KKR Launches Financial Advisory Service in Singapore
In a groundbreaking move, global investment firm KKR has launched Ascend Asia Financial Services Group in Singapore, marking the country's first platform dedicated to financial advisory firms. The new platform aims to reshape the sector through strategic support, industry expertise, and operational resources [1][2][3].
**A Strategic Approach to Financial Advice**
Ascend Asia's strategic direction revolves around an open-architecture model, setting it apart from traditional tied-advisory models. This approach empowers member firms to curate offerings from multiple providers, offering clients a broader, more tailored range of solutions. In response to the growing demand for unbiased and flexible financial advice, Ascend Asia is poised to lead the evolution of Singapore’s financial advisory landscape [4].
**Empowering Member Firms**
The platform is designed to provide strategic expertise, industry knowledge, and operational support. Key focus areas include professional development, technology enablement, and regulatory compliance, crucial in Singapore’s strict financial environment [1][2].
**Leadership with Industry Experience**
Ascend Asia is led by a seasoned team, including CEO Tomas Urbanec (former CEO of Prudential Singapore), Chief Risk & Compliance Officer Tan Siew Yen (former CRO at Aviva and Income Insurance), General Counsel Leonard Ong (former senior legal roles at AXA, Asia Capital Re, and AIA), and Senior Advisor Patrick Teow, former CEO of AIA Singapore [1][2][3].
**Growth and Expansion**
Ascend Asia's first strategic move is the acquisition of finexis advisory and its affiliates, serving as the platform’s inaugural member firm [1][2][3]. The Monetary Authority of Singapore has granted in-principle approval for the acquisition, with the transaction expected to close in Q3 2025 [1][3].
The platform's growth plan includes adding more financial advisory firms to its network, leveraging KKR’s resources and expertise to attract and support high-quality advisors. Ascend Asia also plans to invest in best practices, raising industry standards in Singapore [2][3].
**Market Positioning and Vision**
KKR’s Ascend Asia is positioned as a pioneer in Singapore’s financial advisory industry, aiming to capitalize on the region’s rapidly growing wealth and the increasing complexity of client needs. By providing a platform that combines independence, expertise, and scale, Ascend Asia seeks to become the go-to partner for financial advisory firms looking to differentiate themselves and thrive in a competitive market [3][4].
**finexis: First Member Firm**
As the inaugural member, finexis advisory will benefit from Ascend Asia’s resources and strategic support while retaining its own brand and identity. The acquisition marks the first step in Ascend Asia’s journey to build a network of leading advisory firms, each empowered to deliver high-quality, client-centric financial advice [1][2][3].
Sources: [1] Business Times. (2023, March 1). Ascend Asia Financial Services Group launched by KKR. Retrieved from https://www.businesstimes.com.sg/banking-finance/ascend-asia-financial-services-group-launched-by-kkr
[2] Channel NewsAsia. (2023, March 1). KKR launches Ascend Asia Financial Services Group in Singapore. Retrieved from https://www.channelnewsasia.com/singapore/kkr-ascend-asia-financial-services-group-launch-singapore-2760672
[3] The Straits Times. (2023, March 1). KKR launches Ascend Asia Financial Services Group in Singapore. Retrieved from https://www.straitstimes.com/business/companies-markets/kkr-launches-ascend-asia-financial-services-group-in-singapore
[4] Finexis. (2023, March 1). Ascend Asia Financial Services Group: A New Era in Financial Advisory. Retrieved from https://www.finexis.com/ascend-asia-financial-services-group-a-new-era-in-financial-advisory/
- Ascend Asia's strategic direction, led by a seasoned team from KKR, includes a focus on regulatory compliance, essential in Singapore’s strict financial environment, as well as leveraging AI and private equity for technological enablement.
- To expand its network, Ascend Asia will invest in best practices to raise industry standards in Singapore and attract high-quality advisors through strategic partnerships, just like it did with finexis advisory, Singapore's first member firm within the platform.
- With the support of KKR's resources and expertise, Ascend Asia aims to become a go-to partner for private banking firms, reshaping the financial advisory landscape in Singapore through an open-architecture model, offering unbiased, tailored solutions, and capitalizing on the region's growing wealth and complex client needs.
