Ascend Asia positions itself as the first platform in Singapore for financial advisory firms, aiming to provide member firms with strategic expertise, in-depth industry knowledge and resources.
The firm will be led by chief executive office (CEO) Tomas Urbanec, who previously served as Prudential Singapore CEO, chief risk and compliance officer Tan Siew Yen, who previously held similar roles at Aviva and Income Insurance, as well as general counsel Leonard Ong, who formerly led legal functions at AXA, Asia Capital and AIA.
Patrick Teow, former CEO of AIA Singapore, will serve as senior adviser.
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 and clients will continue to be served by the same financial consultants.
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The acquisition has received in-principle approval from the Monetary Authority of Singapore (MAS) and the transaction is expected to close in the third quarter of 2025.
Prashant Kumar, KKR partner and head of Southeast Asia private equity, says: “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. ”
Tomas Urbanec, Ascend Asia CEO adds: “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.”
“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,” concludes Finexis Warren Lim, CEO and chief talent officer.
