AllianceBernstein, Societe Generale Launch Cash Equities & Research Joint Venture Bernstein

(RTTNews) - AllianceBernstein Holding L.P. (AB) and French financial services provider Societe Generale S.A. (SCGLF.PK, SCGLY.PK) announced the official launch of their joint venture Bernstein, a cash equities and equity research business.

The companies had announced the plan to form the joint venture in November 2022.

The closing of the deal has been approved by the relevant regulatory and antitrust authorities. The new brand capitalizes on the Bernstein name with a Societe Generale Group byline.

The new JV Bernstein employs over 750 staff and provides institutional investors, corporates and financial institutions with premier investment insights into North American, European and Asia Pacific equity markets.

Robert van Brugge, previously CEO of Bernstein Research Services, has been appointed CEO of Bernstein. Stephane Loiseau, previously Head of Societe Generale's cash equities business, appointed as Deputy CEO of Bernstein.

The joint venture is organized under two separate legal vehicles with a head office in New York covering North America and a head office in London covering Europe and Asia. These are complemented by major hubs in Paris and Hong Kong, and multiple regional offices.

Societe Generale and AllianceBernstein have agreed for Societe Generale to eventually own 100% of both entities after five years.

With Bernstein, Societe Generale will now offer its clients a comprehensive suite of global services across the equities value-chain.

Slawomir Krupa, Chief Executive Officer of Societe Generale, said, "This joint venture illustrates Societe Generale's capability to develop innovative 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."