KKR is making this investment through its Asia Fund IV fund, the latest investment in Singapore and global insurance industries. KKR's other investments in Singapore include local billionaire Shen Caifu's V3 Group, sustainable packaging company Goodpack, real estate technology company PropertyGuru, Xin Telecom's regional data center platform Nxera, and Xinke Telecom Media Global Data Centres.
Against the backdrop of rapid growth in local and regional wealth, global investment company KKR invests in Singapore to establish a new financial advisory platform to expand its local financial advisory business.
"We look forward to supporting the growth and growth of Ascend Asia with KKR's global network, operational expertise and deep insurance industry knowledge, and promoting the growth of Singapore's financial advisory industry."
KKR partner and head of private equity at Southeast Asia said: "In today's increasingly complex macro environment, trustworthy and high-quality financial advisor services are particularly important. Financial advisors play a key role in helping consumers understand their choices and make informed decisions.
KKR issued a statement on Tuesday (July 1) saying that it had established a financial advisory platform called Ascend Asia Financial Services (Ascend Asia for short). At the same time, Ascend Asia has reached an agreement to acquire local financial advisory company finexis, which is also the platform's first member company.
The acquisition of finexis has been approved in principle by the Monetary Authority of Singapore and is expected to be completed in the third quarter.
Ascend Asia has rich experience in leadership teams, led by Tomas Urbanec, former president of Singapore, and other executives also have experience working at senior levels in large insurance companies such as Aviva, Income Insurance, AIA, and AXA.
The statement said that Ascend Asia is Singapore's first platform for financial advisor companies, with the goal of supporting member companies to provide the best services to their clients and supporting the sustainable development of the Singapore financial advisor industry best practices.
The platform will help member companies strengthen their capabilities, including investing in professional development, improving technology, strengthening customer relationship management, and maintaining regulatory standards to enable member companies to achieve growth.