Hanwha Life Completes Acquisition of U.S.-Based Velocity Clearing, LLC, Becoming the First Korean Insurer to Signal a Bold Expansion into North American Capital Markets
Hanwha Life, South Korea’s first life insurance company, has officially completed the acquisition of a 75% stake in U.S.-based global financial services firm Velocity Clearing, LLC on July 30 (EST). The majority of the stake acquired was owned by an affiliate of Cerberus Capital Management, L.P. The deal marks a bold strategic move into the North American capital markets—beyond Hanwha Life’s traditional insurance business.
Velocity Clearing Takes Leading Role in Strategic Alliance with Avenue Securities LLC
Velocity Clearing, a global financial services firm, today announced a strategic alliance with Avenue Securities, an innovative investment firm specializing in global investment solutions. In addition, Allfunds Group will provide Velocity Clearing with a platform seamlessly integrated into Velocity Clearing’s operations for accessing and distributing a variety of investment funds. By utilizing the services of Velocity Clearing and Allfunds Group, Avenue Securities will be able to offer clients a broad array of mutual fund choices and access to global investments.
