
+65 6922 5813
[email protected]
For Ascend Asia and finexis (SEC Newgate Singapore)
Xiaorong Guo
+65 6513 8300
[email protected]