Kfin Tech acquires Singapore-based fund administrator Ascent for $34.68 million (2025)

Kfintech said the acquisition is expected to expedite entry into the fast-growing and large market of global fund administration industry.

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KFin Technologies has acquired a 51 percent stake in Singapore-based global fund administrator - Ascent Fund - for $34.7 million, with a path to 100 per cent ownership over the next five years, the company said on April 16, in an effort toexpand in international markets to fast-track growth.

Following this transaction, KFintech will become the sole promoter of Ascent, and the remaining 49 percent stake will be acquired in three equal tranches of 16.33 per cent each, at the end of FY28, FY29, and FY30, respectively. Singapore-headquartered Ascent Fund Services was founded in 2019 and claims to be one of the fastest growing independent fund administrators globally.

"The partnership will be a force multiplier of KFintech’s vision to become the first global fund administrator from India across all asset classes and all business processes," said Sreekanth Nadella, Managing Director and Chief Executive Officer of KFintech.

Shares of Kfin Technologies were higher by 4.5 percent on April 16.

Ascent is a full-suite global fund administrator, with clients across 18 geographies, serving 260 global alternative asset managers with $24 billion assets under administration. Kfintech said the acquisition is expected to expedite entry into the fast-growing and large market of global fund administration industry. The stake purchase could help financial services platform with licenses or permits across multiple international jurisdictions, and diversified portfolio of clients, said the company.

Ascent called the acquisition a transformative step for the company. " We are incredibly excited about the opportunities ahead and are confident that this acquisition will unlock new possibilities and drive long-term success for our group. Together, we now have an even greater ability to drive innovation, enhance operational efficiencies, invest in cutting-edge technologies and expand our service offerings," Samuel Chen, Co-Founder and Group COO, Ascent said.

Kaushal Mandalia, Co-Founder and Group Executive Chairman, Ascent said, "Together, we will unlock new opportunities, enhance our capabilities, and set new industry benchmarks."

Kfin Tech has been seeking international expansion so as to fast-track growth, ramping up its international client base to 70 as of January 2025. The platform recently collaborated with BlackRock to become one of its nine global marquee fund administrators for Aladdin.

During the December quarter, Kfintech posted a revenue growth of nearly 33% on-year, along with strong EBITDA and PAT growth, as it expanded its AUM by 42.8% during Q3FY25.

Moneycontrol News

first published: Apr 16, 2025 06:25 pm

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