Societe Generale and AllianceBernstein to Build Joint Venture to Boost Growth in Cash Equities

Societe Generale, a leading European bank, and AllianceBernstein, a leading global investment management and research firm, announced today their plans to form a joint venture combining their cash equities and equity research businesses.

For both Societe Generale's and Bernstein Research Services' clients, including corporate and financial institution issuers as well as institutional investors, this new joint venture would offer a comprehensive global suite of world-class services across cash equities and research, combined with Societe Generale's integrated equity capital markets, equity derivatives and prime services platforms.

The joint venture would provide premier investment insights into the American, European and Asia Pacific equity markets, in addition to liquidity access and leading global trading technology. The merged entities would bring complementary strengths and a shared vision of a leading full-service equity brokerage business to support the needs of global investor and issuer clients.

Societe Generale intends to take a 51% interest in the joint venture, with an option to reach 100% ownership after five years. The business would be run as a long-term partnership under the Bernstein name, headquartered in London. Upon closing, Robert van Brugge, CEO of Bernstein Research Services, would become CEO of the new entity for an initial term of five years, and Stephane Loiseau, Head of Societe Generale's cash equities business, would become Deputy CEO.

"This partnership with one of the most recognized firms in research and cash equities, combined with our global leadership in Equity Derivatives, would create an undisputed leader across the equity business for the benefit of our issuer and investor clients," said Slawomir Krupa, head of Global Banking and Investor Solutions, Societe Generale.

"In Societe Generale, we have a strategic partner who is committed to strengthening and growing our world-class cash equities and research business," said Seth Bernstein, AllianceBernstein's President and CEO.

​"This partnership gives us the opportunity to participate in the high added value segments of the global equities business," said Robert van Brugge. "And, importantly, it would also allow us to preserve and expand our firms' unique strengths, expertise, and cultures," added Stephane Loiseau.

The closing is expected to occur before the end of 2023.