Latest news with #CerberusCapital
Associated Press
31-07-2025
- Business
- Associated Press
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
Entering the U.S. securities industry as the first Korean insurance company Delivers 25% CAGR in Revenue Over the Past Three Years… Proves Business Growth and Stability in the U.S. Stock Market Strengthening U.S. market competitiveness through global financial synergy with the U.S. affiliate and Hanwha AI Center SEOUL, South Korea and NEW YORK, July 30, 2025 /PRNewswire/ -- 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. With this transaction, Hanwha Life becomes the first Korean insurance company to acquire a U.S. securities firm, 'the center of the global capital markets.' The acquisition establishes a platform for Hanwha Life to enhance its profitability through a local U.S. financial company and provide high-quality global financial products to global clients. Velocity Clearing, LLC, a global financial services firm based in New York, manages the post trade service, including clearing and settlement. As of the end of 2024, the firm held approximately USD 1.2 billion in total assets, with a compound annual growth rate (CAGR) of 25% in revenue over the last three years (2022~2024). The net income is also increasing steadily, with continued profitability expected after the acquisition. Working closely with Velocity Clearing, LLC, under its existing leadership, the company aims to ensure early operational stability while building strategic synergies with its U.S. asset management affiliate, Hanwha Asset Management (USA) Ltd. and the Hanwha AI Center (HAC), located in San Francisco. This collaboration will combine financial expertise with the advanced AI capabilities to strengthen Hanwha Life's competitive edge in the U.S. market. Hanwha Life representative said, 'This transaction represents a significant step for Korean finance to establish a presence in the key financial center, the U.S. capital markets. Moving forward, we will continue to strengthen our global business by leveraging digital financial technologies and our global network to ensure sustainable, long-term growth.' Michael Logan, CEO of Velocity Clearing, stated, 'With Hanwha Life's global vision and support, we expect to accelerate our growth and unlock new opportunities together for our clients. We're excited about the powerful synergies ahead.' Brian Schaeffer, president of Velocity Clearing, said, 'This partnership with Hanwha Life is client driven, allowing Velocity Clearing to further accelerate its product and geographic expansion.' Lee Millstein, Chairman of Global Real Estate for Cerberus, stated, 'We're proud to have supported Velocity Clearing through an exciting period of growth, and Hanwha Life is well-positioned to build on that momentum in the company's next chapter.' About Hanwha Life Established in 1946 as Korea's first life insurance company, Hanwha Life has over 78 years of experience and reported total consolidated assets of USD 108.9 billion (KRW 160.2 trillion) as of the end of 2024. While maintaining leadership in the insurance sector, Hanwha Life is accelerating its transformation into a global financial group through innovation and strategic overseas expansion. The company continues to expand its global financial ecosystem by pursuing regionally tailored strategies and strengthening its digital capabilities. By building strong global partnerships, Hanwha Life aims to become a trusted global financial brand that delivers comprehensive and sustainable financial solutions. About Velocity Clearing Velocity Clearing is a technology-driven, self-clearing broker/dealer providing execution services, clearing, and custody along with access to stock locate services, securities lending, competitive financing, and a firm-wide focus on world-class customer service. Velocity Clearing supports retail traders and institutional clients including brokers/dealers, hedge funds, family offices, and proprietary trading firms in the United States and across the globe. With a growing team of professionals in multiple locations throughout the United States and across the globe, Velocity has the right combination of resources and people to provide seamless and reliable service to clients. Velocity Clearing is registered with the SEC and a member of FINRA and SIPC. Hanwha Life Erin Jundef [email protected] Velocity Clearing Rich Myers [email protected] View original content to download multimedia: SOURCE Hanwha Life
Yahoo
31-07-2025
- Business
- Yahoo
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
Entering the U.S. securities industry as the first Korean insurance companyDelivers 25% CAGR in Revenue Over the Past Three Years… Proves Business Growth and Stability in the U.S. Stock MarketStrengthening U.S. market competitiveness through global financial synergy with the U.S. affiliate and Hanwha AI Center SEOUL, South Korea and NEW YORK, July 30, 2025 /PRNewswire/ -- 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. With this transaction, Hanwha Life becomes the first Korean insurance company to acquire a U.S. securities firm, "the center of the global capital markets." The acquisition establishes a platform for Hanwha Life to enhance its profitability through a local U.S. financial company and provide high-quality global financial products to global clients. Velocity Clearing, LLC, a global financial services firm based in New York, manages the post trade service, including clearing and settlement. As of the end of 2024, the firm held approximately USD 1.2 billion in total assets, with a compound annual growth rate (CAGR) of 25% in revenue over the last three years (2022~2024). The net