Global investment firm KKR has launched Ascend Asia, a new financial advisory platform in Singapore, the business announced on Tuesday (1 July). Tomas Urbanec, former chief executive of Prudential Singapore, has been appointed to lead the platform.
KKR says Ascend Asia is the first platform of its kind in the Singapore market, designed to help advisory firms serve clients more effectively and raise standards across the industry. “Specifically, Ascend Asia will provide member firms with strategic expertise, in-depth industry knowledge, and resources,” the business said in a media release.
Alongside the announcement, Ascend Asia—through funds managed by KKR—has signed an agreement to acquire finexis, an advisory firm. The transaction is subject to approval by the Monetary Authority of Singapore (MAS) and is expected to be completed by the third quarter of 2025.
Established in 2005, finexis has several life, general, and group insurance partners and offers services for income replacement, health, savings and investments, home protection, and retirement planning.
As a member firm, finexis will continue to operate under its own brand, with no changes to existing financial consultants, client relationships, or agreements.
‘Greater choice, flexibility’ in Singapore’s financial advisory space
Chief exec Urbanec is supported by a seasoned leadership team, including Tan Siew Yen as Chief Risk & Compliance Officer (formerly of Aviva and Income Insurance), Leonard Ong as General Counsel (formerly with AXA, Asia Capital Re, and AIA), and Patrick Teow, former CEO of AIA Singapore, who joins as Senior Adviser. Ascend Asia says it plans to further expand its leadership team in the coming months.
Commenting on the strategic launch, Urbanec says Ascend Asia aims to strengthen Singapore’s financial advisory ecosystem through high governance standards and by 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,” he added.
This move marks KKR’s continued investment in the insurance sector, including its backing in global reinsurer Global Atlantic and the MOU it signed with Japan Post Insurance in May to explore a new reinsurance vehicle.
