MADRID, 22 Nov. (EUROPA PRESS) -
French bank Société Générale and fund manager AllianceBernstein will form a joint venture combining their cash-equity and equity-research businesses, the entities have reported.
Société Générale will hold a 51% stake in the company with the option to reach 100% of the business after five years, which would be managed as a long-term company under the Bernstein name and headquartered in London.
Robert van Brugge, CEO of Bernstein Research Services, will become CEO of the new entity for an initial term of five years, and Stephane Loiseau, head of Société Générale's cash shares business, would become deputy CEO.
The joint venture will offer a comprehensive suite of research and cash equities services, combined with the French bank's services, integrated capital, capital markets and derivatives platforms. It will also provide investment information on the US, European and Asia Pacific stock markets.