$744 Billion Private Equity KKR-Backed Singapore Ascend Asia Financial Services Group Acquires 3 Singapore Financial Advisory Firms (Infinity Financial Advisory, SG Alliance & PromiseLand Financial Advisory) with 2,000+ Financial Consultants, Total 4 Members Including finexis
7th May 2026 | Hong Kong
Leading private equity firm KKR ($744 billion AUM)-backed Singapore Ascend Asia Financial Services Group has acquired 3 Singapore financial advisory firms (Infinity Financial Advisory, SG Alliance & PromiseLand Financial Advisory) with 2,000+ financial consultants. Ascend Asia Financial Services Group now has total of 4 members including finexis. In 2025 July, KKR launched a new financial advisory business in Singapore Ascend Asia Financial Services Group led by ex-Prudential Singapore CEO Tomas Urbanec as CEO & ex-AIA Singapore CEO Patrick Teow as Senior Advisor, and with Ascend Asia buying Singapore financial advisory group finexis with 1,100 financial consultants & staff which will operate independently as a member firm of Ascend Asia. finexis is acquired by KKR under KKR Asia Fund IV. Announcement (4/5/26): “Ascend Asia Financial Services Group (“Ascend Asia” or “昇亚”), the first company in Singapore that brings financial advisory firms together, will welcome Infinity Financial Advisory (“Infinity FA” or “恒越财务咨询”), SG Alliance (“星汇财富”) and PromiseLand Financial Advisory (“PromiseLand”) as its newest member firms. The acquisitions will be done through Ascend Asia Singapore Advisory, a wholly owned subsidiary of Ascend Asia. Regulatory approval from the Monetary Authority of Singapore has been obtained, and the acquisitions are subject to the satisfaction of regulatory and acquisition-related conditions. With these additions, the Ascend Asia group will comprise four Singapore financial advisory firms with a total network of more than 2,000 financial consultants, united by a shared vision to strengthen the advisory industry and deliver greater choice to consumers. As member firms of Ascend Asia, Infinity FA, SG Alliance and PromiseLand will continue operating under their own brands, with no changes to existing client relationships or agreements. Clients will continue to be served by the same financial consultants. Ascend Asia was established by global investment firm KKR 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. Ascend Asia aims to support its member firms’ growth by enhancing their ability to serve their clients – through investments in professional development, technology, and customer relationship management, and upholding regulatory standards – while preserving each firm’s unique strengths and culture. Since Ascend Asia’s launch in July 2025 with finexis advisory and its affiliates as the first member firms, Ascend Asia has continued to strengthen its solutions and capabilities. In October 2025, Ascend Asia rebranded its asset management arm to Ascend Asia Asset Management, with an expanded mandate to provide investment and wealth solutions through all member firms. Ascend Asia will continue to invest in its product offerings and capabilities to further enhance its solutions, with the aim of empowering member firms’ growth and delivering greater value to consumers.” In 2025 November, Ascend Asia Financial Services Group subsidiary Ascend Asia Asset Management announced the launch of new credit-focused investment strategy for accredited investors. In 2025 October, Ascend Asia Financial Services Group subsidiary Finexis Asset Management (FAM) rebranded as Ascend Asia Asset Management (16/10/25).
“ $744 Billion Private Equity KKR-Backed Singapore Ascend Asia Financial Services Group Acquires 3 Singapore Financial Advisory Firms (Infinity Financial Advisory, SG Alliance & PromiseLand Financial Advisory) with 2,000+ Financial Consultants, Total 4 Members Including finexis “
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Tomas Urbanec, Chief Executive Officer, Ascend Asia: “We are pleased to welcome Infinity FA, SG Alliance and PromiseLand to Ascend Asia, a much-anticipated milestone that expands our financial advisory network. Each firm brings distinct strengths and an established client franchise. Ascend Asia is committed to reinforcing these unique qualities and supporting each member firm with strategic expertise, operational insights and industry network, to enhance their value propositions and achieve sustainable growth. With a sizeable advisory network and a dedicated asset management firm, our foundations are firmly in place. As we grow our open-architecture platform and the solutions offered by our member firms, we see meaningful opportunities to uplift Singapore’s financial advisory industry and empower financial consultants to deliver greater value and long-term benefits to consumers.”
Poh Choon Kia, Chief Executive Officer and Founder, Infinity FA: “This is a significant moment for Infinity FA and a testament to our team’s unwavering dedication towards capability building and long-term client outcomes. From day one, we have been building a high-impact ecosystem that delivers meaningful value to our clients by seamlessly blending innovative technology with professional, human-centric advice. Our growth is anchored in service excellence and continuous innovation. Joining Ascend Asia allows us to amplify our impact while preserving our unique culture and service philosophy. We’re excited to leverage Ascend Asia’s broader resources and expertise to enhance our fintech capabilities, strengthen professional development, and sharpen our competitive edge.”
Caster Ong, Chief Executive Officer and Co-Founder, SG Alliance: “SG Alliance was founded on a conviction that financial advisory is a life essential for all, and a collective commitment to help people around us build financial resilience through holistic financial planning. We share Ascend Asia’s vision of bringing consumers more choices and value, and joining the group is an exciting step in our journey that allows us to enhance our advisory offerings and continue growing with our financial consultants and clients. Supported by Ascend Asia’s strategic expertise and capabilities, we look forward to extending the power of financial planning to even more individuals and companies and helping them make informed, confident decisions about their future.”
