The US-listed group is expanding its financial advisory capabilities in the Asian city state with a new platform; the new offering has also entered a deal to acquire its first member firm.

KKR, aka Kohlberg Kravis Roberts, the investment firm focused on areas such as private markets, has launched Ascend Asia Financial Services Group, which is a financial advisory platform in Singapore.

Separately, Ascend Asia, through funds managed by KKR, has entered into definitive agreements to acquire finexis advisory and its affiliates, making finexis the platform’s inaugural member firm.

The Monetary Authority of Singapore has granted in-principle approval to the finexis acquisition; the transaction is expected to close in the third quarter of 2025, subject to customary approvals.

Ascend Asia will provide member firms with expertise, industry knowledge, and resources.

The new entity is led by chief executive 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 make more senior additions in the coming months.

“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,” Prashant Kumar, partner and head of Southeast Asia private equity, KKR, said. 

Urbanec added: “We believe that access to an open architecture and multiple providers uniquely positions our member firms to offer consumers greater choice and flexibility.

KKR said the investment in the new venture was made from its Asia Fund IV, which is KKR’s latest investment in Singapore and the insurance sector globally.