Hanwha Life makes Wall Street debut with Velocity acquisition
The deal, which closed Thursday, gives Hanwha a 75 percent stake in Nexus Clearing, the top holding company of Velocity. Hanwha said the acquisition will boost profitability and expand global investment offerings for clients.
Founded in 2003, New York-based Velocity Clearing is a technology-driven brokerage providing end-to-end trading infrastructure, including execution, clearing, custody, securities lending and financing. The firm manages roughly $1.2 billion in assets and has recorded a compound annual growth rate of 25 percent over the past three years.
Hanwha plans to collaborate with Velocity's existing management to ensure a smooth integration, while pursuing synergies with affiliates such as Hanwha Asset Management's US office and the Hanwha AI Center.
'This deal is especially meaningful as it gives Hanwha Life a foothold to demonstrate the capabilities of a Korean financial institution in the heart of the global financial market,' a company spokesperson said. 'We will continue to enhance our digital finance capabilities and global network to drive long-term growth.'
Velocity CEO Michael Logan said, 'We expect Hanwha Life's global vision and network to accelerate Velocity's growth trajectory and look forward to maximizing synergies between the two firms.'
Established in 1946 as Korea's first life insurer, Hanwha Life is among the nation's largest, with 160.2 trillion won ($115.2 billion) in consolidated assets. It posted the industry's second-highest net profit in 2024 at 720 billion won, while recording the highest premium income in the first quarter at 4.4 trillion won.
The deal underscores Hanwha's broader push into overseas markets as it transitions into a global financial group. In June, it also acquired a 40 percent stake in Indonesia's Nobu Bank, marking the first overseas banking investment by a Korean insurer.
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