AllianceBernstein Holding L.P. and the French financial service provider, Societe Generale S.A., have officially launched Bernstein, their joint cash equities and equity research business endeavor. This announcement followed their announced intentions to form the collaborative venture in November 2022.
Having gained approval from the relevant regulatory and antitrust authorities, the joint venture now operates under the Bernstein brand accompanied by a byline of the Societe Generale Group. With over 750 employees, Bernstein offers premier investment insights into the North American, European, and Asia Pacific equity markets for institutional investors, corporations, and financial institutions.
Robert Van Brugge, previously the CEO of Bernstein Research Services, has now assumed the role of CEO for Bernstein. In addition, Stephane Loiseau, the former head of Societe Generale's cash equities business, has been appointed as Deputy CEO of Bernstein.
Bernstein operates under two distinct legal entities, with primary offices situated in New York and London, overseeing North American and European-Asian operations respectively. Additional major operational hubs are located in Paris and Hong Kong, along with various regional offices.
The terms of the joint venture stipulate that in five years, Societe Generale will acquire full ownership of both entities. By incorporating Bernstein into its structure, Societe Generale expands its client services, offering a comprehensive suite of global services across the equities value-chain.
Societe Generale's Chief Executive Officer, Slawomir Krupa, emphasized the significance of the joint venture, stating, "This partnership exemplifies Societe Generale's ability to innovate and broaden our client services. As we enhance our value proposition for the benefit of our investors and issuer clients, we leverage group synergies and pave the way for sustainable revenue growth."
