Lennard Yong is appointed as CEO to lead international growth
Ascentium, a new global business services platform supported by Hillhouse Investment, has officially launched its operations, establishing its headquarters in Singapore. Alongside the launch, the firm has appointed Lennard Yong as its Founding Management and Group CEO to drive its global expansion efforts.
This development comes after a significant year for Ascentium, which has completed five key acquisitions across the corporate services sector, building a strong foundation for its operations in the Asia-Pacific region.
Operating under the Ascentium banner, the company’s strategic vision is to support businesses in their international growth by offering services that adapt to regional and local market needs. While the company’s initial focus is on Asia Pacific, there are plans to expand into offshore territories, the UK, and the EMEA region in the near future.
The timing of Ascentium’s launch reflects broader shifts in global business trends. As markets become more multipolar, companies are increasingly decentralising their operations, requiring greater regional flexibility. This coincides with the rise of a new generation of leaders who are driven by different social and professional values, seeking organisations that recognise their contributions. Additionally, advancements in technology are allowing firms like Ascentium to address client challenges more effectively, while improving internal efficiency.
Lennard Yong emphasised these global shifts in his comments, stating: “I am grateful for the opportunity to build Ascentium with the sponsorship of Hillhouse. From the beginning, Hillhouse shared our observations about shifting global trends and recognised the need for business service providers to capitalise on these changes. Ascentium’s core mission is to globalise the world by adapting to these trends and becoming a technology-enabled corporate services provider for our clients.”
In line with this mission, Ascentium has already made a series of strategic acquisitions, starting with InCorp Global, which operates across eight markets and is headquartered in Singapore. After completing four further acquisitions, Ascentium now employs around 1,500 professionals across nine markets in Asia Pacific, delivering services to over 20,000 clients across various sectors. The company aims to become a leading global technology-enabled corporate service provider, with Singapore as its central hub.
Commenting on the company’s progress, Yong added: “Today marks a significant milestone in our journey. Ascentium was conceived over 12 months ago but is now a reality in nine markets, employing nearly 1,500 people. I am thankful for the commitment of my leaders and team, especially our Founding Management and Group President, Wendy Wang, the group officers of Ascentium, and the CEOs of our key markets. We are excited for the future and look forward to our partnership with Hillhouse, our clients, and our people.”
Hillhouse Investment, a prominent backer of the new platform, expressed confidence in Ascentium’s leadership and strategy.
Sean Carney, Partner and Co-Head of Global Buyout at Hillhouse, said: “Lennard is an experienced industry leader with a proven track record in building business services platforms globally. We are thrilled to partner with his team on Ascentium’s growth journey. This partnership aligns with our investment philosophy of supporting businesses that drive transformation and unlock growth potential. Ascentium’s understanding of changing global trends, innovative approach, and commitment to client success position it well to address the evolving needs of businesses in a complex global environment.”
Ascentium’s launch signals a bold new direction for business services, with the firm positioning itself at the forefront of globalisation and technological innovation in the corporate services sector.