income is also increasing steadily, with continued profitability expected after the acquisition. Working closely with Velocity Clearing, LLC, under its existing leadership, the company aims to ensure early operational stability while building strategic synergies with its U.S. asset management affiliate, Hanwha Asset Management (USA) Ltd. and the Hanwha AI Center (HAC), located in San Francisco. This collaboration will combine financial expertise with the advanced AI capabilities to strengthen Hanwha Life's competitive edge in the U.S. market. Hanwha Life representative said, "This transaction represents a significant step for Korean finance to establish a presence in the key financial center, the U.S. capital markets. Moving forward, we will continue to strengthen our global business by leveraging digital financial technologies and our global network to ensure sustainable, long-term growth." Michael Logan, CEO of Velocity Clearing, stated, "With Hanwha Life's global vision and support, we expect to accelerate our growth and unlock new opportunities together for our clients. We're excited about the powerful synergies ahead." Brian Schaeffer, president of Velocity Clearing, said, "This partnership with Hanwha Life is client driven, allowing Velocity Clearing to further accelerate its product and geographic expansion." Lee Millstein, Chairman of Global Real Estate for Cerberus, stated, "We're proud to have supported Velocity Clearing through an exciting period of growth, and Hanwha Life is well-positioned to build on that momentum in the company's next chapter." About Hanwha LifeEstablished in 1946 as Korea's first life insurance company, Hanwha Life has over 78 years of experience and reported total consolidated assets of USD 108.9 billion (KRW 160.2 trillion) as of the end of 2024. While maintaining leadership in the insurance sector, Hanwha Life is accelerating its transformation into a global financial group through innovation and strategic overseas expansion. The company continues to expand its global financial ecosystem by pursuing regionally tailored strategies and strengthening its digital capabilities. By building strong global partnerships, Hanwha Life aims to become a trusted global financial brand that delivers comprehensive and sustainable financial solutions. About Velocity ClearingVelocity Clearing is a technology-driven, self-clearing broker/dealer providing execution services, clearing, and custody along with access to stock locate services, securities lending, competitive financing, and a firm-wide focus on world-class customer service. Velocity Clearing supports retail traders and institutional clients including brokers/dealers, hedge funds, family offices, and proprietary trading firms in the United States and across the globe. With a growing team of professionals in multiple locations throughout the United States and across the globe, Velocity has the right combination of resources and people to provide seamless and reliable service to clients. Velocity Clearing is registered with the SEC and a member of FINRA and SIPC. Hanwha LifeErin Jundeferin@ Velocity ClearingRich MyersVelocity@ View original content to download multimedia: SOURCE Hanwha Life Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
17-07-2025
- Business
- Bloomberg
Feinberg Brings Wall Street Drive to Rare-Earth Minerals Push
Just four months into his tenure at the Pentagon, private equity billionaire Steve Feinberg has landed his first big deal: a $400 million bet on the US's only miner of rare-earth elements, a key commodity in the rivalry with China. The equity investment in MP Materials Corp. - the first in modern Pentagon history - was a priority for the Cerberus Capital Management co-founder, who took over as deputy secretary of defense in March, according to people familiar with the efforts. The deal, which comes alongside $1 billion in financing from JP Morgan Chase & Co. and Goldman Sachs Group Inc., is to be the first of several aimed at leveraging Pentagon support and Wall Street cash to jump-start efforts to break China's lock on global supplies of rare earth minerals, the people said.
Bloomberg
03-07-2025
- Business
- Bloomberg
India Warming to Larger Private Credit Deals, Cerberus Says
The market is warming to large private credit deals in India, where local borrowers are typically less levered than their peers in the rest of Asia, according to Indranil Ghosh, managing director and head of pan-Asia special situations at Cerberus Capital Management. Cerberus, which has $65 billion under management globally, was among the anchor investors in Shapoorji Pallonji Group 's $3.4 billion financing, the country's largest private credit deal to date. While deals of that scale are still a rarity, growing capital needs and relatively low leverage are building lenders' confidence in financing larger Indian deals, Ghosh said.
Wall Street Journal
30-06-2025
- Business
- Wall Street Journal
Steward Health Plans Litigation to Unwind Transfers to Cerberus, Other Insiders
An internal investigation by bankrupt Steward Health Care System found that its former owner, Cerberus Capital Management, and its former chief executive, Ralph de la Torre, improperly extracted over a $1 billion in payouts from the hospital chain over the past decade when the company was insolvent. In court papers filed Friday, independent manager Alan Carr outlined legal claims the hospital chain's bankrupt shell company plans to pursue as a way to claw back funds for the company's top-ranking lenders and other creditors. Many of the report's findings about payouts to Cerberus, de la Torre and other insiders were reported by The Wall Street Journal last year.