David Choo, Founder and Managing Director, PromiseLand: “For four decades, PromiseLand has been built steadily on trust, discipline and a commitment to doing right by our clients. Every client matters, and we have always sought to impact lives through objective advice, thoughtful support and carefully selected solutions tailored to clients’ needs. Joining Ascend Asia marks an important new chapter in our history. With this strong group behind us, we look forward to building on our foundations and continuing our journey with confidence.”
Ascend Asia Financial Services Group – Launched in 2025, Ascend Asia Financial Services Group (“Ascend Asia”) is committed to elevating the quality of financial advisory services in Singapore and beyond. Today, Ascend Asia comprises a network of financial advisory member firms and a dedicated asset management firm. 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 financial 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.
Infinity Financial Advisory – Infinity Financial Advisory (“Infinity FA”) is one of the leading financial advisory firms in Singapore. Infinity FA is a values-driven advisory firm with the vision of helping individuals craft their financial blueprints through the infinite financial universe, leveraging its expertise and curated solutions. The firm is focused on advancing wealth management with innovative solutions and personalised service, striving to support its clients with effective tools and exceptional service.
SG Alliance – Established in 2021, SG Alliance is committed to helping individuals and businesses achieve the highest value through a holistic, resilient financial roadmap. SG Alliance represents financial services providers offering a wide range of insurance and investment products serving individuals, families, and corporations.
PromiseLand Financial Advisory – Founded in 1986, PromiseLand Financial Advisory (“PromiseLand”) is a Singapore-based financial advisory firm. PromiseLand provides holistic, client-focused solutions across protection, wealth accumulation and legacy planning. Grounded in integrity and long-term partnership, they empower clients to make informed decisions with clarity and confidence in an evolving financial landscape.
$686 Billion Private Equity KKR-Backed Singapore Ascend Asia Financial Services Group Subsidiary Ascend Asia Asset Management Launches New Credit-Focused Investment Strategy for Accredited Investors
10th November – Leading private equity firm KKR ($686 billion AUM)-backed Singapore Ascend Asia Financial Services Group subsidiary Ascend Asia Asset Management has announced the launch of new credit-focused investment strategy for accredited investors. Ascend Asia CEO Tomas Urbanec: “We are proud to offer, for the first time, institutional-grade credit investing, traditionally available only to private banking clients, to accredited investor clients of our member firms. This collaboration with KKR demonstrates how Ascend Asia unlocks opportunities for financial advisory firms and their consultants, and ultimately for their clients. Creating such access is at the core of our open-architecture model, and we will continue to empower member firms’ accredited investor clients with best-in-class institutional expertise, strategies and solutions.” Faith Chen, CEO of Ascend Asia Asset Management: “Through this new credit strategy, we are equipping member firms’ financial consultants with an institutional-grade product that offers greater choice and sophistication to their accredited investor clients. It is designed to provide income-generating exposure to high-quality credit opportunities, enabling clients to participate in the region’s expanding credit investment landscape.” In 2025 October, Ascend Asia Financial Services Group subsidiary Finexis Asset Management (FAM) rebranded as Ascend Asia Asset Management (16/10/25). In 2025 July, KKR launched a new financial advisory business in Singapore Ascend Asia Financial Services Group led by ex-Prudential Singapore CEO Tomas Urbanec as CEO & ex-AIA Singapore CEO Patrick Teow as Senior Advisor, and with Ascend Asia buying Singapore financial advisory group finexis with 1,100 financial consultants & staff which will operate independently as a member firm of Ascend Asia. finexis is acquired by KKR under KKR Asia Fund IV.
$686 Billion Private Equity KKR-Backed Singapore Ascend Asia Financial Services Group Subsidiary Finexis Asset Management (FAM) Rebrands as Ascend Asia Asset Management (16/10/25)
17th October – Leading private equity firm KKR ($686 billion AUM)-backed Singapore Ascend Asia Financial Services Group subsidiary Finexis Asset Management (FAM) has rebranded as Ascend Asia Asset Management (16/10/25). In 2025 July, KKR launched a new financial advisory business in Singapore Ascend Asia Financial Services Group led by ex-Prudential Singapore CEO Tomas Urbanec as CEO & ex-AIA Singapore CEO Patrick Teow as Senior Advisor, and with Ascend Asia buying Singapore financial advisory group finexis with 1,100 financial consultants & staff which will operate independently as a member firm of Ascend Asia. finexis is acquired by KKR under KKR Asia Fund IV.
$664 Billion Private Equity KKR Launches New Financial Advisory Business in Singapore Ascend Asia Financial Services Group Led by ex-Prudential Singapore CEO Tomas Urbanec as CEO & ex-AIA Singapore CEO Patrick Teow as Senior Advisor, Ascend Asia Announced Buy Singapore Financial Advisory Group finexis with 1,100 Financial Consultants & Staff Which Will Operate Independently as Member Firm of Ascend Asia, finexis Acquired by KKR under KKR Asia Fund IV
1st July – Leading private equity firm KKR ($664 billion AUM) has launched a new financial advisory business in Singapore Ascend Asia Financial Services Group led by ex-Prudential Singapore CEO Tomas Urbanec as CEO & ex-AIA Singapore CEO Patrick Teow as Senior Advisor, and with Ascend Asia buying Singapore financial advisory group finexis with 1,100 financial consultants & staff which will operate independently as a member firm of Ascend Asia. finexis is acquired by KKR under KKR Asia Fund IV. KKR (1/7/25): “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. 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. 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 … … 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.”
Prashant Kumar, Partner and Head of Southeast Asia Private Equity, KKR: “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: “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.”
Warren Lim, CEO and Chief Talent Officer, finexis: “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.”
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.
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.
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.
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