KFintech, a financial services company based in Hyderabad, recently agreed to acquire Ascent Fund Services, a global fund administrator headquartered in Singapore. The merger, valued at $34.7 million, will put KFintech on the path to full ownership of Ascent within the next five years.
With this acquisition, KFintech will expand its services in the global fund administration space. The company currently serves asset managers and corporate issuers through solutions for transfer agency, fund accounting, digital onboarding, unit trusts, private retirement schemes and more. Beyond India, KFintech’s reach spans markets including Malaysia, Thailand, Canada and Hong Kong.
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 allows Ascent to deliver tech-driven solutions for managers, providing them with fund administration capabilities across multiple assets, currencies and geographies.
“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.”
