KFin Tech to acquire Singapore’s Ascent Fund Services for $34.7 Mn

KFin Technologies Limited announced today that its Board of Directors has approved the acquisition of Singapore-based Ascent Fund Services Pte Ltd, marking a significant expansion in the global fund administration sector.

The Indian financial technology company will initially acquire 51 per cent of Ascent Fund for $34.7 million through a combination of share subscription and purchase from existing shareholders. The transaction involves acquiring 763,651 newly issued ordinary shares and purchasing 4,533,030 existing shares.

Under the agreement, KFin will acquire the remaining 49 per cent stake in three equal tranches of 16.33 per cent each over the next five years, eventually gaining 100 per cent ownership of Ascent Fund. To facilitate this acquisition, KFin will establish a wholly-owned subsidiary in Singapore with an investment of up to $35 million.

Ascent Fund Services, incorporated in August 2019, is a growing fund administrator serving alternative investment funds across 18 countries. The company operates 23 offices in 13 countries and services 576 funds across 260+ asset managers. Ascent Fund reported revenues of $13.32 million in FY24, up from $10.12 million in FY23.

The acquisition is subject to regulatory approvals from various financial authorities, including India’s Securities and Exchange Board, Pension Fund Regulatory and Development Authority, and the Reserve Bank of India, as well as foreign regulators. KFin Technologies expects the initial transaction to complete within 3-4 months.

Published on April 16, 2025