Societe Generale and AllianceBernstein have launched global cash equities and equity research business Bernstein, following their announcement of intention to form a joint venture in November 2022.
Through Bernstein, Societe Generale clients will gain access to a suite of global services covering the equities value chain, the firm said. This includes equity and macro research, agency execution, equity derivatives, prime brokerage and equity capital markets services.
The joint venture offers access to liquidity and global trading technology, and provides investment insights into North American equity markets, led by the New York head office, and European and APAC equity markets, led by the London head office. Major hubs have been established in Paris and Hong Kong, along with various regional offices.
The companies have stated that although Bernstein is organised under two separate legal vehicles, their ultimate objective is for Societe Generale to own 100% of both entities after five years.
Robert van Brugge, previously CEO of Bernstein Research Services, has been appointed CEO of the new business. Stephane Loiseau, previously head of Societe Generale’s cash equities business, has been named deputy CEO.
Slawomir Krupa, Societe Generale CEO, commented: “This joint venture illustrates Societe Generale’s capability to develop pathways to further expand our client offering as we increase our value proposition for the benefit of our investor and issuer clients, leverage synergies within our group, and grow our revenues sustainably.”
Seth Bernstein, CEO of AllianceBernstein, added: “Through this joint venture, Bernstein can continue to build out a cash equities and research business that seeks to set the standard for delivering global investment expertise and a stronger set of products and services for global clients.”
©Markets Media Europe 2024
