KFintech to acquire Singapore's Ascent Fund Services to expand in global fund administration space

New Delhi, Apr 16 (PTI) KFin Technologies on Wednesday said it has entered into an agreement with Singapore-based Ascent Fund Services Pte. Ltd to acquire 51 per cent stake for USD 34.7 million, with a path to 100 per cent ownership over the next five years.

Following this transaction, KFintech will become the sole promoter of Ascent, and the residual 49 per cent stake will be acquired in three equal tranches of 16.33 per cent each after the end of FY28, FY29, and FY30, respectively, according to the statement.

Ascent is a fast-growing full-suite global fund administrator, having clients across 18 geographies, serving 260 global alternative asset managers managing 576 funds, across all asset-classes, with USD 24 billion assets under administration.

The acquisition will expedite KFintech's entry into the fast-growing and large market of global fund administration industry having more than USD 12 billion annual revenue pool.

The transaction is subject to customary regulatory approval.

"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. 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," Sreekanth Nadella, Managing Director and Chief Executive Officer of KFintech, said.

He, further, said the partnership aims to deliver innovative and tech-driven solutions for global asset managers with multi-asset, multi-currency, and multi-geography fund administration capabilities.

"By combining our expertise and resources, we are positioned to better serve our clients, explore new markets, and stay ahead of the curve in an ever-evolving industry landscape," Jaideep Mukhariya, Co Founder and Group CEO, Ascent said. PTI SP TRB