Kfin Technologies Limited announced today that its Board of Directors has approved the acquisition of Ascent Fund Services Pte Ltd based in Singapore, which marked a significant expansion in the global fund management sector.
The Indian Financial Technology Company will initially acquire 51 percent of the ASCENT fund for $ 34.7 million through a combined subscription and purchase of existing shareholders. The transaction involves acquiring 763,651 newly issued ordinary shares and buying 4,533,030 existing actions.
According to the agreement, Kfin will acquire the 49 percent participation in three equal sections or 16.33 percent each in the next five years, the possible winning 100 percent property or promotion fund. To facilitate this acquisition, Kfin will establish a total property subsidiary in Singapore with an investment of up to $ 35 million.
Ascent Fund Services, incorporated in August 2019, is a growing fund administrator that attends alternative investment funds in 18 countries. The company operates 23 offices in 13 countries and services 576 funds in more than 260 asset administrators. Ascent Fund reported revenues or $ 13,32 million in fiscal year 200, above $ 10.12 million in fiscal year 2013.
The acquisition is subject to the regulatory approach of several financial authorities, including the Bag Board and Exchange of India, the Regulatory and Development Authority of the Pension Funds and the Bank of the Reserve of India, as well as foreign regulators. Kfin Technologies expects the initial transaction to be completed within 3-4 months.
Posted on April 16, 2025