Ascent Fund Services, a global fund administrator headquartered in Singapore, was recently acquired by KFintech, a financial services company in Hyderabad. The $34.7 million merger will put KFintech on the path to full ownership of Ascent within the next five years.
Ascent is a full-suite administrator offering various fund solutions, such as setup and accounting, alongside several corporate and fintech services. The company has more than $24 billion in assets under administration from 260 global alternative asset managers across 576 funds. Joining KFintech will help Ascent deliver tech-driven solutions for managers, who can benefit from its fund administration capabilities across multiple assets, currencies and geographies.
With this acquisition, KFintech will expand its global fund administration services. The company currently works with asset managers and corporate issuers, offering solutions for transfer agency, fund accounting, digital onboarding, unit trusts, private retirement schemes and more. Beyond India, KFintech’s reach spans markets including Thailand, Malaysia, Canada and Hong Kong.
“Ascent’s global footprint, deep domain expertise, client-centric approach and ambitious team share our passion and vision for diversified and sustainable growth and innovation,” Sreekanth Nadella, managing director and CEO of KFintech, said in a statement. “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.”
